TeamFisher, Royal LePage Saskatoon Real Estate : Archived blog posts for : May 2023

Demand continues to outpace supply as Canadian home sales jump in April of 2023: CREA

Posted on May 15, 2023 by Norm Fisher, Royal Saskatoon Real Estate

The Canadian Real Estate Association (CREA) recently released national sales statistics for April of 2023.

"Home sales recorded over Canadian MLS® Systems posted an 11.3% increase from March to April 2023, foreshadowed by smaller back-to-back gains recorded in February and March.

“Over the last few months, there have been signs that housing markets were going to heat back up this year, so it wasn’t a surprise to see things take off after the Easter weekend, which often serves as the opener to the spring market,” said Larry Cerqua, CREA’s 2023-2024 Chair. “The issue going forward is not new: demand is once again returning at a scale that is outpacing supply. If you’re looking for information and guidance about how to buy or sell a property in this rapidly changing market, contact a REALTOR® in your area,” continued Cerqua.

Highlights of this report:

National home sales surged 11.3% month-over-month in April.
Actual (not seasonally adjusted) monthly activity came in 19.5% below April 2022.
The number of newly listed properties edged up 1.6% month-over-month but remain at a 20-year low.
The MLS® Home Price Index (HPI) climbed 1.6% month-over-month but was down 12.3% year-over-year.
The actual (not seasonally adjusted) national average sale price posted a 3.9% year-over-year decline in April.
Read the recently released national sales statistics for April of 2023.

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Norm Fisher

Royal LePage Vidorra

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Saskatoon home sales fail to grow in April of 2023

Posted on May 1, 2023 by Norm Fisher, Royal Saskatoon Real Estate

Saskatoon home sales failed to gain any traction during April as local agents reports 396 firm residential trades to the MLS® system, down one unit from March, and lower annually by 14 percent. This is the fourth consecutive month that demand has fallen on an annual basis, which comes as a surprise to no one, given the interest rate environment, and the lack of listing inventory, but it’s quite a rarity not to see some growth over the previous month as we move further into spring.

Fortunately, the number of new listings added to the system did show some growth. Saskatoon real estate agents brought 669 local homes to the system, higher than the previous month by close to 100 units, and also higher by a small handful compared to April of last year.

Year-to-date, new listing numbers are down close to 11 percent annually.

A more robust supply of new listings allowed the inventory of Saskatoon homes for sale to grow from 935 at the end of March to 1035 by the end of April. That leaves us down by 5.4 percent from a year ago, and lower than the ten-year average supply by 36.7 percent. Total supply, expressed as “months of supply” is very low at just 2.6 months, a clear seller’s market.

Prices seem to have remained in check despite the supply versus demand imbalance. The average price of a Saskatoon home grew just $12,000 from a year ago. The benchmark price of a single-family home rose by less than three thousand dollars, while the benchmark price of an apartment fell lower annually by about $1600. Townhomes showed some gains as the benchmark price grew by $13,000 year-over-year.