“As expected, gains in lending rates are having some cooling impacts on the housing market causing consumers to seek out more affordable options. The challenge will be product availability in the lower price ranges of the market. Supply levels are improving compared to earlier in the year, however, the year-over-year decline in inventory has been driven by homes priced below $400,000,” comments Chris Guérette, CEO of Saskatchewan REALTORS® Association.
You will notice a change in the benchmark home price this month. Benchmark home prices reflect a typical home to ensure price movements better reflect market activity. Over time the typical home evolves and the MLS® Home Price Index also evolves to ensure the data remains in line with modern housing trends. As of June 1, the benchmark price was recalculated based on a modern typical home. Details on the model adjustments made can be found here . HOME PRICES CONTINUE TO RISE DESPITE SLOWER SALES July 06, 2022 For immediate release: June sales eased over last year’s record levels. However, with 1,808 sales this month, activity is still over 20 percent stronger than long term trends for the province. “While sales have been trending down in the province this year, we cannot lose sight of the fact that sales levels are still amongst the highest levels ever [...]
SUPPLY CHALLENGES PERSIST INTO THE SPRING MARKET June 03, 2022 For immediate release: Unlike some areas of the country, sales activity in May trended up relative to levels seen earlier in the year. With 1,814 sales this month, levels are still slightly lower than last year’s record, but remain well above typical activity in May. Year-to-date sales have totaled 6,682 units, down 11 per cent from last year’s record high, but over 27 per cent higher than long-term trends. “While demand for homes in Saskatchewan has remained relatively strong so far this year, we did not go through the same early demand surge as some markets. In fact, our market is exhibiting trends that we typically see in the Spring. What we are still struggling with is lower supply levels, which is keeping conditions relatively tight and causing further upward pressure on prices,” comments Chris Guérette, CEO of Saskatchewan [...]
May 17, 2022 For immediate release: The Saskatchewan Housing Continuum Network today announced that Saskatchewan needs to build approximately 141,500 housing units in the next eight years to meet projected population increases. “Working with an economist, we considered two different averaging systems – the per capita housing average from the Organization for Economic Development and Cooperation (OECD) and the current average of housing units produced in Saskatchewan,” said Saskatchewan REALTORS Association (SRA) CEO Chris Guérette. “Following the OECD average, we estimate that Saskatchewan needs 141,500 housing units, and if we keep the status quo, the number was 95,500. The OECD average is too lofty and out of sync with local realities, and we argue the current average is insufficient, so we estimate the number is somewhere in between those two.” The lack of available homes for sale has become the market’s main issue in Saskatchewan. At the same time, [...]
May 12, 2022 For immediate release: Saskatoon, SK: The Saskatchewan REALTORS® Association (SRA) today dedicated its North Service Centre Boardroom in honour of Anne Odishaw. “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,” said SRA Board Chair, Avril Reifferscheid. “Real estate is home to many strong community and profession builders, and Anne stands out as a pioneer whose commitment and enthusiasm for the industry has never wavered.” The Canada Mortgage and Housing Corporation (CMHC) named Odishaw REALTOR® of Year in 1996, a prestigious and well-earned recognition of her career. “A major highlight of my years of service to improving and elevating the Saskatchewan real estate profession occurred when I became the first woman to serve as President of the Saskatoon Real Estate Board,” said Anne Odishaw. [...]
May 11, 2022 For immediate release: The Saskatchewan real estate and housing sector is announcing today that five prominent stakeholders have formed a network to promote collaborations towards the wellbeing of Saskatchewan’s housing continuum. The new partnership, named Saskatchewan Housing Continuum Network (SHCN), is a network of associations who individually, and now collectively, promote a healthy housing continuum as the cornerstone of Saskatchewan’s competitive edge. The five founding partners stand for all segments of the housing continuum: Habitat for Humanity Saskatchewan (HHS), the Regina & Region Home Builders’ Association (RRHBA), the Saskatoon & Region Home Builders’ Association (SRHBA), Saskatchewan Landlord Association (SKLA) and the Saskatchewan REALTORS® Association (SRA). “This is really a key moment for Saskatchewan,” comments Cam Choquette, CEO of the SKLA. “We are quite thrilled to solidify our collaboration to benefit housing in our province.” “It’s imperative we understand the Saskatchewan housing supply reality and start preparing [...]