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Market Statistics

Chris Guérette to Lead Saskatchewan REALTORS® Association

April 29, 2021 For immediate release  The Saskatchewan REALTORS® Association (SRA) Board of Directors is pleased to announce the appointment of Chris Guérette to Chief Executive Officer of the Association effective June 1, 2021.  Guérette is currently the CEO of the Saskatoon & Region Home Builders’ Association, the professional association known to advocate for housing choice, affordability, and a healthy housing continuum in our region. In this role, her team won two consecutive national leadership awards.  She is also a Director on the Boards of Saskatchewan Government Insurance, Jubilee Residences and CN’s Saskatchewan Community Board.  “Over the years, I have come to know Chris as a highly engaged member in the local and provincial business community,” said SRA Chairperson Sheri Willick. “She is extremely connected in the industry and a huge advocate for the real estate industry.  I look forward to working with her and [...]

April 2021 Media Release & Market Stats

April 8, 2021 For immediate release: Download April 2021 Press Release  SASKATCHEWAN REAL ESTATE SETS MARCH SALES RECORD; SRA EXPANDS MLS® HPI TO 15 CITIES ACROSS PROVINCE  The Saskatchewan real estate market is steadily building on the momentum from January and continues to outperform the market from last March. Across the province, there were 1,719 homes sold (up over 85% from last March and up 71.9% year-to-date, going from 2,208 to 3,795), new listings were up over 41% (and up 13.9% year-to-date, going from 1,936 to 2,205,) and the MLS® Home Price Index composite was up close to 9% (up 7.3% year-to-date, going from $255,800 to $278,400). Inventories were also down in 23 of the 24 markets that the SRA tracks.  “We’ve never seen a March like this before” said Chris Gbekorbu, Economic Analyst. “In fact, we typically don’t see this [...]

2021 Market Forecast: SRA Economist Optimistic About Sask Housing Market

Yogi Berra said that “It’s tough to make predictions, especially about the future”. And all of the predictions about the housing market in response to COVID last year certainly show that he was right. Some predicted that sales would drop significantly while others suggested that prices would fall up to 18%. And there was good reason to believe in those dire predictions: Saskatchewan was already in a recession, with its GDP having fallen 0.7% in 2019; and then the global COVID-19 pandemic hit, which plunged most economies into a recession. Yet as 2020 showed, the predictions for the real estate market were completely wrong, with sales in the province jumping 24.5% while median prices rose 1.2%. But the variety of stimulus measures introduced have helped to get the economy going again, with Canada’s five big banks projecting that Saskatchewan’s economy will grow between 4.1% to 4.8% in 2021,[1] and [...]

2020 SRA Awards

Congratulations to this year’s SRA Award recipients. These members were highlighted during this year’s virtual AGM for their successful contributions to the industry. Tim Otitoju The Saskatchewan REALTORS® Association (SRA) is pleased to announce that Tim Otitoju, who demonstrates these qualities and more, was selected by a team of his peers to be named the 2020 SRA REALTOR® of the Year. Every now and then, someone stands out for their ability to influence positive change through their dedication to the real estate industry, commitment to volunteerism and passion for mentorship and development.   Otitoju celebrated his 10-year membership with the SRA in 2020. During that time, he has served on the Association of Regina REALTORS® Inc (ARR) and SRA Board of Directors and almost every Board and Operational Committee within the Association while managing his partnership in a Brokerage.  Otitoju also played a major role in the amalgamation of the Saskatchewan REALTORS® Association [...]

Fear of a Housing Bubble Ignores Local Realities

Fear of a National Housing Bubble Ignores Local Realities  Written by SRA Economist, Chris Gbekobu Last week, BNN Bloomberg released an interview with David Rosenberg where he suggested that the current Canadian real estate market “[may] be one of the biggest bubbles of all time”. Citing rising housing prices with little to no income growth and an increased unemployment rate due to COVID, Rosenberg feels that the recent run-up in housing prices has been pushed beyond sustainable levels.   There are two issues with Rosenberg’s concern. First, although he was speaking about Canada in general, he seems to have been speaking about Toronto and Vancouver in particular (rather than smaller markets and ignoring the fact that real estate is highly local). Second, he was speaking about buying property as an investment (rather than as a home and ignoring the fact that most people don’t think of a home as an investment).  While it’s true that on average, house prices in Saskatchewan rose 1.9% year-over-year [...]

Saskatchewan Real Estate Remains Strong

MediaRelease-2021-03-02 March 04, 2021 For immediate release: The Saskatchewan real estate market continues to build on January’s momentum and outperformed last February. Across the province, sales were up over 74% from last February (and up 62.3% year-to-date, going from 663 to 1,157), new listings were essentially flat (and down 2.1% year-to-date, going from 1,775 to 1,773,) and the median sale price was up close to 3% (up 1.9% year-to-date, going from $265,000 to $272,000. Inventories were also down in all 19 of the markets that the SRA tracks. Median sales prices were up in 13 of the 19 markets that the SRA tracks (with Moose Jaw and Yorkton seeing the strongest declines while Estevan and Weyburn saw the greatest increases), while the number of sales were up in 18 of 19 markets. “We’re seeing inventories dry up as people keep buying. At the same time, the number of new listings [...]