Saskatoon’s Real Estate Sales Declined Again:
According to Chris Guérette, the CEO of the Saskatchewan Realtors Association, the provincial government needs to focus on increasing the number of homes built in order to achieve its population goal of 1.4 million people by 2030. Guérette emphasized the importance of a strong housing continuum that encompasses a variety of housing options, such as apartments, condos, single-family homes, and row housing, to accommodate the diverse needs and preferences of residents.
Highlighting the current situation in Saskatoon, Guérette expressed concern over the housing inventory, which stands at 2.6 months. This figure raises questions about the readiness of the province to accommodate population growth. The Saskatoon market experienced a decline in sales for the fourth consecutive month in April, aligning with seasonal trends. However, the market is still performing relatively well compared to pre-pandemic times.
The report from the Saskatchewan Realtors Association also revealed that housing supply levels in Saskatoon reached their lowest point in April since 2008, with nearly a 37 percent drop compared to the 10-year average. While there are signs of relief, sustained improvements over several months would lead to a more balanced market.
What Happens Next:
Guérette emphasized the need for governments to be mindful of policies and their impact on the real estate landscape. Factors such as interest rates, inflation, construction costs, and labor shortages can significantly influence the success of the housing market throughout the year.
Similarly, in the city of Regina, sales have also slowed for four consecutive months, slightly below 10-year averages. The city currently has a housing supply of 3.43 months, up from 2.96 in March. These figures indicate the importance of monitoring market conditions and implementing appropriate measures to maintain a stable and thriving real estate sector.
In conclusion, addressing housing inventory, understanding market dynamics, and considering various factors impacting real estate are crucial for sustainable growth and meeting the province’s population goals.
