Saskatoon’s real estate market has certainly been affected by Covid-19 and the April numbers show it.
April 2020 Activity:
The amount of sales saw a decline of 43.9% over last April and year to date is down 10.8%. Our spring market has always been one of the busiest times of the year. This year it seems there is a delay. New listings had a large decline of 36.7% over last April and down 15.1% over last year at this time. This steady decline of new listings has played a major factor in keeping inventory levels reasonable. The sale dollar volume is down 44.2% compared to last April and year to date down 9%. Even with these negative numbers, activity levels have recently increased and homes are still selling for good value.
April 2020 Market Activity:
Our market is changing daily and this will continue for the foreseeable future. As the province starts to re-open consumers have become more comfortable in our current situation. We will see activity levels continue to increase. At the start of May, Saskatoon had just over 1400 listings and we expect to see a large increase by the end of the month if comfort level continues. This will depend on how many listings come to market and could potentially affect market value with our weakened economy.
Security & Safety:
As you can imagine job security is a concern for many people as some have been laid off or have reduced hours. These changes might affect what consumers will now get pre-approval for. Buyers that are actively looking, it is good practice to confirm these new numbers with your lender before looking to view any homes. Banks have also been confirming that you are still employed and earning the same prior to funding any mortgages, even if you were approved prior.
Safety continues to be our number one priority at this time. Our team is constantly monitoring what Sask Health and our local Real Estate Board for guidelines and will update you as things change. For the safety of our clients we are now operating remotely and using technology to assist you and facilitate your needs now and into the future. We understand this will be an adjustment for everyone but it is necessary in these times. We assure you, we will do our very best to help you through this new environment we find ourselves in.
Questions About The Policies?
If you have any questions about our new policies and procedures for Covid-19 and how this change will affect the buying and selling process, we would be happy to give you a breakdown.