Sask. reports 5th consecutive month of above average home sales, furthering inventory issues

Home sales in Saskatchewan have increased for a fifth consecutive month, leading to more inventory issues among the market’s most affordable listings.

A total of 1,006 sales were recorded across Saskatchewan in November – marking a ten percent increase year-over-year according to the Saskatchewan Realtors Association (SRA).

Much of the growth was recorded in Regina and Saskatoon, while sales declined steeply in the Swift Current – Moose Jaw region, the SRA said.

The province’s months of supply rose above five months in November. This marks slightly higher levels than recorded earlier in 2023 but remains over 40 per cent under the 10-year average.

On top of this, nearly all of the growth in new listings was in higher-priced products.

“The more affordable segment of the market continues to face significant inventory challenges,” the SRA report read.

• Download the CTV News app to get breaking news alerts from across Saskatchewan sent to your device

Following seasonal trends, the benchmark price across the province decreased to $324,400 from $327,300 in October.

Despite the fall, the price is still a two per cent increase from November of 2022.

Regina recorded 240 sales and 3.5 months of supply in November.

“Regina continues to experience significant supply challenges in the more affordable segment of the market,” SRA’s report read.

Regardless of the supply issues, Regina reported a lower benchmark than the provincial average at $305,000 – down from $308,500 in October and nearly three per cent below November of 2022.