RE/MAX Canada expects the average price for a home will go down by 3.3 per cent on average across the country next year.  The real estate company expects the biggest declines in Ontario and Western Canada by 10 to 15 per cent. However, Saskatoon, Victoria, Edmonton and Calgary are all expected to see prices rise by between two and seven per cent.

The RE/MAX report states that 67 per cent of regions in Western Canada are considered balanced markets, including Regina, however Saskatoon is categorized as a seller’s market for single-detached homes and a buyer’s market for condos.

The home prices are a bit different between the two cities as well. Saskatoon’s average home price in 2021 was just over $364,000 and this year, there has been a two per cent increase to around $370,000. In Regina, there has been a one per cent decline. The average price in 2021 was just under $325,000 and in 2022 it’s just under $321,000.

The highest increase in Western Canada is Kelowna at 18 per cent for an average price of over $1.2 million.  Sudbury and Halifax tied for the highest rise in prices at 19 per cent. Sudbury’s average home cost just under $474,000 and Halifax is just under $543,000.