Homes continue to sell in Northwest Saskatchewan and realtors think this will continue through the spring. (File photo/battlefordsNOW Staff)

By Josh Ryan

Buyers market still

Strong real estate market continues

Apr 14, 2021 | 2:54 PM

Record real estate numbers in Northwest Saskatchewan over the past few months continued in March and the industry expects this to continue further into 2021.

The latest report from the Saskatchewan Realtors Association (SRA) showed a 71.9 per cent year-to-date increase in homes sold and a 41 per cent increase in new listings. SRA Economic Analyst Chris Gbekorbu said they’ve never seen a March like this before.

“We typically don’t see this level of sales until at least May,” he said. “And until June of last year, we hadn’t seen this level of sales since May of 2014.”

Most markets have had upward pressure on prices, due to strong demand and a shrinking number of homes for sale. North Battleford had a slight decrease in sales, but they were still up 28 per cent on the five-year average and year-to-date sales rose more than 50 per cent. Meadow Lake saw incredible results, with a 150 per cent increase in sales and 125 per cent in year-to-date sales.

Susan Kramm, owner and broker with Realty Executives Battlefords, said the restrictions brought on during the pandemic have continued to be a driving force for interest in changing homes. Their buyers, she said, are anxious to buy and see opportunity.

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“People are staying home a lot more and realizing that they’re more confined,” she said. “So, they want a bigger space or smaller space. Things that drive them a little bit crazy drive them a lot crazier now.”

Kramm said interest rates and the cost of building materials have also been an influence, with increases in the latter having made the cost of changes or additions to home too high a price for some.

“Often, it’s more economical to move into a space that works than to renovate your house into a space that works,” she said.

While Kramm said it’s encouraging to see some of the higher priced homes sell, she’s slightly surprised that condo prices have been lower than expected. A concern for realtors throughout the pandemic has been low inventory, but Kramm said that still provides a positive.

“When the inventory is low, people look at everything,” she said. “That’s good for the Battlefords, especially if you have a home that’s in a less-than-perfect location.”

Kramm doesn’t expect any drop off until at least this summer, with rental properties selling quickly, and lake properties selling even faster. As the spring approaches, and the province remains at a standstill with pandemic guidelines, she said they should get even more interest in lake properties.

“They’re selling almost immediately after being listed.”

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cjnbnews@jpbg.ca

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