Sask. housing market will avoid ‘big swings’ as national prices plummet: RBC
A recent report by RBC has predicted housing prices to fall almost 23 percent across the country. However, homebuyers in Saskatchewan won’t see such a dramatic drop.
“While we project resale activity to cumulatively decline more than 20 percent in every other province (from all-round record levels) this year and next, we think prices will be more resilient in the more affordable regions of the country. We project prices to slip less than three percent in Alberta and Saskatchewan,” the report said.
Chris Guérette, Saskatchewan Realtors Association CEO
“We don’t experience the big swings,” she told CTV News. “It’s showing stability and strength in our market.”
She said the province was forecasted to see less of a drop than other provinces because they saw the smallest increase.
She said the association noted a few years ago that home buyers were willing to move up to 30 minutes to buy a home.
“That 30 minutes has turned into an hour,” she said. “Some people may even be looking at other provinces.
“We’re providing stability and affordability.”
The latest statistics from the association show that sales in June were down compared to last year, but market activity was still 20 percent stronger in the province.
One of the biggest hurdles for homebuyers in the province is the low inventory. Last month, the SRA saw the benchmark home price increase to $ 333,400. That was one percent over the previous month and five percent more than 2021.
NEW HOMEBUYERS
She advised buyers in the province who are still struggling to afford a home to be patient.
“Real estate takes time. It requires patience.”
Guerette said that we live in a culture where we want things immediately, but when it comes to getting a home it might not happen fast. Rather, home buyers need to make a decision that fits their needs at the time, she said. “It’s a journey.”
CTV NEWS Saskatoon