(File photo/Canadian Press)

By paNOW Staff

Sask Real Estate Snapshot

Saskatchewan real estate market remains strong

Jul 8, 2021 | 9:00 AM

While the market continues to level off from the highs seen earlier this year, Saskatchewan’s real estate market remains strong.

Across the province, there were 1,914 homes sold, which is up almost 12 per cent from last June and almost 66 per cent year-to-date, going from 5,690 to 9,427. New listings were down 2.6 per cent in June but up 20 per cent year-to-date.

“As more people get their COVID vaccines and the economy continues to open up, people’s spending decisions are going to include things other than housing and that’s going to temper demand somewhat. But so far, market activity remains positive,” said Chris Guérette, CEO of the Saskatchewan Realtor’s Association.

The numbers show the economy in the Prince Albert market is still very focused on real estate. Sales were up 13 per cent going from 46 in June 2020 to 52 in June 2021. Year-to-date sales in Prince Albert rose 75.5 per cent over last year, increasing from 163 to 286, while sales in the larger region rose 74.7 per cent, going from 297 to 516. The MLS Home Price Index showed the price of a benchmark single family home in Prince Albert rose 13.6 per cent year-over-year, going from $167,200 to $189,900.

“In Prince Albert, sales have gone up and inventory has gone down and that’s indicative of a market that favours sellers right now,“ said Guérette.

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The Battleford area is showing a more balanced market. North Battleford and region sales, including Meadow Lake, were up 15.2 per cent going from 33 to 38 in June and up 33.3 per cent in Meadow Lake going from 3 to 4. In North Battleford, sales were 41.8 per cent above the five-year average. Year-to-date sales in North Battleford rose 52.6 percent over last year, increasing from 114 to 174 and rose 122.2 per cent in Meadow Lake going from 18 to 40. North Battleford saw the price of the benchmark single family home rise 9.2 per cent year-over-year, going from $188,500 to $205,900 while the price of the benchmark single family home in Meadow Lake rose 11 per cent going from $237,300 to $263,400.

Melfort and region sales were up 220.0 per cent going from 5 in June 2020 to 16 in June 2021, and up 29.2 per cent in the overall region, going from 24 to 31. The MLS Home Price Index saw the price of the benchmark single family home in Melfort rise 15.3 per cent year-over-year, going from $179,500 to $206,900.

Guérette said its still too early to tell what the full impact of tighter mortgage rules that came into effect June 1 would have on demand, but they don’t seem to have had any real impact on Saskatchewan markets.

“The jump in sales and drop in inventory despite efforts to cool the market suggest that the market is still quite strong and that if we want to see prices moderate, policy efforts should be aimed at increasing supply rather than trying to stifle demand,” she said.

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panews@pattisonmedia.com

On Twitter: @princealbertNOW