Saskatchewan housing sales continue to defy earlier predictions

Continuing to defy earlier predictions of a weak housing market due to COVID, the Saskatchewan real estate market remains strong and has outperformed last year’s market. Across the province, sales were up over 54 per cent from last November (and up 22.7 per cent year-to-date), going from 697 to 1,077, new listings were down just over four per cent (and down 14.6 per cent year-to-date), going from 1,499 to 1,437) and the median sale price was up close to one per cent (and essentially unchanged year-to-date), going from $265,000 to $267,574. Inventories were also down in 18 of the 19 markets that the SRA tracks.

Increased restrictions in place due to the rise in COVID cases throughout the province hasn’t deterred people from buying and selling real estate.

“Even before the new restrictions were in place, we had our members suspend open houses again and required them to wear masks with clients”, said SRA CEO Jason Yochim, “to help make sure that people stayed safe while buying and selling homes.”

And these safety precautions have helped to instil confidence in the market, making it easier for people to be in the market.

Median sales prices were up in 11 of the 19 markets that the SRA tracks (with Melfort and Weyburn seeing the strongest declines while Swift Current and the Yorkton Region saw the greatest increases), while the number of sales were up in 18 of 19 markets.

The strong real estate recovery seen after the province went into lockdown from March to May has continued to carry over into November.

“Although November and December are generally much slower compared with the summer months, over 50 per cent more sales than last November is simply amazing,” said Yochim. As the year draws to a close and inventory levels continue to be at low throughout much of the province, the steps that the SRA has taken to ensure the safety of the real estate market, combined with continued pent-up demand, could help to make this one of the best years for real estate in a long time.

November sales in Swift Current were up 100 per cent, going from 13 in November 2019 to 26 in November 2020, and up 40.7 per cent in the overall region, going from 27 to 38. In Swift Current, sales were 36.8 per cent above the five-year average (and 46.9 per cent above the 10year average), while in the larger region, sales were 21 per cent above the five-year average (and 21.8 per cent above the 10-year average). Year-to-date (YTD) sales in Swift Current rose 23.8 per cent over last year, increasing from 206 to 255, while YTD sales in the larger region rose 22.9 per cent, going from 363 to 446.

Sales volume was up 184.4 per cent in the city, going from $2.5 million to $7.2 million in 2020 (42.5 per cent above the five-year average, and 61.8 per cent above the 10-year average). YTD sales volume in the city was $64.1 million, an increase of 24.1 per cent from last year. In the region, sales volume was up 22.3 per cent, going from $73.2 million to $89.6 million (32 per cent above the five-year average and 42.3 per cent above the 10-year average). YTD sales volume increased 22.3 per cent in the region, rising from $73.2 million in 2019 to $89.6 million in 2020.

In Swift Current, the number of new listings in November 2020 fell 28.9 per cent, going from 38 to 27 (28.9 per cent below the 5-year average and 11.5 per cent below the 10-year average), while in the region, new listings fell 28 per cent from 82 last year to 59 this year (21.8 per cent below the five-year average and 11.3 per cent below the 10year average). YTD new listings in the city fell 1.1 per cent, going from 523 to 517,

while in the larger region, the number of new listings to date fell 3.2 per cent, going from 1,063 to 1,029. Active listings fell 21 per cent in Swift Current (down from 224 to 177) and fell 20.7 per cent in the region (down from 536 to 425).

Inventory in Swift Current stood at 6.8 months (which is 60.5 per cent below the level last year and 31.7 per cent below the five-year average), while the sales to listing ratio was 96.3 per cent, suggesting that market conditions favour sellers. Inventory in the larger region stood at 11.2 months (which is 43.7 per cent below the level last year and 24.5 per cent below the five-year average), while the sales to listing ratio was 64.4 per cent, suggesting that market conditions favour sellers.

Median home prices in Swift Current went from $187,900 to $256,000 (an increase of 36.2 per cent).