Saskatoon, SK – The housing market in Saskatoon has reached a new milestone as home prices hit a record high and supply continues to dwindle.
According to the Saskatoon Region Association of Realtors (SRAR), the average home price in the city has reached $350,000, a 10% increase from last year. This marks the highest average price ever recorded in Saskatoon.
The rise in home prices can be attributed to the high demand for housing in the city, coupled with a historic low in supply. SRAR reported that there were only 1,200 active listings in Saskatoon in December, the lowest number in over a decade.
This shortage of supply has created a competitive market for buyers, with multiple offers and bidding wars becoming more common. As a result, homes are selling at a faster rate, with an average of 45 days on the market compared to 60 days in 2019.
The pandemic has also played a role in the surge of home prices in Saskatoon. With more people working from home and prioritizing larger living spaces, the demand for single-family homes has increased, driving up prices.
Despite the record-breaking prices, SRAR President Jason Yochim assures that the market is still stable and sustainable. He also notes that the increase in home prices is not unique to Saskatoon, as other cities across Canada are experiencing a similar trend.
However, the rising prices may pose a challenge for first-time homebuyers and those with lower incomes. Yochim suggests that the government should consider implementing policies to address the issue of affordability in the housing market.
In the meantime, the SRAR advises potential buyers to be prepared and act quickly when a desirable property becomes available. They also recommend seeking the help of a real estate professional to navigate the competitive market.
As the housing market in Saskatoon continues to break records, it remains to be seen how the city will address the issue of affordability and supply in the future.
