OCTOBER | REAL ESTATE OVERVIEW
Saskatchewan experienced a significant rise in its real estate market in October, with 1,259 properties sold. This represents an 11% increase compared to October 2022 and is nearly 13% higher than the average sales figures over the past decade. The notable growth in October's sales primarily stemmed from the detached homes, apartments, and townhouse/row house segments.
However, despite the strong sales in October, the year-to-date sales in Saskatchewan are still marginally lower than recorded last year. Nevertheless, the current sales figures are substantially higher than the 10-year average, indicating a robust market.
The province continued to face supply issues, a recurring problem in recent months. Inventory levels in October dropped by more than 15% year-over-year and are currently more than 30% lower than the decade-long average. This inventory reduction, coupled with a decrease in new property listings, led to a significant drop in the available housing supply. As of October, the supply stood at under five months, marking a 23% decrease from last year and over 40% lower than the average figures over the past ten years. Saskatchewan's benchmark price was $327,300 in October, down from $328,000 in September and up nearly 2 percent from October 2022.
https://mlssask.ca/market-watch-october-2023/
