Residential property sales across Saskatchewan continue to be down from last year but that doesn’t mean the sector is struggling.
According to the Saskatchewan Realtors’ Association (SRA), most communities are seeing sales numbers higher than what they’ve been averaging over the past 10 years. Regina and Saskatoon, unsurprisingly, lead the way for the province.
Included in the list are North Battleford, Meadow Lake, and Humboldt.
Three communities have sale numbers below the 10-year average: Prince Albert, Melfort and Weyburn.
Prince Albert was the closest to its average, 306, as there’s been 304 sales through the first eight months of the year.
Fifty-eight properties were sold in Melfort between January and August with the average sitting at 64.
As for Weyburn, the city saw 101 sales with its 10-year-average being 112.
The SRA believes lower sales numbers may be because there are less properties to buy.
“Supply remains a challenge in the market and while we are seeing some signs of improvement, the gains are in the upper end of the market and have not offset the declining supply of more affordable homes,” SRA CEO Chris Guérette said. “Higher lending rates are having a cooling impact on demand, but the challenge continues to be having enough supply available in the lower price ranges in our market.”
The average price for property in Melfort is only about $100 more than what each sale brought in over the past 10 years.
North Battleford is the only community where the SRA noticed a decrease in price. The average cost for properties sold in 2022 is around $3,000 less than what those over the past 10 years averaged.
Every other community is seeing a sizable increase with those buying properties in Meadow Lake having to pay, on average, around $51,000 more.