As seen in prior months, inventory levels remain a significant challenge in certain regions of the province. Despite a slight increase from last month, inventory levels were nine per cent below levels seen in the previous year and over 30 per cent below the 10-year average. Inventory challenges continue to impact the more affordable segment of the market, with homes priced below $300,000 reporting a 17 per cent decline in inventory in June.

“While higher lending rates are impacting sales activity, continued employment growth and Saskatchewan’s relative affordability advantage are preventing a significant pullback in sales,” said Association CEO, Chris Guérette. “Our province continues to report strong sales despite persistent inventory challenges, specifically in the more affordable segment of our housing continuum.”

The slight monthly inventory increase did support a modest gain in the months of supply. However, with just under four months of supply, conditions remain lower than levels traditionally seen in June. Tighter conditions again resulted in month-over-month price gains, as Saskatchewan’s benchmark price reached $331,500 in June, up from $329,600 in May.

“Our market continues to demonstrate resilience amid interest rate hikes, ongoing inflationary pressures, and concerns over a national recession,” said Guérette. “We continue to keep a close eye on inventory levels and how tighter market conditions may impact prices moving forward.”

Regional Highlights
Sales activity has eased across many regions in the province throughout the first half of the year. However, the Swift Current- Moose Jaw Region was the only region to see activity fall below long-term trends.

While adjustments in inventory levels did vary across the province, all regions continue to report inventory below long-term, 10-year trends. Year-over-year inventory levels have improved in the Swift Current-Moose Jaw and Yorkton-Melville regions, while the Saskatoon-Biggar region is currently reporting the tightest conditions in the province

City of Saskatoon

The City of Saskatoon reported 541 sales in June, up nearly two per cent year-over-year and 17 per cent above long-term trends.

Despite a slight month-over-month improvement in new listings in June, inventory levels remain over 40 per cent below the 10-year average.

Tight market conditions persisted in June, with under two months of supply supporting further price growth in the Bridge City. The benchmark price reached $381,400 in June, up from $380,100 in May.

From SRA Release, July 5, 2023