According to sales figures from the Saskatchewan Realtors Association, we witnessed an unprecedented October in Saskatchewan setting a record for the most sales ever recorded during a single October in history. October 2024 impressively outpaced 2023 by 21% year over year. We have now seen 16 consecutive months of above average sales, causing a drastic inventory decline with inventory at its lowest levels in the past 14 years. The most drastic decline were homes priced under $300,000. These tight market conditions seen throughout 2024 have put upward pressure on prices of homes. Recent rate cuts are expected to support even stronger demand, with inventory levels at these levels, we expect a challenging climate for prospective buyers.
Saskatoon set a record high 444 sales in October, which is a 17% year over year increase and nearly 30% higher than long-term 10 year averages. There are currently only 803 listings available in the Saskatoon residential market, which hasn’t seen this few of homes active on the MLS in 18 years. There is currently only 2 months of supply on the market, meaning things are good for sellers. Benchmark prices in saskatoon for October 2024 were at $402,600 which is up marginally from September and 7% higher year over year from October 2023.
Interest Rates
If youre currently in the market to buy and on the fence waiting until rates drop, we have seen bonds stall and increase slightly. If buyers are risking waiting, they may be battling more buyers as the CMHC rule change in December comes into effect which will create more competiion on available inventory.
As anticipated, the BOC dropped the base lending rate by .5% and there are rumors of another .5% drop in December. The Current economy is slowing in Canada and with GDP figures under 1%, there is a likelihood that rates may have to come down further.