July Monthly Real Estate Review
Saskatoon continues to see high levels of activity all the way through July.
Property values have started to level out even though we are seeing a slight decline in new inventory hitting the market.
The Saskatoon Real estate market
In July the Bank of Canada raised interest rates by 100 basis points which was the largest individual rate hike since 1998. This was done mostly to cool the markets across Canada, which it has done in many large centres. Although in Saskatchewan we are not seeing quite the same effect. This is due to the natural resource sector, agriculture and also the lower price points of our homes. One thing the increase has done is, start to cool the buying frenzy but prices still remain strong.
In July 2021 487 homes sold and July 2022 had 449 homes sold putting the year over decrease at 7.8%. Last July there were 1461 on the market and this July, only 1269 were on the market.
From July 2021 the median sale price was $339,900.00 and in July 2022 the median was $379,900.00. This shows an increase of 11.8%.
Active listings are down 18.6% this year.
As we approach the end of the summer we will see strong activity across the board. Typically we see an increase of listings towards the start of the school year and expect no different this year. Many people are still trying to take possession within the pre-approval timelines even though they might be looking at a slightly higher interest rate. Inventory remains low and until it increases substantially our market will remain stronger.
As always – if you need help buying or selling your home please contact Ryan and Gregg Bamford.