Saskatchewan’s real estate market continued to remain strong in June, although data from the Saskatchewan Realtors Association (SRA) shows the market is levelling off from earlier highs in the year.
Sales in Moose Jaw in June increased to 79 homes sold compared to 69 units sold in June 2020, which is above the five-year average of 52 homes sold and above the 10-year average of 53 units sold, according to the SRA data.
Year-to-date (YTD), sales of homes in Moose Jaw stood at 359 units sold compared to 201 homes sold YTD in 2020.
Sales volumes increased slightly in June to $16.8 million from $16.1 million last June. This is above the five-year average of $12.7 million and above the 10-year average of $14 million. Year-to-date, sales volumes in Moose Jaw stand at $83.2 million, which is an increase from $13.3 million last year.
The number of new listings rose to 106 units last month compared to 93 homes from the year before, the data showed. This is above the five-year average of 101 homes listed and above the 10-year average of 102 units on the market.
Year-to-date, the number of new listings in Moose Jaw stood at 95 units compared to 72 homes last year. Overall, active listings of homes in the city increased to 251 units compared to 242 from the year before.
Inventory in the community stood at 3.2 months, which is below 3.5 months from last year and is below the five-year average of 4.5 months. Meanwhile, the sales to listing ratio was 74.5 per cent, which means market conditions favour sellers, the SRA said.
Homes in Moose Jaw stayed on the market for an average of 48 days in June, down from 74 days last year, below the five-year average of 62 days and below the 10-year average of 55 days.
According to the MLS Home Price Index, the price of a single-family home increased to $221,300 in June compared to $206,000 last year.
Saskatchewan real estate
Saskatchewan’s real estate market remained strong throughout June, as 1,914 homes sold that month, increasing from 1,684 homes sold last June, the SRA said. Year-to-date, the number of homes sold throughout the province increased to 9,427 units from 5,690 units last year.
The Home Price Index showed that the price of a single-family home throughout Saskatchewan increased to $288,500 from $262,700. Meanwhile, inventories of homes were down in 23 of 24 markets that the SRA tracks.
“The market continues to level off from the highs seen earlier this year,” said CEO Chris Guerette. “This month-over-month levelling off in activity is expected and is being seen across the country.
“As more people get their (COVID-19) vaccines and the economy continues to open up, people’s spending decisions are going to include things other than housing, and that’s going to temper demand somewhat. But so far, market activity remains positive.”
Some policymakers had hoped the new mortgage rules that came into effect June 1 would moderate demand, she continued. While it’s too early to tell what the full effect of those tighter rules will be, they don’t seem to have had a major effect in Saskatchewan.
Across the province, sales were still up nearly 18 per cent and prices were up almost 10 per cent.
“The jump in sales and drop in inventory — despite efforts to cool the market — suggests the market is still quite strong,” Guerette added, “and if we want to see prices moderate, policy efforts should be aimed at increasing supply, rather than trying to stifle demand.”