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.

As you may know, curb appeal refers to how your property looks from the street, where potential buyers first see it. Your home’s curb appeal can have a big impact on the sale of your property.

If you’re selling your home and there are other listings in your area, buyers will naturally compare your property to those other listings.

Is there something about your home that you’re concerned will be seen as a competitive disadvantage? For example, do you have a small kitchen or fewer bedrooms than most other homes in the neighbourhood?

There are a few things you can do to compensate for such disadvantages.

First, highlight the advantageous features of your home. Chances are, there are characteristics that make it stand out. For example, the look and style of your home may be cozy and enchanting. Or, you might have a desired feature, such as a terrific view.

Next, do everything you can to ensure your home makes the best impression possible to buyers. Remember, most buyers will only see your property once. So, pull out all the stops. That means decluttering, cleaning, painting, getting any needed repairs done, and staging effectively.

Finally, make sure you set the asking price strategically. That doesn’t necessarily mean it needs to be low. But, it does mean that the price should reflect the market value of your home.

Saskatchewan reported 1,216 sales in April, down 21 per cent year-over-year and slightly below long-term, 10-year averages. Aligning with seasonal trends, sales and new listings trended up above levels seen earlier this year. Although inventory levels experienced a 4 per cent year-over-year decline and remain over 30 per cent below 10-year trends, the adjustments in sales and new listings have resulted in the months of supply rising to nearly five months.

“Our market continues to struggle with supply and has since the start of the pandemic,” said Association CEO, Chris Guérette. “While inventory challenges remain a concern for us, recent trends point to potential supply relief. Should these trends persist, we may see more balanced conditions play out in the market in the second half of the year.”

The provincial benchmark price reached $323,600 in April, up from $321,400 in March and slightly below prices recorded last April.

“As province-wide figures are showing signs of more balanced conditions, it’s important to keep in mind that there is variation depending on location and price range. Conditions remain exceptionally tight in lower-priced products, while more balanced conditions exist in higher price ranges,” said Guérette. “Higher lending rates have driven more purchasers to seek out lower priced options, while it is proving more difficult for existing homeowners to move up in the market.

Regional Highlights

Both sales and inventory trends varied across different regions of the province in April. Year-to-date sales levels improved in Melfort, Prince Albert, North Battleford, Yorkton, and Weyburn. Additionally, inventory levels improved over previous months across all regions except Humboldt and Weyburn. That said, most regions still report inventory levels lower than the previous year and below long-term, 10-year averages.

Overall, when considering both sales and inventory levels, some regions of the province are not seeing a shift toward more balanced conditions. Melfort, Prince Albert, Yorkton, and Meadow Lake reported further tightening compared to levels reported last year.

Price Trends

Benchmark prices varied across different regions of the province in April. All regions except Prince Albert and Swift Current posted stable to modest gains in benchmark price compared to the previous month.

City of Regina

Year-over-year sales activity in Regina slowed for the fourth consecutive month. Despite the decline, sales levels are only slightly below long-term, 10-year averages. Inventory levels remain over 25 per cent below long-term averages, while the months of supply increased to 3.43, up from 2.96 in March.

Regina reported a benchmark price of $311,200 in April, up from $307,100 in March and nearly 5 per cent lower than April 2022.

City of Saskatoon

The City of Saskatoon reported declining year-over-year sales for the fourth consecutive month. However, sales levels remain slightly above long-term, 10-year trends. Inventory challenges persist in Saskatoon, with supply levels nearly 37 per cent below 10-year averages, the lowest levels reported in April since 2008.

Saskatoon reported a benchmark price of $375,600 in April, slightly down from $376,300 in March and 1.4 per cent higher than April 2022.

Let’s face it. When you visit a home during a scheduled viewing or open house, you’re usually seeing it at its best. The rooms are tidy. The sinks are clean. The closets are organized and uncluttered. Even the lighting is set to its brightest.

When you decide to put your house up for sale, we will start by working together to determine the market value of your property. That’s important to know because if you price your home too much above its market value, you probably won’t get any offers. Alternatively, if you price your property too low, it might get snapped up quickly, but you’ll have left a lot of money on the table.

So how do we determine your home’s current market value?

We will look at a variety of factors, such as the desirability of the neighbourhood, the features of your home, how well it has been maintained, renovations and other improvements you’ve made, and of course, its location. We will also review what similar homes in your area have sold for recently – which is, perhaps, the strongest indicator of current market value.

Once we know the market value of your home, we can make an informed decision as to how to price it so that it will attract the right type of buyers and the best possible price.

There were 1,213 sales recorded across the province in March, a 20 per cent year-over-year decline. Despite year-over-year sales declines, this level of sales is still stronger than pre-pandemic levels and nearly 10 per cent above long-term, 10-year trends.

New listings decreased by over 17 per cent on a year-over-year basis and remain significantly below the 10-year average. In the first quarter of 2023, properties priced below $400,000 contributed to the largest decline in new listings. A reduction in new listings relative to sales resulted in further year-over-year declines in inventory levels, which remain over 30 per cent below long-term averages.

“Higher lending rates continue to impact what buyers are able to purchase, which is creating tight conditions in the more affordable segment of our housing market,” said Association CEO Chris Guérette. “When paired with declining inventory levels, specifically in homes priced under $300,000, there simply isn’t enough choice for prospective buyers looking in that price range right now.”

The provincial benchmark price reached $321,400 in March, up from $318,500 in February and slightly below prices recorded last March.
“Our market is once again showing its resilience, as we continue to report sales above long-term averages,” said Guérette. “That said, we continue to keep a close eye on supply levels across the province. Saskatchewan is growing at its fastest pace in over 100 years and ensuring that supply matches this growth is crucial to maintaining our affordability advantage.”

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Regional Highlights

Many regions across the province experienced a decline in sales when compared to last year. The year-over-year declines range from a decline of five per cent in North Battleford, to 34 per cent in Swift Current. Prince Albert, however, reported an eight per cent gain in year-over-year sales.

While North Battleford and Prince Albert did see some quarterly gains in new listings, all regions are reporting new listings that are below long-term averages. The continued decline in new listings has prevented a shift in inventory levels, which remain well below the 10-year average in all regions across the province.

Price Trends

Benchmark prices varied across different regions of the province in March. Year-over-year price declines were reported in Martensville, Meadow Lake, Melfort, Melville, Moose Jaw, North Battleford, Regina, and Yorkton. Meanwhile, all remaining regions posted stable to modest gains.

City of Regina

Year-over-year sales activity in Regina slowed for the third consecutive month. Despite the decline, sales levels are well above the 10-year average. Inventory levels remain over 25 per cent below long-term averages, with most of the decline being driven by homes priced below $300,000.

The months of supply in Regina fell to 2.96 in March, down from 3.86 in February. If conditions remain this tight over the next several months, we could start to see an impact on home prices.

Regina reported a benchmark price of $307,100 in March, slightly below the $310,200 reported in February.

City of Saskatoon

The City of Saskatoon reported declining year-over-year sales for the third consecutive month. That said, sales levels remain consistent with long-term, 10-year averages. Inventory levels remain a significant concern, as the city reports supply levels nearly 37 per cent below long-term averages.

The months of supply in Saskatoon fell to 2.32 in March, down from 3.50 in February. Tight conditions in the Saskatoon market are placing upward pressure on home prices, and we expect this trend to continue as inventory challenges persist.

Saskatoon reported a benchmark price of $376,300 in March, slightly above the $372,400 reported in February and over 2 per cent higher than March 2022.

When buyers view your property, they’re likely to visit each room and look around. Their imagination is turned on high. Often, within just a few moments in a space, they’ll form an impression — ideally, a positive one!

There were 854 sales recorded across the province in February, a year-over-year decline of 19 per cent. However, while sales are down year-over-year, sales activity remains stronger than pre-pandemic levels and above long-term, 10-year averages.

As seen in prior months, Saskatchewan continues to report new listings and inventory levels significantly below long-term trends. There were 1,360 new listings in February, down 18 per cent year-over-year and nearly 28 per cent below 10-year averages. While the months of supply did push above six months, inventory levels were down 6 per cent year-over-year and 31 per cent below 10-year averages.

“We continue to see higher lending rates and supply challenges contribute to a pullback in sales,” said Association CEO Chris Guérette. “I’m beginning to sound like a broken record, but our biggest concern is still inventory levels, specifically in the more affordable segment of our housing continuum.”

The provincial benchmark price reached $318,500 in February, slightly higher than the $317,400 recorded the month prior and 0.4 percent higher than February 2022.

“Year-over-year sales declines were to be expected as we returned to a more balanced market where sales activity is more consistent with the historical 10-year averages,” said Guérette. “Saskatchewan remains one of the most affordable jurisdictions in the country with a resilient market that is well-positioned for stable demand in home ownership.”

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Regional Highlights

Year-to-date sales and new listings have slowed compared to the previous year across all regions apart from Prince Albert. Melfort, Moose Jaw, Saskatoon and Swift Current all reported below-average year-to-date sales as inventory levels remained below long-term trends.

A shift in sales when compared to inventory levels have resulted in increased months of supply in many regions across the province. However, every region in the province apart from Swift Current is reporting months of supply well below 10-year averages.

Price Trends

February price trends varied across the province, with prices increasing in Melfort, Prince Albert, Saskatoon and Yorkton. In most regions, price adjustments are relatively small as we continue to return to more balanced conditions.

North Battleford saw a year-over-year price decline of over 14 per cent in February. There are a number of factors that may be impacting prices in the area and it is too early to tell if this trend will continue to play out over the next several months.

City of Regina

Sales activity slowed for the second consecutive month, contributing to a year-to-date decline of 21 per cent. Despite the decline, sales activity remains consistent with long-term trends for this time of year. While both sales and new listings have improved over January levels, the monthly gain in new listings did not change the inventory situation. February inventory levels fell to the lowest level reported for the month since 2013 and the months of supply once again fell below four months.

Regina reported a benchmark price of $310,200 in February, slightly below the $312,200 reported in January but well above the February 2021 price of $295,900.

City of Saskatoon

Sales activity slowed for the second consecutive month, contributing to a year-to-date decline of 19 per cent. Further declines in new listings kept inventory levels 36 per cent below 10-year averages for the month and the months of supply remained under four months.

Saskatoon reported a benchmark price of $372,400 in February, up from $366,000 in January and nearly three per cent higher than this time last