Pullbacks in both the attached and detached sectors resulted in 631 sales being recorded across the province in January, a year-over-year decline of nearly 16 per cent. While January sales are lower than the activity reported over the past two years, sales remain consistent with pre-pandemic levels.

Despite gains in new listings, January inventory levels were at their lowest levels reported in over a decade. While inventories did improve in homes priced above $300,000, it had little impact on the low inventory situation that continues to be experienced across the province.

“Rising lending rates paired with ongoing inflationary pressures are impacting what individuals can afford, and our market has struggled to see improvements in supply levels in lower-priced homes,” said Saskatchewan REALTORS® Association CEO Chris Guérette. “Prospective buyers impacted by rate hikes are also faced with less choice in the more affordable segment of our market. Without question, these factors are contributing to a pullback in sales activity.”

Following two consecutive years of price growth, the total residential benchmark price remained relatively stable in January. However, apartment condominiums reported further gains in benchmark prices due to rising demand, relative to supply, in apartment-style products.

“As our market continues to return to pre-pandemic sales levels, it’s important to remember that we typically see fewer transactions occur in January,” said Guérette. “As higher commodity prices and a strong agricultural sector continue to support our economy, Saskatchewan remains resilient and well-positioned for stable demand in home ownership.”

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Regional Highlights

Many regions across the province experienced a year-over-year decline in sales, apart from Moose Jaw and North Battleford. Inventory gains in Melfort, Prince Albert, Saskatoon, and Yorkton were not enough to offset the declines in other regions, as inventory levels remain far below long-term trends.

While the months of supply have trended towards more balanced conditions across all regions outside of Moose Jaw and North Battleford, all other regions across the province continue to report months of supply lower than 10-year averages.

Price Trends

Year-over-year price gains ranged from a low of just under one per cent in Estevan to a high of over three per cent in Swift Current. Meanwhile, prices eased in Meadow Lake, Melfort, Regina, North Battleford, and Yorkton, with the largest year-over-year price decline occurring in North Battleford.

City of Regina

Regina reported 134 sales in January, slightly below long-term trends for the month. The dip in sales can be attributed to declines in detached activity and ongoing supply issues. With less than 300 new listings this month, January levels are at their lowest level since 2010. Additionally, the pullback in new listings ensured that inventory levels remained well below long-term averages, with much of the inventory decline being driven by homes priced below $300,000.

Regina reported a benchmark price of $312,200 in January, down one per cent compared to January 2022 and above the $291,300 reported in January 2021.

City of Saskatoon

Saskatoon reported 201 sales in January, relatively consistent with long-term trends for the month. While higher lending rates are impacting sales, a lack of new listings and low inventory levels also remain a challenge. New listings eased to 415 in January, the lowest level since 2008 and over 35 per cent below levels typically seen this time of year. As seen in other areas of the province, inventory declines have been mostly concentrated in the more affordable segment of the market.

Saskatoon reported a benchmark price of $366,000 in January, up nearly two per cent compared to January 2022 and above the $336,600 reported in January 2021.

When you purchased your current home, chances are it was a good match for your lifestyle. It had the space you needed, the features you wanted, and a location that worked for you.

Record sales of apartment condominiums were not enough to offset declining sales in detached homes, resulting in a 12 per cent decline in residential sales in 2022. While sales have eased relative to last year, a record year, the 15,334 recorded sales in 2022 were 15 per cent higher than long-term averages. As many markets across the country are experiencing a strong shift in demand, Saskatchewan continues to report sales that are stronger than pre-pandemic levels.

There were 25,089 new listings in 2022, a seven per cent decline from the year prior and well below long-term trends. While the pace of inventory decline did ease over the second half of the year, 2022 inventory levels were 11 per cent below levels seen last year and 25 per cent below 10-year averages. Much of the decline in supply was driven by properties priced below $500,000, resulting in tight conditions in the lower-priced segment of the market.

“Without question, higher lending rates are contributing to the pullback in sales. We saw the Bank of Canada raise interest rates seven times in 2022,” said Saskatchewan REALTORS® Association CEO Chris Guérette. “When paired with declining inventory levels, particularly in homes priced below $500,000, we do see that having an impact on sales.”

Following strong growth throughout the spring, benchmark prices began to ease toward the end of the year. While many regions have recently reported downward price adjustments, home prices rose on an annual basis. Overall benchmark prices for 2022 were over four per cent higher than the year prior.

“The housing market is changing as consumers adjust to higher lending rates and rising costs of living. That said, Saskatchewan continues to fare better than many regions across the country and we expect that to continue in 2023” said Guérette. “With prospective buyers having to qualify at higher rates, our biggest concern heading into the new year is the lack of supply in homes priced below $500,000.”

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Regional Highlights

Sales eased across all regions of the province this year, with declines ranging from 27 per cent in Melfort to two per cent in Swift Current. Despite the pullback in sales relative to 2021, a record year, all regions reported sales that were either consistent with or above long-term trends. All regions across the province also saw a pullback in both new listings and inventory levels. Average annual inventory levels not only declined relative to last year but were well below long-term trends across all regions.

Price Trends

While many regions have experienced recent downward price adjustments, home prices rose on an annual basis. Annual benchmark price gains ranged from a low of one per cent in Moose Jaw to a high of seven per cent in Warman. The growth in prices in 2022 saw many regions set new record highs, with the exception of Estevan, Swift Current and Weyburn.

City of Regina

Easing sales in December contributed to a year-to-date decline of three per cent. The decline in sales was driven by pullbacks in the detached sector, as sales activity improved in every other category. While total residential sales have eased relative to a record 2021, the 3,609 sales reported in 2022 is over 23 per cent higher than long-term trends and well above pre-pandemic activity.

Both new listings and inventory levels experienced a pullback in 2022, with the decline in inventory largely in products priced below $500,000. Shifts in both sales and supply resulted in increasing months of supply when compared to levels experienced early in 2022. While this did take some pressure off prices, especially in Q4 2022, the benchmark price increased by over three per cent on an annual basis.

City of Saskatoon

The City of Saskatoon reported 4,587 sales in 2022, a 15 per cent decline over last year’s record high but over 12 per cent higher than 10-year trends. Supply continues to be a challenge, as new listings have eased significantly and were 14 per cent below long-term averages in 2022. Meanwhile, inventory levels eased even further, resulting in average supply levels 31 per cent below long-term trends.

While a pullback in sales relative to inventory levels in the second half of the year did allow the months of supply to rise, the market remains far tighter than what we would traditionally see in Saskatoon. On an annual basis, benchmark prices rose nearly five per cent over 2021 levels.

Usually, a home inspection is done after an offer is made to buy a home. The offer will typically include a condition that the property must pass such an inspection. The buyer then hires the inspector, who goes through the home, top to bottom, inside and out, looking for issues.

However, you can also get an inspection done as the seller. In this case, you are paying for an inspector to produce a report on your home — before you sell. In fact, this is often called a pre-sale home inspection.

Why would you do this?

A pre-sale home inspection can make your property more attractive to buyers. This is especially helpful if you’re selling in a buyer’s market, where there are more homes like yours for sale than there are buyers. The report serves as an enticing feature of your listing because it reassures buyers that there are no unknown issues.

So, getting a pre-home inspection is something worth considering. For a buyer deciding between your listing and another home for sale, it can be a determining factor.

Want to save money in 2023? There are many money-saving opportunities — including tax savings — that you can realize if you take action before the year ends. Here are just a few examples of what to consider:

• Do you own a business? Even if it’s just a side-hustle to make extra money, you can save on taxes if you make planned purchases this month. For example, if you need a new printer, buy it in December. That way, you may be able to take a deduction this year.
• Check your subscriptions. Many types of subscriptions — publications, online apps, memberships — automatically renew in December. If you subscribe to something you no longer want, cancel it this month. Otherwise, you might be stuck paying the renewal fee.
• Review your investments. Sit down with your advisor and go over your investments and other savings. You may be able to take advantage of year-end opportunities. Also check for investments or financial instruments that may be set to automatically renew this month.
• Watch for price hikes. It’s common for companies to raise prices at the beginning of a new year. Review your bills for announcements of fee increases. Some of those may be negotiable. You might also want to make other changes to reduce the impact.

Taking time this month to review expenses and investments could save you a bundle in 2023. It’s worth the effort!

There were 924 sales recorded across the province in November, a 32 per cent decline over last year’s record high. While sales continue to slow when compared to 2021, a record year, year-to-date activity remains over 16 per cent above long-term trends in the province.

The ongoing pullback in new listings continues to be driven largely by homes priced below $500,000. While new listings improved in higher priced product, the decline in sales and new listings has prevented inventory gains. For the second consecutive month, inventory levels remain over 25 per cent below 10-year averages.

“Higher lending rates and inflationary pressures are impacting housing demand across the country,” said Saskatchewan REALTORS® Association CEO Chris Guérette. “That said, our market remains resilient, and the biggest concern is a lack of supply in homes priced below $500,000. It’s increasingly clear that the lack of supply is in the more affordable segment of our continuum.”

Market conditions remain relatively tight for lower priced homes while supply gains in the upper price ranges are resulting in more choice for buyers. While the benchmark price has trended down from levels reported earlier in the year, prices remain nearly two per cent higher than levels reported this time last year.

“Market conditions vary significantly across the country and unlike other markets, we continue to report sales levels well above long-term trends,” said Guérette. “Positive long-term fundamentals have Saskatchewan on track to continue to fare better than many markets across the country.”

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Regional Highlights

Sales activity eased across all regions of the province, contributing to year-to-date declines as high as 26 per cent in some regions. Despite sales adjustments, sales have outperformed long-term trends in all regions.

As seen in prior months, inventory remains a challenge province-wide. All regions are reporting easing inventory and levels well below 10-year averages.

Price Trends

Monthly price adjustments varied significantly across the province. Moose Jaw and Yorkton were the only regions to report a year-over-year decline in prices in November. Most regions have seen prices ease from the highs experienced earlier this year, with the exception of Meadow Lake, which reported a record high, nearly seven per cent higher than last year.

City of Regina

November sales eased relative to last year’s record monthly high but remain consistent with 10-year averages. Year-to-date sales fell below the record levels experienced last year yet remain 25 per cent above long-term averages. Easing sales were met with a pullback in new listings, causing inventories to decline by 17 per cent when compared to last November.

As the decline in sales outpaced the decline in inventories, months of supply has improved slightly when compared to levels seen earlier in the year. The City of Regina reported a benchmark price of $314,300, slightly higher than prices seen last November.

City of Saskatoon

Easing sales activity resulted in a year-to-date decline of 15 per cent in Saskatoon. Much of the decline in sales continues to be driven by a pullback in detached sales. Though sales have eased from record highs, levels remain higher than pre-pandemic and 10-year averages.

New listings continue to ease, and November inventory levels fell to the lowest level reported in over a decade. The City of Saskatoon reported a benchmark price of $367,800, nearly three per cent higher than prices reported in November 2021.

These days, people are more environmentally conscious. When it comes to their homes, that often starts with being more thoughtful about heating and cooling so they’re consuming less energy. With that in mind, here are some tips for making your home more eco-friendly:

1. Install a smart thermostat. Modern thermostats come with various features that help you manage heating and cooling, so you use less energy. For example, you can program a thermostat to adjust temperature during the workday and then turn on heating or cooling an hour before you get home.

2. Take advantage of non-peak times. Many utilities (electricity, water, etc.) offer price breaks at non-peak periods. For example, washing your clothes later in the evening might reduce your water bill. Ask your utility providers about available price-saving programs.

3. Buy energy-saving products. A wide range of products are available to help you lower energy consumption, from shower faucets to kitchen ranges. The next time you’re shopping for an appliance or fixture, ensure it has eco-friendly features.

4. Replace worn insulation. A one-inch crack in window insulation can cause your home’s HVAC system to work harder. That’s why experts advise that you check the insulation around doors and windows once a year and repair or replace it where necessary.

5. Manage passive heat. It’s no surprise that a window letting in the sun will make a room warmer. So, take advantage of this free energy source. Let sun into rooms on cool days, so your furnace doesn’t have to come on as often. Do the opposite on hot days.

I’m well-connected in the local home industry. If you need any advice or recommendations, call today!

There were 1,144 units sold across the province in October, a year-over-year decline of 12.3 per cent. While sales continue to ease relative to 2021, a record year, October sales data reflects a year-over-year increase of 1.7 per cent when compared with 10-year averages.

The pullback in sales was met with a reduction in new listings, resulting in lower-than-average inventories for this time of year. The monthly decline in sales was enough to cause further gains in the months of supply. With nearly six months of supply in the province, the market continues to return to more balanced conditions, but it is important to note that inventory levels are still over 25 per cent below the 10-year average.

“While our market continues to fare better than many others across the country, we are feeling the impact of interest rate hikes and ongoing inflationary pressures,” said Saskatchewan REALTORS® Association CEO Chris Guérette. “As higher lending rates contribute to the pullback in sales, we are also experiencing a lack of supply in homes priced below $500,000, consumer options are limited right now, and this is likely why sales are down.”

The pullback in new listings continues to be largely driven by homes prices below $500,000, which is also contributing to the decline in sales. Despite monthly adjustments, the benchmark price was $324,900, slightly lower than the month prior and three per cent higher than last October.

“While year-to-date sales have eased when compared to a record 2021, sales levels remain well above long-term trends, speaking to the positive long-term fundamentals in the province,” said Guérette. “Saskatchewan continues to benefit from strong agricultural and commodity markets. This growth should support stable demand in housing ownership as our economy continues to improve.”

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Regional Highlights

The cities of Regina and Saskatoon accounted for nearly 70 per cent of all October sales in the province. While both cities have seen a shift towards a more balanced market, the decline in sales has been higher in Saskatoon at 12 per cent, versus Regina’s decline of less than two per cent. While inventory remains a concern in many regions across the province, the pullback in affordable new listings was more significant in Saskatoon.

As most regions have experienced a pullback in sales when compared to 2021, a record year, new listings are also down across all regions. When considering the sales-to-new-listings ratio, the highest ratios were experienced in Regina, Saskatoon, and Moose Jaw, at 60 per cent or higher. Meanwhile, the best supplied markets are Southeast Saskatchewan and North Battleford.

Price Trends

As the shift to more balanced conditions continues, many areas of the province experienced a decline in prices. However, despite price adjustments, prices remain well above levels seen last year in all areas except Melfort, North Battleford, and Yorkton.

City of Regina

The City of Regina reported 256 sales in October, 26 per cent higher than 10-year trends. While sales have cooled on a year-over-year basis, year-to-date sales increased by one per cent.

Given the recent level of sales compared to new listings, Regina is experiencing tighter conditions when compared to last year. As seen across the province, inventory levels remain lower than average, specifically in homes priced under $500,000.

Despite monthly adjustments, the benchmark price remains slightly higher than last year at $317,800.

City of Saskatoon

Easing sales in October contributed to a year-to-date sales decline of over 12 per cent when compared to last year’s record highs. That said, sales continue to far exceed pre-pandemic levels and speak to the strength of the Saskatoon market.

The pullback in sales held the months of supply at over three months. New listings and inventory levels continue to be a challenge, as a pullback in homes priced under $500,000 has resulted in the lowest number of new listings on a year-to-date basis since 2012.

The City of Saskatoon recorded a benchmark price of $371,600, a 4.4 per cent increase year-over-year.

Video doorbells have become so popular that it’s not uncommon for visitors to smile as they come up to the door. They want to make a good impression on the video!

These doorbells are definitely convenient. Depending on the model you purchase, you can see who’s there and even speak to that person before opening your door. Some systems even allow for recording.

If you haven’t purchased a video doorbell yet, there are some important things to consider when shopping for one.

First, make sure the resolution is at least 1080p. If it’s less than that, the image quality will be blurry — especially at night.

Video doorbells come in wired or battery versions. Battery versions are easy to install, but you’ll need to keep the battery charged. Wired versions are more secure and reliable. However, the installation is more complex.

It’s recommended that you choose a video doorbell with cloud storage options (including date stamping.) That way, anything that’s recorded will be stored, and you’ll be able to recover it if needed.

Finally, make sure the doorbell works with your mobile phone. That way, you can receive alerts when someone approaches your front door