JUNE 2024 | REAL ESTATE OVERVIEW

MORRISON 87 REALTY ’s Monthly Real Estate Brief - Your Essential Guide to All Things Real Estate:

Saskatchewan recorded 1,675 sales in June, reflecting a slight one percent decline compared to the same month last year but standing nearly 10 percent higher than the 10-year average. Sales activity increased for properties priced above $400,000, almost compensating for the decline in homes priced under $300,000. The ongoing inventory shortages continue to limit even stronger monthly sales figures.

New listings fell by 14 percent year-over-year and were down by 21 percent compared to the 10-year average, exacerbating the inventory shortage as inventory levels dropped by 19 percent year-over-year and over 40 percent against long-term trends. Despite these inventory challenges, Saskatchewan has maintained above-average sales for twelve consecutive months through June.

“While the recent Bank of Canada rate decision was welcome news, higher lending rates and rising home prices continue to spur demand for more affordable housing options,” said Association CEO, Chris Guérette. “This demand, when paired with falling supply in lower price ranges, limits options for prospective buyers and prevents even stronger monthly sales figures. There simply isn’t enough inventory to service this segment of our market right now.”

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https://mlssask.ca/market-watch-june-2024/