MediaRelease-2020-08-05 August 05, 2020 For immediate release Building off the strong performance seen in June, the real estate sector continues to show signs of resilience. Across the province, year-over-year sales were up over 56% from July of last year (and up over 9% year-to-date), new listings were up over 9% year-over-year (but down 11% year-to-date), and the median sale price was up 2.7% (down 0.9% year-to-date). Inventories were also down in all markets that the SRA tracks, suggesting that people are still eager to buy and take advantage of the opportunities that exist. While there has been an uptick in the number of COVID cases across the province, the precautions put in place earlier this year seem to have reduced people’s anxiety about home buying. “When the pandemic hit, we put measures in place to make sure that our members and their clients would be safe while buying homes,” said [...]
SRA - Market Activity North-South - June 2020 July 07, 2020 For immediate release As the province continues to re-open, the real estate sector is experiencing a strong recovery. Year-over-year sales across the province were up close to 50% from June of last year (and only down 0.3% year-to-date showing that we’ve nearly recovered all of the sales lost during the lockdown), new listings were up almost 8% (down 14.5% year-to-date), and the median home price was up almost 2% (down 1.5% year-to-date). Inventories were also down in 17 of the 19 markets that the SRA tracks, suggesting that people are quite eager to buy now and make up for lost time due to the pandemic. This recovery was expected as physical distancing restrictions were loosened and as people’s confidence began to return. With the economy getting back to “normal”, people are getting excited to buy homes. “We’ve seen properties [...]
The Saskatchewan REALTORS® Association is pleased to announce it has added two dynamic new staff members to the team. Chris Gbekorbu, the SRA’s new Economist in Regina, and Samantha Krahn, SRA’s new Director of Government and External Relations in Saskatoon. A key goal of the amalgamation was to increase the strategic effectiveness of the SRA’s communications and to bring depth to the market reporting. Chris Gbekorbu “The SRA has lacked the ability to tell the full story when it comes to statistics and Saskatchewan’s economic picture. Chris’ education and skills, provide an important foundation and unique insight into the current and future housing market for both members and external groups.” – Jason Yochim, SRA CEO Chris joins the SRA from his previous post as an Adjunct Professor with the University of Regina, the First Nations University of Canada, and Carleton Trail Regional College, [...]
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The COVID-19 pandemic has had significant economic impact across all sectors of the economy. As unemployment levels continue to rise (nationally going from 5.9% in February to 13.5% in April, while provincially, going from 6.2% to 12.4%), many individuals are concerned about their financial solvency. This is particularly true in the accommodation and food services sector which saw unemployment levels rise to 35% in April. Concern Over Finances and Economy A recent MNP survey found that 49% of respondents were $200 or less from insolvency while a TransUnion survey found that “an overwhelming majority” of respondents were using money from their RRSPs, TFSAs, and various government support programs to meet their financial obligations. Combined with rising personal and business loan defaults (and a subsequent increase in credit risk which should prompt higher lending rates in the future), this could lead to a small reduction in homes sales as some people [...]
June 4, 2020 For immediate release Across the province, year-over-year sales were down nearly 14% from May of last year (nearly 13% year-to-date), new listings were down almost 20% (both year-over-year and year-to-date), and the median sale price was down 5.7% (down 2.2% year-to-date). Despite this negative performance, however, considering a pandemic that has led to a global recession, Saskatchewan’s real estate market is performing quite well and will likely get better as the province continues to re-open. New listings and sales closely tracked last year’s numbers until the province declared a state of emergency in mid-March. Based on previous epidemics and the restrictions put in place to limit the spread of the outbreak, “we expected transactions to fall dramatically in April,” said SRA CEO Jason Yochim. “But we also expect transactions to return to normal levels once restrictions are lifted”, and we see that happening with new listings and sales up significantly from where they were this April. And while sales prices have fallen (also consistent with evidence from [...]