The Saskatoon Real Estate Market is certainly buzzing with activity as spring arrives. Desirable homes are selling in multiple offer situations for some of the highest values we have ever seen.
Property values continue to rise, mostly due to the lack of inventory and interest rate increases.
The Saskatoon Real Estate Market
As of April 13th the Bank of Canada announced a rate increase to help slow our market across Canada.
This will have buyers needing to take possession prior to their 90 or 120 day pre-approval timelines, to hold their current rate. More than likely this will spark some extra motivation and potentially change their perspective on how aggressive they will be when they find the right house.
In April 2021 549 homes sold and April 2022 had 461 homes sold putting the year over year decrease at 16%. Listing inventory remains low even with the small increases we are seeing. Last April there were 1426 on the market and this April, only 1050 were in the market.
Active listings are down about 26% this year.
From April 2021 the median sale price was $362,500.00 and in April 2022 the median was $350,000.00. This shows a decline of 3.5%.
We have seen many buyers decide to build new because of the lack of inventory within the used market. This year we have already seen an increase in costs by 10% for new builds due to materials cost increases and shipping delays. This has resulted in many builders starting to hold off on pre-sales of their homes. The main reason is the homes are worth more by the time they are completed than selling them before they start building. Also the timelines for completion on newly built homes has more than doubled over the last couple years.
As always – if you need help buying or selling your home please contact Gregg or Ryan Bamford.