Home sales in Saskatoon have reached a ten year low.
Statistics from the Saskatoon Region Association of Realtors state just over 200 units were sold last month, a decline of 22-percent from November of last year and the year-to-date sales of close to 32-hundred were the lowest in the last decade.
Association Executive Director Jason Yochim isn’t surprised feeling the numbers are a reflection of the Canadian and international economies. Yochim believes this will be the case over the short term but expects a rebound once consumer confidence returns. He also points out the situation is much worse in less insulated city’s like Calgary where the downturn has been more significant.
Yochim points out homes that are priced according to market conditions are selling and more affordable homes are the most popular while the over-supply of townhouses and condominiums is easing. Association figures say homes sold in November at just over 92-percent of their list prices and it’s still taking about two months for the average home to be purchased.
Meanwhile according to the association, the rate of sales compared to new listings that determines whether conditions favours buyers or sellers indicates it’s a balanced market.