Submitted
The Saskatchewan real estate market continues to build on January鈥檚 momentum and outperformed last February. Across the province, sales were up over 74 per cent from last February (and up 62.3 per cent year-to-date, going from 663 to 1,157), new listings were essentially flat (and down 2.1 per cent year-to-date, going from 1,775 to 1,773,) and the median sale price was up close to 3 per cent (up 1.9 per cent year-to-date, going from $265,000 to $272,000. Inventories were also down in all 19 of the markets that the SRA tracks.
Median sales prices were up in 13 of the 19 markets that the SRA tracks (with Moose Jaw and Yorkton seeing the strongest declines while Estevan and Weyburn saw the greatest increases), while the number of sales were up in 18 of 19 markets.
鈥淲e鈥檙e seeing inventories dry up as people keep buying. At the same time, the number of new listings continues to fall in several markets, suggesting that supply is shrinking,鈥� said Chris Gbekorbu, Economic Analyst. This suggests that prices will continue to rise as fewer homes are available and buyers are forced to increase their bids to secure what鈥檚 available.
As prices continue to rise, however, we also see the number of new listings rise in certain markets. 鈥淩ising prices could help to encourage would-be sellers, who having seen homes jump in value last year, don鈥檛 want to miss out on rising prices this year,鈥� said Gbekorbu. The safety precautions that the SRA put in place last April to help reassure the public that real estate is safe has certainly helped to channel pent-up demand from COVID and allowed the real estate market to continue its boom.
North Battleford
Sales in North Battleford were up 110.0 per cent, going from 10 in February 2020 to 21 in February 2021, and up 200.0 per cent in the overall region, going from 19 to 57. In North Battleford, sales were 52.2 per cent above the 5-year average (and 59.1 per cent above the 10-year average), while in the larger region, sales were 70.7 per cent above the 5-year average (and 58.3 per cent above the 10-year average). Year-to-Date (YTD) sales in North Battleford rose 145.0 per cent over last year, increasing from 20 to 49, while YTD sales in the larger region rose 109.6 per cent, going from 52 to 109.
Sales volume was up 171.4 per cent in the city, going from $1.5M to $4.2M in 2021 (37.3 per cent above the 5-year average, and 49.3 per cent above the 10-year average). YTD sales volume in the city was $9.8M, an increase of 232.3 per cent from last year. In the region, sales volume was up 164.8 per cent, going from $9.1M to $24.0M (78.0 per cent above the 5-year average and 76.1 per cent above the 10-year average). YTD sales volume increased 164.8 per cent in the region, rising from $9.1M in 2020 to $24.0M in 2021.
In North Battleford, the number of new listings in February 2021 fell 18.9 per cent, going from 37 to 30 (11.8 per cent below the 5-year average and 11.2 per cent below the 10-year average), while in the region, new listings fell 17.6 per cent from 108 last year to 89 this year (13.6 per cent above the 5-year average and 11.3 per cent below the 10-year average). YTD new listings in the city fell 17.1 per cent, going from 76 to 63, while in the larger region, the number of new listings to date fell 15.8 per cent, going from 209 to 176. Active listings fell 49.5 per cent in North Battleford (down from 196 to 99) and fell 35.7 per cent in the region (down from 756 to 486).
Inventory in North Battleford stood at 4.7 months (which is 75.9 per cent below the level last year and 63.7 per cent below the 5-year average), while the sales to listing ratio was 70.0 per cent, suggesting that market conditions favour sellers. Inventory in the larger region stood at 8.5 months (which is 78.6 per cent below the level last year and 62.7 per cent below the 5-year average), while the sales to listing ratio was 64.0 per cent, suggesting that market conditions favour sellers.
Homes in North Battleford stayed on the market an average of 116 days in February鈥攗p 205.3 per cent from 38 days last year (and above the 5-year average of 67 days and above the 10-year average of 65 days). Homes in the region stayed on the market longer than homes in the city at 136 days on average in 2021, but also up from an average of 82 days last year (and 39.6 per cent above the 5-year average).
Saskatoon
Sales in Saskatoon were up 53.0 per cent, going from 230 in February 2020 to 352 in February 2021, and up 59.9 per cent in the overall region, going from 314 to 502. In Saskatoon, sales were 42.7 per cent above the 5-year average (and 35.1 per cent above the 10-year average), while in the larger region, sales were 50 per cent above the 5-year average (and 43.1 per cent above the 10-year average). Year-to-Date (YTD) sales in Saskatoon rose 40.3 per cent over last year, increasing from 449 to 630, while YTD sales in the larger region rose 43.4 per cent, going from 604 to 866.
Sales volume was up 69.0 per cent in the city, going from $73.7M to $124.4M in 2021 (49.6 per cent above the 5-year average, and 42.2 per cent above the 10-year average). YTD sales volume in the city was $221.3M, an increase of 52.5 per cent from last year. In the region, sales volume was up 57.4 per cent, going from $183.7M to $289.1M (57.9 per cent above the 5-year average and 51.3 per cent above the 10-year average). YTD sales volume increased 57.4 per cent in the region, rising from $183.7M in 2020 to $289.1M in 2021.
In Saskatoon, the number of new listings in February 2021 rose 15.8 per cent, going from 468 to 542 (3.3 per cent above the 5-year average and 5.0 per cent below the 10-year average), while in the region, new listings rose 6.1 per cent from 685 last year to 727 this year (3.5 per cent below the 5-year average and 10.4 per cent below the 10-year average). YTD new listings in the city rose 5.8 per cent, going from 1,039 to 1,099, while in the larger region, the number of new listings to date rose 0.5 per cent, going from 1,496 to 1,504. Active listings fell 21.6 per cent in Saskatoon (down from 1,392 to 1,091) and fell 28.7 per cent in the region (down from 2,618 to 1,867).
Inventory in Saskatoon stood at 3.1 months (which is 48.8 per cent below the level last year and 50.8 per cent below the 5-year average), while the sales to listing ratio was 64.9 per cent, suggesting that market conditions favour sellers. Inventory in the larger region stood at 3.7 months (which is 55.4 per cent below the level last year and 55.6 per cent below the 5-year average), while the sales to listing ratio was 69.1 per cent, suggesting that market conditions favour sellers.
Homes in Saskatoon stayed on the market an average of 43 days in February鈥攄own 40.3 per cent from 72 days last year (but below the 5-year average of 56 days and below the 10-year average of 51 days). Homes in the region stayed on the market longer than homes in the city at 53 days on average in 2021, but also down from an average of 81 days last year (and 18.2 per cent below the 5-year average).
In Saskatoon, the MLS庐 Home Price Index (HPI)鈥攁 more accurate measure of house price trends鈥攚as up 10.1 per cent, going from $299,800 to $330,100.
Prince Albert
Sales in Prince Albert were up 177.8 per cent, going from 18 in February 2020 to 50 in February 2021, and up 185.2 per cent in the overall region, going from 27 to 77. In Prince Albert, sales were 78.6 per cent above the 5-year average (and 85.9 per cent above the 10-year average), while in the larger region, sales were 75 per cent above the 5-year average (and 86.9 per cent above the 10-year average). Year-to-Date (YTD) sales in Prince Albert rose 175.8 per cent over last year, increasing from 33 to 91, while YTD sales in the larger region rose 168.5 per cent, going from 54 to 145.
Sales volume was up 209.0 per cent in the city, going from $3.8M to $11.8M in 2021 (91.5 per cent above the 5-year average, and 94.8 per cent above the 10-year average). YTD sales volume in the city was $21.1M, an increase of 220.0 per cent from last year. In the region, sales volume was up 264.7 per cent, going from $10.2M to $37.3M (96.1 per cent above the 5-year average and 111.8 per cent above the 10-year average). YTD sales volume increased 264.7 per cent in the region, rising from $10.2M in 2020 to $37.3M in 2021.
In Prince Albert, the number of new listings in February 2021 fell 7.5 per cent, going from 53 to 49 (1.2 per cent below the 5-year average and 10.6 per cent below the 10-year average), while in the region, new listings fell 13.3 per cent from 98 last year to 85 this year (5.6 per cent below the 5-year average and 14.1 per cent below the 10-year average). YTD new listings in the city rose 16.2 per cent, going from 99 to 115, while in the larger region, the number of new listings to date rose 3.9 per cent, going from 181 to 188. Active listings fell 20.7 per cent in Prince Albert (down from 246 to 195) and fell 32.2 per cent in the region (down from 566 to 384).
Inventory in Prince Albert stood at 3.9 months (which is 71.5 per cent below the level last year and 62.5 per cent below the 5-year average), while the sales to listing ratio was 102.0 per cent, suggesting that market conditions favour sellers. Inventory in the larger region stood at 5.0 months (which is 76.2 per cent below the level last year and 66.1 per cent below the 5-year average), while the sales to listing ratio was 90.6 per cent, suggesting that market conditions favour sellers.
Homes in Prince Albert stayed on the market an average of 84 days in February鈥攄own 17.6 per cent from 102 days last year (but below the 5-year average of 102 days and below the 10-year average of 97 days). Homes in the region stayed on the market longer than homes in the city at 101 days on average in 2021, but also down from an average of 112 days last year (and 14.0 per cent below the 5-year average).
