Realtors in the Battlefords region are still seeing a large increase in sales, despite expectations of market activity dropping off. (file photo/battlefordsNOW Staff)

By Josh Ryan

Market remains active

Real estate still going strong in the Battlefords

Dec 9, 2020 | 3:04 PM

Housing markets across the province, particularly in the Battlefords, continue to buck expectations.

Across the province, sales were up by more than 54 per cent from last November and the median sale price was up close to 1 per cent, going from $265,000 to $267,574. These figures were announced in a release from the Saskatchewan Realtors Association last week.

So far, increased restrictions do not appear to have deterred people from buying and selling real estate. SRA CEO Jason Yochim said safety precautions taken by members have helped instill confidence in the market.

“Even before the new restrictions were in place, we had our members suspend open houses again and required them to wear masks with clients,” he said.

Sales in North Battleford were strong, up 77 per cent this year, almost 31 per cent above the five-year average and roughly 17 per cent above the 10-year average. The overall region saw sales up more than 51 per cent and up 27.6 per cent above the five-year average. Year-to-date sales in the region are up more than 43 per cent and an increase of median home prices by 7 per cent.

Sharing memories

North Stars reflect on one-year anniversary of 2023 championship

6h ago

Three days of action

Kinsmen Rodeo ready to kick off in North Battleford

8h ago

Top of the Podium

Sweetgrass archer takes gold at Junior Olympic Program Championships

10h ago

Meadow Lake and North Battleford RE/MAX Owner Wally Lorenz said realtors having taken COVID-19 precautions very seriously, particularly in dealing with clients.

“I think people have been very diligent here in looking after themselves,” “The interest in going out and doing a little business is there and realtors are very respectful in how they show property and deal with clients.”

“I think having that kind of ease goes a long way.”

However, not every number is a positive for realtors. New listings were down and inventories were down in 18 of the 19 markets that SRA tracks. Specifically in the Battlefords region, inventory is more than 46 per cent below 2019’s level.

Lorenz said to come off 10-15 per cent of property value is tough for the market, though it may indicate where real estate should go in the future.

“Were we overpriced that this was needed to correct itself?” he said. “It’s a tough way of doing it.”

Lorenz said he expects things to slow down in the New Year, with January and February typically being less active months in the market, while a pickup occurs in March and April. While he doesn’t expect a harsh pullback moving forward, as real estate is considered an essential service, another lockdown that would impact business owners would then affect the market.

“It does change the ability to do business for everybody,” he said. “The people that are having to close shop, obviously they’re out of the market, they can’t be looking at places to spend money.”

However, plenty of residents could remain on the market, with limitations on spending on travel.

“I think you’re going to find that [some people] are going to look around a bit and think if they should make a change say ‘maybe we should think about it now and take a look,’” Lorenz said. “Because they’re not busy doing other things.”

Sales for lake properties in Saskatchewan have skyrocketed in 2020, along with related outdoor sporting equipment, with residents looking for an escape from their routine amidst limited vacation and recreation options. Lorenz expects that to continue.

“People feel they need a place to go, they can’t get away for the winter and [there’s a] need for some kind of recreation getaway,” he said. “Just that break, different environment and sense of what’s going on around you.”

Assuming case numbers stay low in the province and realtors and clients stay proactive, Lorenz said he’s optimistic about the future.

“As long as the threat of trying to drive the market up again stays away, we stay reasonable with our pricing, I think everyone can do good business.”

—

josh.ryan@jpbg.ca

On Twitter: @JoshRyanSports