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Housing sales in Saskatchewan were down last month compared to February 2022.
According to a report released by the Saskatchewan Realtors Association, the 854 sales recorded across the province in February constituted a year-over-year decline of 19 per cent.
Even with that being the case, the report said sales activity was stronger than what it was before the pandemic and higher than long-term 10-year averages.
On the other hand, new listings and inventory levels were markedly lower than 10-year averages.
The month of February saw 1,360 new listings, which was down 18 per cent compared to last year and down roughly 28 per cent compared to 10-year averages.
Inventory levels were down six per cent compared to the previous year and 31 per cent below 10-year averages.
“We continue to see higher lending rates and supply challenges contribute to a pullback in sales,” association CEO Chris Guérette said in a media release. “I’m beginning to sound like a broken record, but our biggest concern is still inventory levels, specifically in the more affordable segment of our housing continuum.”
The provincial benchmark price last month was $318,500, more than the $317,400 in January and 0.4 per cent higher than it was in February 2022.
“Year-over-year sales declines were to be expected as we returned to a more balanced market where sales activity is more consistent with the historical 10-year averages,” Guérette said in the release.
“Saskatchewan remains one of the most affordable jurisdictions in the country with a resilient market that is well-positioned for stable demand in home ownership.”
Regional highlights
Across the province, new listings and year-to-year sales were all down compared to the previous year in all regions except Prince Albert.
Melfort, Moose Jaw, Saskatoon and Swift Current all had below-average year-to-year sales and inventory levels below 10-year averages.
“A shift in sales when compared to inventory levels has resulted in increased months of supply in many regions across the province,” the release said. “However, every region in the province apart from Swift Current is reporting months of supply well below 10-year averages.”
Price Trends
In February, prices increased in Melfort, Saskatoon, Yorkton and Prince Albert. The report says the price adjustment in most regions were relatively small.
North Battleford had a 14 per cent drop in prices compared to the year before. The report said it was too early to tell if that trend will continue over the next few months.
City of Regina
Regina saw a second straight month of decreased sales activity. Compared to last year, it had a drop of 21 per cent.
However, sales remained consistent with long-term trends for the time of year.
Sales and new listings were up from January’s numbers but the monthly gain in new listings didn’t help the inventory problem.
February had the lowest levels of inventory for the month since 2013.
Regina’s benchmark price last month was $310,200.
City of Saskatoon
Saskatoon also saw a second straight month of decreased sales activity.
Compared to last year, sales were down 19 per cent in February. Inventory levels took a hit as the report said levels were down 36 per cent compared to the 10-year average for the month of February.
Saskatoon’s benchmark price was $372,400 in February.