MARCH 2023 MONTHLY REAL ESTATE REVIEW
As we enter the spring season, we are excited to share with you the latest updates on the Saskatoon real estate market. The buying frenzy is back, and we are seeing desirable homes selling in multiple offers once again.
Last March, there were 491 homes sold in Saskatoon, while this March there were 397 homes sold, a decrease of 19.1% compared to the previous year. Despite this decrease, the demand for homes in our area remains strong, especially in the entry-level property market.
With the median sale price remaining stable from $358,900 in March 2022 to $353,800 in March 2023, an increase of 1.4%, Saskatoon remains a stable and attractive market for real estate investment. Additionally, active listings are down 7.5% this year.
It is important to note that the Bank of Canada did not raise interest rates this March, marking the first time in a year. While this may be a relief for many, we are not out of the woods yet. The Canadian government has recently announced amendments to regulations surrounding the country’s foreign homebuyer ban, which aim to address concerns and stimulate the housing market.
As the demand continues to outweigh the supply, we see no reason why this strong market won’t continue. We remain committed to helping you navigate the selling or buying process and achieve the best possible return on your investment.
Thank you for your continued trust in our team. We are always here to assist with any of your real estate needs.