DECEMBER 2023 | REAL ESTATE OVERVIEW
MORRISON 87 REALTY ’s Monthly Real Estate Brief - Your Essential Guide to All Things Real Estate:
Saskatchewan's real estate market has sustained a remarkable streak, marking its sixth consecutive month of above-average performance. In December, the province witnessed 757 property transactions, marking a substantial 19% increase from the previous year and exceeding the decade-long average by 13%. Despite a robust second half of 2023, with notable sales gains, the overall yearly figures couldn't bridge the gap created by earlier slumps, culminating in a 3% decrease in sales compared to 2022. The dip in annual sales was anticipated as the market stabilizes to levels seen before the pandemic. However, the overall decline was predominantly due to a slowdown in the detached homes sector. On a brighter note, the market for apartments and semi-detached homes saw improved sales, significantly bolstering the monthly figures. The surge in sales coincided with fewer new listings, leading to a consistent drop in the number of available properties. By December, inventory levels had fallen by more than 16% from the year before, settling at a point nearly 35% below the ten-year average.
“Saskatchewan’s housing market continues to benefit from the economic success in our province, including a strong labour market and record population growth,” said CEO Chris Guèrette. “Supply challenges, specifically in the more affordable segment of the market, remain our biggest concern when looking ahead to 2024 and are likely preventing even stronger monthly sales numbers.”
