Purchasing a home is not the same as buying a product off the shelf. You don’t simply pay the price on the tag and know it’s yours. You can’t just see a home for sale and say, “I’ll take it!”, especially if the market is competitive. You need to make an enticing offer.

That offer, of course, would include the price you propose to pay. That price may or may not be the “price tag” or the asking price. In order for your offer to be successful, it needs other ingredients too. For example, winning offers often include evidence that appropriate financing has been arranged. This gives the seller confidence that you can afford the home and that the deal won’t fall through due to an issue with the mortgage.

Also, you may need to put conditions on your offer, such as making it conditional on selling your current home. You’ll need to be careful here. Adding a condition or two may be necessary to protect your best interests, but may also dissuade the seller from accepting your offer.

Negotiation is perhaps the most important part of the buying process. Even if there are no competing offers, there will likely be back-and-forth discussions about price, conditions, closing dates, and more. Savvy negotiating is critical, not only to ensure you get the home, but also that you get it for the lowest price and best terms possible.

Real estate negotiation is not for the timid. It requires in-depth knowledge of the local market, hard-won negotiating skills, and experience. If you’re selling your home, buying a new home, or both, keep in mind the important role that negotiation has in getting you what you want.

If you’re entertaining the idea of selling your home, especially within the next year, one question you might be grappling with is, “Should I sell now, or wait until market conditions are more favourable?”

The answer is simple. Your decision to sell should be guided by your own needs and desires and not by what you think the market will be like months from now.

First of all, it’s nearly impossible to predict the future in the real estate market. Months from now, it could be a buyer’s market, a seller’s market, a quiet market, or even a frenzied market! Who knows? It’s like trying to predict what the weather will be like on this day next year.

And, if you’re also buying a new home, then market conditions play a less important role. After all, if you sell in a seller’s market and get a high price for your home, you’ll also be paying a seller’s market price for your new home.

In most situations, the “right” time to sell is when you’re ready to make a move.

There were 1,736 sales recorded across the province in May, resulting in a four per cent year-over-year decline. However, despite the year-over-year decline, sales levels were 20 per cent above long-term, 10-year averages.

Stronger sales in May were possible due to recent monthly gains in new listings. While the seasonal boost in new listings also caused inventories to trend up over the last month, inventory levels remain lower than levels reported in the previous year. They are at their lowest level reported in May since 2008. While year-over-year inventory levels have improved for homes priced above $300,000, more was needed to offset the declines occurring in the lower price ranges.

“Saskatchewan continues to benefit from a strong economy which is helping offset some of the impacts of higher lending rates, keeping sales activity above levels seen before the pandemic,” said Association CEO Chris Guérette. “Despite ongoing inventory challenges, our market is once again showing its resilience as sales remain above long-term averages.”

Adjustments in both sales and inventories in May caused the months of supply to fall below four months. As expected, tightening conditions contributed to monthly gains in the benchmark price. As a result, Saskatchewan’s benchmark price reached $329,600 in May, nearly two per cent higher than the month prior.
“Supply levels do vary across different regions of the province. For example, much of the inventory declines have been driven by the Regina and Saskatoon markets, while other parts of the province are reporting year-over-year gains. For any buyer or seller active in this market, it will be important to work with a professional to understand how market conditions can vary depending on property type, price range and location.”

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Regional Highlights
Most regions across the province reported year-to-date sales declines in May. However, the Swift Current-Moose Jaw Region was the only region that saw sales activity fall below long-term trends.

Adjustments in new listings resulted in year-over-year inventory level gains in both the Swift Current–Moose Jaw and Yorkton-Melville regions. Despite recent shifts, inventory levels generally remain well below long-term averages across all areas of the province.

Inventory adjustments have kept conditions relatively tight across all regions of the province, but the tightest market conditions are being experienced in the Regina-Moose Mountain and Saskatoon-Biggar regions. Tighter market conditions also resulted in monthly price gains across all regions of the province.

Price Trends
The unadjusted benchmark prices varied across different regions of the province in May, with most regions reporting a monthly gain.

City of Regina

The City of Regina reported 418 sales in May, an eight percent year-over-year decrease. Although sales eased on a year-over-year basis, they remain far higher than the 10-year average and pre-pandemic levels. While new listings did report seasonal monthly gains, inventory levels remain well below what we traditionally see available in May.

Stronger sales compared to new listings prevented any significant change to the inventory challenges Regina is experiencing. This caused the months of supply to fall to 2.4 months in May, lower than the levels seen last year and last month. Tight market conditions resulted in monthly price gains as Regina reported a benchmark price of $316,100 in May.

City of Saskatoon

The City of Saskatoon reported 538 sales in May, nearly identical to sales in May 2022 and well above long-term averages. Despite seasonal gains in new listings, inventory levels remain well below the 10-year average.

Higher sales and lower-than-average new listings prevented any significant change in inventory levels, causing the months of supply to fall to two months. As expected, tighter market conditions are placing upward pressure on home prices. Saskatoon’s benchmark price reached $380,100 in May, a monthly gain of nearly two per cent.