As we see increases in mortgage rates and costs of living we are seeing effects on home sales as well.
Saskatoon’s year-to-date decline is 15% as a result of reduced sales activity. A slowdown in detached sales continues to be a significant contributor to the sales slump. Sales levels are still greater than the pre-pandemic and 10-year averages even though they have decreased from record highs.
The number of new listings is still declining, and in November, inventory levels reached their lowest level in over a decade. A benchmark price of $367,800 was reported in the City of Saskatoon, which is about 3% more than prices reported in November 2021.
Here is a snapshot from the Saskatchewan REALTORS® Association.
If you would like more details – or more stats, feel free to contact me.