JULY | REAL ESTATE OVERVIEW
“Higher lending rates continue to impact both buyers and sellers, with many consumers seeking more affordable options in our market,” said Association CEO, Chris Guérette. “Potential move-up buyers are less likely to list in the current rate environment. When paired with persistent inventory challenges, the more affordable segment of the market remains extremely competitive.” Saskatchewan reported 1,560 sales in July, a year-over-year increase of 9 per cent and nearly 13 per cent above long-term, 10-year averages. Much of the increase was driven by property priced below $300,000, as the more affordable segment of the market remains highly competitive.
“While inventory levels remain a concern for us, Saskatchewan is once again reporting sales levels well above long-term trends,” said Guérette. “Our market continues to benefit from a strong economy and record population growth, which is proving to help offset some of the impact caused by another policy interest rate increase by the Bank of Canada.”
Source: https://mlssask.ca/market-watch-july-2023/
