Realtors say house sales solid last month

The Saskatchewan Realtors Association says that housing sales in Saskatchewan were strong in June, despite market challenges.

“While higher lending rates are impacting sales activity, continued employment growth and Saskatchewan's relative affordability advantage are preventing a significant pullback in sales,” said SRA CEO, Chris Guérette.

Over the last year, the populations in cities like Regina and Saskatoon have increased due to immigration and affordable living, which has also taken a toll on the rental housing market due to low vacancy rates.

“Our province continues to report strong sales despite persistent inventory challenges, specifically in the more affordable segment of our housing continuum,” said Guérette.

Homes priced under $300,000 reported a 17 per cent decrease in inventory last month.

Some 367 sales were reported in Regina last month, a year-over-year decline of around 10 per cent. However, the SRA said that sales still remain over 11 per cent above long-term, 10-year trends.

The SRA reported that 1,691 properties were sold in the province last month.

Inventory levels in Regina remain nearly 30 per cent below long-term trends, the lowest levels reported in June since 2014.

Current conditions in the capital are the tightest they 've been in June over the past decade, which contributes to price increases. The benchmark price in Regina raised from $316,000 in May to $318,700 in June.

Saskatoon saw 541 residential property sales in June, up approximately two per cent year-over-year and 17 per cent above long term trends.

While there has been a slight increase in sales in Saskatoon, inventory levels remain over 40 per cent below the 10-year average. The benchmark price reached $381,400 in June, up from $380,100 in May. The SRA says that the Saskatoon-biggar region is experiencing the tightest conditions in the province.

The Swift Current-moose Jaw Region was the only area to see activity fall below longterm trends.

Year-over-year inventory levels have improved in the Swift Current-moose Jaw and Yorkton-melville regions.

“Our market continues to demonstrate resilience amid interest rate hikes, ongoing inflationary pressures, and concerns over a national recession,” said Guérette. “We continue to keep a close eye on inventory levels and how tighter market conditions may impact prices moving forward.”