The average sale price in the Saskatoon housing market increased by five per cent year-over-year across all property, from January 1 to July 31, 2024 (from $375,841 in 2023 to $396,408 in 2024).
The number of properties changing hands also increased 8.4 per cent over the same period (from 2,830 sales in 2023 to 3,068 sales in 2024). Meqanwhile, listings decreased 2.6 per cent (from 4,349 in 2023 to 4,236 in 2024).
Average sale prices across all property types are expected to increase by two per cent through the remainder of 2024, while the number of sales is likely to decline by one per cent.
Saskatoon continues to be a seller's market, with limited housing supply. These conditions will likely persist this fall. The market has seen a small increase in buyer activity in Saskatoon, however with limited properties available for sale, this has put upward pressure on prices and has led to more multiple-offer scenarios.
The biggest factors contributing to the housing shortage in Saskatoon right now, include:
• Not enough new listings
• Not enough new construction
• Construction delays because of labour shortages
• Increasing material costs
• Saskatoon homebuyers are responding/adapting to the housing shortage by:
• Choosing to continue to rent for the time being
• Looking at older homes which require updates
On September 4, the Bank of Canada will share its next interest rate announcement. If the rate drops again, expect homebuyers in the region to act quickly and buy while they are still able to get into the market before prices rise further.
blog.remax.ca
blog.remax.ca
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