SASKATCHEWAN REAL ESTATE MARKETS FARE BETTER THAN EXPECTED: poised to help boost provincial economy

SASKATCHEWAN REAL ESTATE MARKETS FARE BETTER THAN EXPECTED: poised to help boost provincial economy

 

May 5, 2020

For immediate release

COVID-19 has had significant economic impact across all sectors of the economy. Despite those challenges, the Saskatchewan real estate market has been relatively resilient to date.

While Q1 new listings and average prices were down 4.4% and 0.2% respectively over last year, Q1 sales were up 7.0%. The true impact of the pandemic, however, was not going to begin to be felt until April, and although activity was down, it was not down as much as anticipated.

Across the province, new listings were down 48.1% from April of last year while sales were down 45.1%. This contrasts significantly from the SARS pandemic which saw transactions in some markets fall up to 72% and cease completely during COVID-19 in certain markets. Average home prices in April fell 3.2% year-over-year which is consistent with the modest price decline experienced in other markets affected by pandemics.

Evidence from prior pandemics suggest that transaction volumes return to normal quite quickly once physical distancing measures are relaxed. The province is just beginning to re-open the economy and we anticipate that “the real estate industry in Saskatchewan will likely emerge from this shutdown with only a few cuts and scrapes,” said Saskatchewan REALTORS® Association CEO Jason Yochim.

Home sales produce approximately $54,000 in additional spinoff spending across multiple sectors of the economy. Reduced restrictions on the home buying process have the potential to boost employment and help the provincial economy to recover and offset some losses in other areas of the economy.

“The number of employment opportunities and essential economic activities that are created when a home is bought or sold is significant,” said Yochim. “Sales that don’t occur during this pandemic will be recovered once the province has opened up again.”

Saskatchewan REALTORS® have taken every action possible to protect public safety concerning COVID-19 and recognized early on that business could not carry on as usual. The industry has worked hard to develop and provide a significant amount of virtual resources for REALTORS® as well as buyers and sellers which has proved to be invaluable while practicing social distancing.

 

Saskatoon

Sales in Saskatoon were down 43.9%, going from 380 in April 2019 to 213 in April 2020, and down 44.9% in the overall region, going from 514 to 283. In Saskatoon, sales were 34.3% below the 5-year average (and 40.5% below the 10-year average), while in the larger region, sales were 35.1% below the 5-year average (and 42.9% below the 10-year average). Year-to-Date (YTD) sales in Saskatoon fell 10.8% over last year, dropping from 1,048 to 935, while YTD sales in the larger region also fell 10.9%, going from 1,422 to 1,267.

Sales volume was down 44.2% in the city, going from $129.6M to $72.4M in 2020 (35.6% below the 5-year average, and 42.9% below the 10-year average). YTD sales volume in the city was $312.2M, a decrease of 9.0% from last year. In the region, sales volume was down 44.2%, going from $166.0M to $92.7M (35.4% below the 5-year average and 42.7% below the 10-year average). YTD sales volume also fell 9.6% in the region, going from $443.7M in 2019 to $401.3M in 2020.

The number of new listings in April 2020 fell from the number last year as well. In Saskatoon, new listings fell 36.7%, going from 774 to 490 (36.1% below the 5-year average and 37.5% below the 10-year average), while in the region the situation was even worse, with new listings falling 43.6% from 1,201 last year to 677 this year. Active listings also fell 17.9% in Saskatoon (down from 1,781 to 1,463) and 16.4% in the region (down from 3,240 to 2,708).

The sales to listing ratio was 43.5% in Saskatoon and 41.8% in the region suggesting somewhat balanced market conditions in the area.

Homes in Saskatoon stayed on the market an average of 56 days in April—marking no change from 56 days last year (but still slightly above the 5-year average of 52 days and the 10-year average of 44). Homes in the region stayed on the market somewhat longer than homes in the city at 67 days on average in 2020, up modestly from an average of 65 days last year.

Median home prices in Saskatoon went from $332,000 to $320,000 (a decrease of 3.6%) and were approximately 1.8% below the 5-year and 2.4% below the 10-year average median price. The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—was up 2.4% from $302,200 to $305,600. Median home prices in the region also fell 1.2%, going from $313,750 to $309,900 which is 2.1% below the 5-year and 2.1% below the 10-year average median price.

Regina

Sales in Regina were down 50.2%, going from 289 in April 2019 to 144 in April 2020, and down 51.0% in the overall region, going from 349 to 171. In Regina, sales were 38.2% below the 5-year average (and 45.9% below the 10-year average), while in the larger region, sales were 37.7% below the 5-year average (and 45.4% below the 10-year average). Year-to-Date (YTD) sales in Regina fell 23.6% over last year, decreasing from 814 to 622, while YTD sales in the larger region also fell 21.2%, going from 946 to 745.

Sales volume was down 49.6% in the city, going from $87.1M to $43.9M in 2020 (39.8% below the 5-year average, and 47.7% below the 10-year average). YTD sales volume in the city was $184.8M, a decrease of 24.0% from last year. In the region, sales volume was down 50.6%, going from $103.8M to $51.3M (40.1% above the 5-year average and 48.0% below the 10-year average). YTD sales volume also decreased 19.8% in the region, falling from $280.1M in 2019 to $224.6M in 2020.

The number of new listings in April 2020 fell significantly from the number last year. In Regina, new listings fell 50.8%, going from 581 to 286 (42.6% below the 5-year average and 44.1% below the 10-year average), while in the region the situation was similar, with new listings falling 52.4% from 792 last year to 377 this year. Active listings also fell 17.0% in Regina (down from 1,457 to 1,209) and 17.1% in the region (down from 2,046 to 1,697).

The sales to listing ratio was 50.3% in Regina and 45.4% in the region suggesting somewhat balanced market conditions in the area.

Homes in Regina stayed on the market an average of 62 days in April—up a modest 1.6% from 61 days last year (but still above the 5-year average of 52 days and the 10-year average of 41). Homes in the region stayed on the market somewhat longer than homes in the city at 70 days on average in 2020, but also down from an average of 66 days last year.

Median home prices in Regina went from $283,000 to $287,925 (an increase of 1.7%) and were approximately 1.8% below the 5-year and 2.9% below the 10-year average median price. The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—was down 0.2% from $271,300 to $271,100. Median home prices in the region also increased 0.7%, going from $283,000 to $285,000 which is 2.1% below the 5-year and 3.4% below the 10-year average median price.

Melfort

Sales in Melfort were down 50.0%, going from 6 in April 2019 to 3 in April 2020, and down 65.0% in the overall region, going from 20 to 7. In Melfort, sales were 58.3% below the 5-year average (and 65.1% below the 10-year average), while in the larger region, sales were 59.8% below the 5-year average (and 66.0% below the 10-year average). Year-to-Date (YTD) sales in Melfort fell 54.5% over last year, going from 22 to 10, while YTD sales in the larger region also fell 32.3%, going from 62 to 42.

Sales volume was down 64.9% in the city, going from $1.1M to $0.4M in 2020 (69.9% below the 5-year average, and 75.8% below the 10-year average). YTD sales volume in the city was $2.0M, a decrease of 54.0% from last year. In the region, sales volume was down 69.2%, going from $2.6M to $0.8M (72.7% below the 5-year average and 76.6% below the 10-year average). YTD sales volume also decreased 29.8% in the region, falling from $8.9M in 2019 to $6.3M in 2020.

The number of new listings in April 2020 fell significantly from the number last year. In Melfort, new listings fell 50.0%, going from 16 to 8 (41.2% below the 5-year average and 52.9% below the 10-year average), while in the region the situation was even worse, with new listings falling 61.1% from 72 last year to 28 this year. Active listings also rose 1.8% in Melfort (up from 56 to 57) and 14.3% in the region (down from 258 to 221). The sales to listing ratio was 37.5% in Melfort and 25.0% in the region suggesting that the market favours sellers in the area.

Homes in Melfort stayed on the market an average of 118 days in April—down 24.8% from 157 days last year (but still above the 5-year average of 93 days and the 10-year average of 91). Homes in the region stayed on the market somewhat longer than homes in the city at 130 days on average in 2020, but also down from an average of 164 days last year.

Median home prices in Melfort went from $222,850 to $130,000 (a decrease of 41.7%) and were approximately 28.6% below the 5-year and 30.1% below the 10-year average median price. Median home prices in the region also fell 11.9%, going from $115,750 to $102,000 which is 34.0% below the 5-year and 34.3% below the 10-year average median price.

 

Moose Jaw

Sales in Moose Jaw were down 60.0%, going from 50 in April 2019 to 20 in April 2020, and down 39.0% in the overall region, going from 59 to 36. In Moose Jaw, sales were 53.9% below the 5-year average (and 58.3% below the 10-year average), while in the larger region, sales were 33.8% below the 5-year average (and 40.3% below the 10-year average). Year-to-Date (YTD) sales in Moose Jaw fell 24.8% over last year, going from 133 to 100, but YTD sales in the larger region only fell a modest 2.6%, going from 155 to 151.

Sales volume was down 68.1% in the city, going from $12.1M to $3.9M in 2020 (63.3% below the 5-year average, and 67.3% below the 10-year average). YTD sales volume in the city was $21.5M, a decrease of 32.0% from last year. In the region, sales volume was down 56.3%, going from $12.9M to $5.6M (52.7% below the 5-year average and 58.4% below the 10-year average). YTD sales volume also fell 17.9% in the region, going from $34.2M in 2019 to $28.1M in 2020.

The number of new listings in April 2020 fell significantly from the number last year. In Moose Jaw, new listings fell 61.0%, going from 123 to 48 (57.7% below the 5-year average and 60.0% below the 10-year average), while in the region, new listings fell 58.8% from 182 last year to 75 this year. Active listings also fell 25.1% in Moose Jaw (down from 334 to 250) and 17.6% in the region (down from 578 to 476).

The sales to listing ratio was 41.7% in Moose Jaw and 48% in the region suggesting somewhat balanced market conditions in the area.

Homes in Moose Jaw stayed on the market an average of 63 days in April—down 13.7% from 73 days last year (in line with the 5-year average of 64 days and the 10-year average of 58). Homes in the region stayed on the market somewhat longer than homes in the city at 94 days on average in 2020, but also increasing from an average of 87 days last year.

Median home prices in Moose Jaw went from $247,500 to $175,500 (a decrease of 29.1%) and were approximately 21.1% below the 5-year and 22.6% below the 10-year average median price. Median home prices in the region also fell 25.6%, going from $200,000 to $148,750 which is 24.2% below the 5-year and 27.4% below the 10-year average median price.

 

North Battleford

Sales in North Battleford were up 16.7%, going from 12 in April 2019 to 14 in April 2020, but down 14.3% in the overall region, going from 42 to 36. In North Battleford, sales were 28.6% below the 5-year average (and 38.1% below the 10-year average), while in the larger region, sales were 25.9% below the 5-year average (and 38.1% below the 10-year average). Year-to-Date (YTD) sales in North Battleford rose 54.8% over last year, increasing from 42 to 65, while YTD sales in the larger region also increased 25.2%, going from 123 to 154.

Sales volume was down a modest 1.7% in the city, going from $2.8M to $2.7M in 2020 (40.3% below the 5-year average, and 46.5% below the 10-year average). YTD sales volume in the city was $10.7M, an increase of 28.9% from last year. In the region, sales volume was down 0.8%, going from $7.3M to $7.2M (26.9% below the 5-year average and 38.1% below the 10-year average). YTD sales volume also increased 29.2% in the region, rising from $21.2M in 2019 to $27.3M in 2020.

Although total sales and sales volume were up, the number of new listings in April 2020 fell significantly from the number last year. In North Battleford, new listings fell 47.5%, going from 59 to 31 (45.8% below the 5-year average and 46.8% below the 10-year average), while in the region the situation was slightly better, with new listings only falling 44.4% from 169 last year to 94 this year. Active listings also fell 11.7% in North Battleford (down from 213 to 188) but only 2.8% in the region (down from 759 to 738).

The sales to listing ratio was 45.2% in North Battleford suggesting balanced market conditions, and 38.3% in the region suggesting that conditions favoured sellers in the larger region.

Homes in North Battleford stayed on the market an average of 84 days in April—down 26.3% from 114 days last year (and in line with the 5-year average of 85 days but still above the 10-year average of 66). Homes in the region stayed on the market somewhat longer than homes in the city at 106 days on average in 2020, but also down from an average of 110 days last year.

Median home prices in North Battleford went from $233,500 to $202,450 (a decrease of 13.3%) and were approximately 9.4% below the 5-year and 6.8% below the 10-year average median price. Median home prices in the region also increased 37.3%, going from $147,500 to $202,450 which is 9.1% above the 5-year and 7.2% above the 10-year average median price.

Despite losses in other markets across the province, North Battleford and the region saw several gains, proving that real estate is truly local. YTD sales and sale volume were all up, as were median home prices in the region.

 

Prince Albert

Sales in Prince Albert were down 38.5%, going from 39 in April 2019 to 24 in April 2020, and down 41.2% in the overall region, going from 68 to 40. In Prince Albert, sales were 35.8% below the 5-year average (and 43.0% below the 10-year average), while in the larger region, sales were 31.0% below the 5-year average (and 37.9% below the 10-year average). Year-to-Date (YTD) sales in Prince Albert fell 9.0% over last year, going from 89 to 81, while YTD sales in the larger region fell 21.5%, going from 163 to 128.

Sales volume was down 51.7% in the city, going from $8.6M to $4.2M in 2020 (48.6% below the 5-year average, and 55.0% below the 10-year average). YTD sales volume in the city was $15.7M, a decrease of 13.9% from last year. In the region, sales volume was down 44.4%, going from $14.1M to $7.8M (39.7% below the 5-year average and 45.6% below the 10-year average). YTD sales volume also fell 22.5% in the region, going from $32.5M in 2019 to $25.2M in 2020.

The number of new listings in April 2020 fell from the number last year. In Prince Albert, new listings were down 23.2%, going from 69 to 53 (28.4% below the 5-year average and 39.2% below the 10-year average), while in the region, new listings fell 36.0% from 172 last year to 110 this year. Active listings also fell 4.0% in Prince Albert (down from 276 to 265) and 12.8% in the region (down from 670 to 584).

The sales to listing ratio was 45.3% in Prince Albert suggesting balanced market conditions, while in the region, the sales to listing ratio was 36.4%, suggesting that conditions favour sellers.

Homes in Prince Albert stayed on the market an average of 105 days in April—up a significant 52.2% from 69 days last year (and well above the 5-year average of 88 days and the 10-year average of 80 days). Homes in the region stayed on the market somewhat longer than homes in the city at 125 days on average in 2020, also up significantly from an average of 87 days last year.

Median home prices in Prince Albert went from $199,900 to $156,584 (a decrease of 21.7%) and were approximately 23.6% below the 5-year and 27.0% below the 10-year average median price. Median home prices in the region also decreased 2.3%, falling from $194,500 to $190,000 which is 10.5% below the 5-year and 10.6% below the 10-year average median price.

Swift Current

Sales in Swift Current were down 51.6%, going from 31 in April 2019 to 15 in April 2020, and down 42.9% in the overall region, going from 42 to 24. In Swift Current, sales were 40.5% below the 5-year average (and 42.5% below the 10-year average), while in the larger region, sales were 40.0% below the 5-year average (and 45.1% below the 10-year average). Year-to-Date (YTD) sales in Swift Current fell 7.0% over last year, falling from 71 to 66, while YTD sales in the larger region also decreased 10.4%, going from 115 to 103.

Sales volume was down 63.6% in the city, going from $9.2M to $3.3M in 2020 (52.2% below the 5-year average, and 51.6% below the 10-year average). YTD sales volume in the city was $15.1M, a decrease of 17.7% from last year. In the region, sales volume was down 53.4%, going from $10.4M to $4.9M (45.4% above the 5-year average and 47.7% below the 10-year average). YTD sales volume also decreased 16.0% in the region, falling from $23.7M in 2019 to $19.9M in 2020.

The number of new listings in April 2020 fell from last year. In Swift Current, new listings fell 52.1%, going from 73 to 35 (34.9% below the 5-year average and 33.3% below the 10-year average), while in the region, with new listings fell 55.4% from 139 last year to 62 this year. Active listings also fell 22.5% in Swift Current (down from 244 to 189) and 16.3% in the region (down from 565 to 473).

The sales to listing ratio was 42.9% in Swift Current suggesting balanced market conditions, while in the region, the sales to listing ratio was 38.7%, suggesting that conditions favour sellers.

Homes in Swift Current stayed on the market an average of 106 days in April—an increase of 47.2% from 72 days last year (and above the 5-year average of 84 days and the 10-year average of 76). Homes in the region stayed on the market somewhat longer than homes in the city at 127 days on average in 2020, also up from an average of 85 days last year.

Median home prices in Swift Current went from $292,500 to $212,500 (a decrease of 27.4%) and were approximately 16.5% below the 5-year and 12.4% below the 10-year average median price. Median home prices in the region also fell 23.7%, going from $253,000 to $193,000 which is 8.0% below the 5-year and 3.7% below the 10-year average median price.

 

Yorkton

Sales in Yorkton were down 28.6%, going from 21 in April 2019 to 15 in April 2020, and down 22.7% in the overall region, going from 66 to 51. In Yorkton, sales were 12.8% below the 5-year average (and 26.5% below the 10-year average), while in the larger region, sales were 15.6% below the 5-year average (and 25.7% below the 10-year average). Year-to-Date (YTD) sales in Yorkton rose 9.1% over last year, increasing from 44 to 48, while YTD sales in the larger region only fell a modest 0.6%, going from 180 to 179.

Sales volume was down 47.4% in the city, going from $5.5M to $2.9M in 2020 (23.0% below the 5-year average, and 36.1% below the 10-year average). YTD sales volume in the city was $9.2M, a decrease of 20.0% from last year. In the region, sales volume was down 45.4%, going from $12.4M to $6.8M (31.6% below the 5-year average and 41.0% below the 10-year average). YTD sales volume also fell 16.9% in the region, going from $28.7M in 2019 to $23.9M in 2020.

The number of new listings in April 2020 fell from the number last year. In Yorkton, new listings fell 37.5%, going from 48 to 30 (32.7% below the 5-year average and 23.5% below the 10-year average), while in the region new listings fell 45.0% from 220 last year to 121 this year. Active listings also fell 9.3% in Yorkton (down from 193 to 175) and 6.6% in the region (down from 1,032 to 964).

The sales to listing ratio was 50% in Yorkton and 42.1% in the region suggesting somewhat balanced market conditions in the area.

Homes in Yorkton stayed on the market an average of 112 days in April—up 36.6% from 82 days last year (and above the 5-year and the 10-year averages of 88 days). Homes in the region stayed on the market somewhat longer than homes in the city at 142 days on average in 2020, also up from an average of 114 days last year.

Median home prices in Yorkton went from $215,777 to $202,000 (a decrease of 6.4%) and were approximately 3.3% above the 5-year median price, but 0.7% below the 10-year average median price. Median home prices in the region fell 34.2%, going from $162,500 to $107,000 which is 25.5% below the 5-year and 27.9% below the 10-year average median price.

 

South East Saskatchewan

Sales in south east Saskatchewan were down 68.0%, going from 50 in April 2019 to 16 in April 2020, down 56.0% from the 5-year average (and 66.9% below the 10-year average). The total number of sales fell 73.3% in both Estevan and Weyburn (with sales going from 15 to 4).

Sales in Estevan were 60.8% below the 5-year average (and 75.3% below the 10-year average), while they were 66.1% below the 5-year average (and 73.3% below the 10-year average) in Weyburn. Year-to-Date (YTD) sales in the overall region were down 7.3%, going from 109 to 101, with YTD sales in Estevan rising from 25 to 27, but falling 33.3% in Weyburn, going from 36 to 24.

Sales volume in the region fell 67.6%, going from $8.9M to $2.9M in 2020 (61.3% below the 5-year average and 74.7% below the 10-year average). Sales volume in Estevan fell 56.1%—$3M to $1.3M in 2020 (48.2% below the 5-year average and 71.0% below the 10-year average), while it decreased 79.3% in Weyburn—$3.4M to $0.7M (74.8% below the 5-year average and 82.5% below the 10-year average). YTD sales volume in the region fell from $20.7M to $17.9M in 2020 (a decrease of 13.8%), with Estevan seeing a modest fall of 0.9% and Weyburn seeing a dramatic 40.1% drop in sales volume.

The number of new listings in south east Saskatchewan fell 56.3%, going from 151 to 66 (50.6% below the 5-year average and 52.5% below the 10-year average). The number of new listings in Estevan were up from 41 last year to 11 this year (a fall of 73.2%), while in Weyburn, new listings decreased from 30 last year to 15 this year (a fall of 50.0%). Active listings were down across the region—12.9% in the region (843 in 2019 to 734 in 2020), 32.7% in Estevan (211 to 142), and 17.6% in Weyburn (188 to 155).

The sales to listing ratio was 24.2% in the region, 36.4% in Estevan, and 26.7% in Weyburn suggesting that market conditions favour sellers now.

In 2020, homes stayed on the market an average of 111 in the region, down 14.6%, from 130 days last year to 111 (but still slightly above the 5-year average of 118 days but below the 10-year average of 96). In Estevan, homes stayed on the market an average of 96 days (less than the 134 days last year and less than the 5-year average of 112 days, but slightly more than the 10-year average of 90 days), while in Weyburn, homes stayed on the market an average of 108 days (less than the 144 days last year and less than the 5-year average of 128 days, but more than the 10-year average of 101 days).

Median home prices in the region fell 4.2%, going from $180,000 to $172,500 (13.6% below the 5-year average median price of $199,540 and 19.4% below the 10-year average median price of $214,085). In Estevan, median home prices were up 46.7%, going from $211,250 to $310,000 (18.6% above the 5-year average median price of $261,450 and 14.8% above the 10-year average median price of $270,065), while in Weyburn, median home prices were down 22.6%, going from $237,000 to $183,500 (18.3% below the 5-year average median price of $224,585 and 23.5% below the 10-year average median price of $239,952).

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For interviews and more information:

Samantha Krahn

Director of External & Government Relations

Saskatchewan REALTORS® Association
samantha@sra.ca

306.229.4048

 

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