Supply levels did not keep up with the sudden shift in sales. New listings this month totaled 1,521 units, causing the sales-to-new- listings ratio to rise to nearly 90 per cent, the tightest level ever recorded in November. Without the same growth in new listings inventories eased and the months of supply fell to four and a half months.
Saskatchewan REALTORS® Association (SRA) Government Relations Committee members fanned out across the province earlier this month to support The Canadian Real Estate Association (CREA) and REALTORS® to advocate for increased supply and partnerships with other orders of government and unlocking homeownership.
OCTOBER SALES REMAIN STRONG AS BUYERS LOOK TO TAKE ADVANTAGE OF LOW LENDING RATES November 04, 2021 For immediate release: Residential sales activity eased slightly over last year’s record highs. However, with 1,306 sales this month, levels are over 18 percent higher than long-term averages. “Despite challenges with the pandemic, housing demand in the province has remained exceptionally strong as many purchasers are looking to take advantage of the very low lending rates,” said Saskatchewan REALTORS®Association (SRA) CEO Chris Guérette. The monthly pullback in sales were met with even higher declines in new listings. This caused the sales to new listings ratio to rise to 68 percent and the inventory to fall to 6,836, over 10 percent lower than last year and nearly 20 percent below long-term averages. “One of the single greatest issues the Canadian real estate market faces, including in Saskatchewan, is the declining levels of housing [...]
Sales Ease as Supply Levels Remain Relatively Low October 06, 2021 For immediate release: Sales activity slowed relative to last year’s record highs but remained well above long-term trends. At the same time, the province also saw a pullback in the number of new listings in the market causing some easing in inventory levels. With adjustments in both sales and supply levels, conditions remained relatively unchanged as the sales to new listings ratio remained over 60 per cent and the months of supply stayed above five months. “Prior to covid, Saskatchewan had excess supply in the market. However, since July of last year, sales reached new record levels for most months, causing a steady decline in inventory levels. Over the past quarter we have seen that pace of sales ease from the record high; however, some of this can be related to declines in new [...]
“In the coming weeks and months, the SRA will be meeting with local Saskatchewan MPs to advocate our position on this particularly important issue through correspondence and during upcoming Virtual PAC Days being organized by CREA next month in October,” said Guérette.