House sales in Saskatoon are still higher than last year despite a slowdown in June.
There was a year-to-date decline of nearly 12 percent, according to the Saskatchewan Realtors Association.
“While sales have been trending down in the province this year, we cannot lose sight of the fact that sales levels are still amongst the highest levels ever recorded in our market and these higher relative levels are still being achieved despite the sharp rise in lending rates. ,” CEO Chris Guérette said in a media release.
New listings increased, leading to modest gains in inventory for home buyers. However, levels are still lower when compared to 2021, the release said.
Lower levels of inventory and high demand have pushed house prices higher.
The benchmark price rose to $380,200, which is over one percent higher than May and five percent higher than last year.
“Moving forward we do anticipate that further rate increases will weigh on sales and eventually support more balanced conditions. However, Saskatchewan continues to benefit from relative affordability, improving migration and job growth, which should help offset some of the impact that higher rates would have on the housing market,” Guérette said in the release.