Saskatoon, SK – The housing market in Saskatoon continues to soar as the benchmark house price has reached a new record high.
According to the latest data from the Saskatoon Region Association of Realtors (SRAR), the benchmark price for a single-family home in the city has risen to $350,000. This marks a 6.1% increase from the same time last year.
The record-breaking price is a result of high demand and low inventory in the city’s housing market. With more buyers than available homes, competition has driven up prices.
In addition, the pandemic has also played a role in the surge of housing prices. Many people have reevaluated their living situations and are looking for larger homes with more space as they spend more time at home.
Despite the rising prices, the housing market in Saskatoon remains strong. In the month of March alone, there were 1,081 residential sales, a 109% increase from March 2020.
The condominium market has also seen a significant increase in prices, with the benchmark price rising to $225,000, a 4.7% increase from last year.
Experts predict that the housing market in Saskatoon will continue to thrive in the coming months, with low interest rates and high demand driving prices up.
However, there are concerns about the affordability of homes for first-time buyers. With the benchmark price for a single-family home now at $350,000, it may be difficult for some to enter the market.
The SRAR is urging the government to take action to address the issue of housing affordability in Saskatoon. They suggest implementing policies that will increase the supply of homes and make it easier for first-time buyers to enter the market.
In the meantime, the housing market in Saskatoon remains a seller’s market, with homes selling quickly and often above asking price.
As the city continues to grow and attract new residents, it is likely that the housing market will remain strong and prices will continue to rise.
