Saskatoon’s Real estate market sees some effects of the recent interest rate increases yet shows stability compared to other markets.
The October 2022 Saskatoon Real Estate market:
The Bank of Canada had another interest rate increase of .5% in October which brings the overnight rate to 3.75%. With these announcements purchaser’s buying power continues to adjust although prices remain quite stable throughout the market. The lack of inventory is still the major factor contributing to the strong demand for homes in Saskatoon.
In October 2021 425 homes sold and October 2022 had 319 homes sold putting the year over year decrease at 24.9%. Last October there were 1220 on the market and this October, only 1147 were on the market.
From October 2021 the median sale price was $356,500.00 and in October 2022 the median was $322,000.00. This shows a decrease of 9.7% for October but year to date still a 1.4% increase.
Active listings are down 16.6% this year.
Typically as winter approaches our market does slow and less homes come to the market. More than likely this will be the case but decreased inventory levels will increase demand on the current supply. Realistically until inventory see’s a substantial increase our market will remain stronger than most in Canada.