2022 Real Estate Year In Review
As we wrap up 2022, we want to say Happy New Year! We are thrilled to continue helping our clients in 2023 as we see our experience being more helpful than ever.
The Saskatoon Real Estate market ended 2022 on a positive note with our market showing resilience and strength even though we had a slowdown in sales and inventory.
In December 2021 267 homes sold and December 2022 had 203 homes sold putting the year over year decrease at 24%. Last December there were 881 on the market and this December, only 873 were on the market.
From December 2021 the median sale price was $345,000.00 and in December 2022 the median was $334,500.00. This shows a decrease of 3% for December but year to date still a .2% increase.
Active listings are down 14.3% this year.
2023 Real Estate Predictions
As we start the new year activity will remain strong as the demand certainly outlays the supply.
Consumers still want to change their living situations just as their lifestyle has changed over the last couple years. Although the lack of inventory has discouraged many to do so. To give you a current example: if you were looking to purchase a 2 storey home between $400,000.00 – 500,000.00 in Stonebridge, you would have only three options. All three options are on less desirable streets and will not have the best resale value. Due to lack of options buyers are left with the choice to pick the best of which is available or watch the market daily to find the right home. Unfortunately this scenario would be accurate for most areas and style of dwellings in Saskatoon.
Foreign Buyers Ban
As of January 1st, 2023 a foreign buyers freeze will be in effect for 2 years. For our local economy this will not have a major effect as this might account for only 1 or 2% of our sales.
What’s next for Saskatchewan
Saskatchewan is and should be optimistic as our economy is in a good place. There has been a great deal of talk about a recession for 2023 but this can also mean opportunity if viewed the right way. Let’s keep in mind our market does not follow national trends and we are still in a supply shortage. We expect home values to remain stable and Saskatchewan to weather the recession better than others across Canada.
Even though moving in our current market can be tricky with the right preparation and guidance you can still have a successful outcome. We pride ourselves in helping our clients navigate the selling side to get the best return on their property. If you’re considering selling this might be the time to do so as you will have very little competition on the market and be ready to act on the spring inventory.
As always – if you need help buying or selling your home we are here to help! Please contact Ryan or Gregg Bamford.