May 2022 Monthly Real Estate Review
Saskatoon’s spring Real Estate Market is in full swing while showing no signs of slowing down! As inventory see’s a slight increase so do property values and interest rates. Buyers are feeling some extra pressure to close within their pre-approval timelines or potentially have to adjust their expectation on what’s feasible for them.
The May 2022 Monthly Real Estate Review: Saskatoon Market
For the second time in 2 months The Bank of Canada has increased the prime rate. This time by 50 basis points for a total of 1.5%. The whole reason to do this is to cool our markets across Canada and it seems to be having that effect in our larger centres throughout the country. Although this is not the case in Saskatchewan as demand still remains strong.
In May 2021 578 homes sold and May 2022 had 549 homes sold putting the year over decrease at 5%. Last May there were 1780 on the market and this May, only 1368 were on the market
From May 2021 the median sale price was $369,900.00 and in May 2022 the median was $351,000.00. This shows a decline of 5%.
Active listings are still down 23% this year.
With the Global economy the way it is, Saskatchewan could very well prosper due to our natural resources sector and agriculture. This will most likely continue to fuel the economy for the near future.
We will continue to see a real push for Buyers/Sellers to close prior to mid August when these pre-approvals expire. At this time we will be able to gauge how much impact these rate increases have had on our market. By saying that, until we see a substantial increase in inventory, the market will remain strong.
As always – if you need help buying or selling your home please contact Gregg or Ryan Bamford.