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

Statistics released today by the Canadian Real Estate Association (CREA) show national home sales were down on a month-over-month basis in August of 2023.

Home sales recorded over Canadian MLS® Systems posted a 4.1% decline between July and August 2023.

“With sales slowing and new listings returning to more normal levels, demand and supply are continuing to come into better balance, giving buyers more time and choice,” said Larry Cerqua, Chair of CREA. 

There were 3.4 months of inventory on a national basis at the end of August 2023, up from 3.2 months in July. While the measure is up a bit from its recent low of 3.1 months in May and June, it remains below the second half of 2022 and well below its long-term average of about five months.”

Saskatoon bucked the national trend as residential sales grew to 538 in August, up 37 from July, and higher than last August by 88 sales.

Highlights from this report:Highlights:

•              National home sales declined 4.1% month-over-month in August.

•              Actual (not seasonally adjusted) monthly activity came in 5.3% above August 2022.

•              The number of newly listed properties edged up 0.8% month-over-month.

•              The MLS® Home Price Index (HPI) climbed 0.4% month-over-month and was also up 0.4% year-over-year.

•              The actual (not seasonally adjusted) national average sale price posted a 2.1% year-over-year increase in August.

 Read the recently released national sales statistics for August of 2023.

Read also: CREA’s updated Housing Market Forecast for 2023.

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TeamFisher.com hosted over 520,000 user sessions last year and displayed more than three million pages to our visitors. If you have a Saskatoon area home you'd like to sell, we know how to get people looking at your home. Reach out to me directly to engage our team and learn about our processes.

I’m always happy to answer your Saskatoon real estate questions.  Reach out by voice or text at 306-900-4161 or email me at norm at teamfisher.com

Norm Fisher

Royal LePage Vidorra

A smokin’ hot August brought home buyers out in droves as Saskatoon home sales exploded and reached record levels. Local real estate agents reported 528 residential sales to the MLS® system, to finish higher than July’s numbers by 37 units, and up 88 on an annual basis.

Single-family home sales rose by 22 on both a monthly and annual basis, while condominiums saw the biggest gains growing by 12 compared to July, and up 50 sales on a year-over-year basis reaching 189.

Meanwhile, new listing activity fell lower, as is typical for this time of year. A total of 657 new listings were processed through the local multiple listing service®, down six percent from July and on par with numbers recorded last August.

As new listings slipped lower and sales reached new heights, active listing numbers continued to suffer. At the close of business on the final day of August, a total of 1,000 Saskatoon homes were showing an active status on our system. That’s down 92 from the previous month’s close, and lower than it was a year ago by 250 units. Ouch! You don’t have to be a statistician to see a problem that continues to worsen as you look at the active listings graph below. Our city keeps growing and inventory keeps slipping lower.

Months on inventory slipped to 1.9 at the close of August, down from 2.8 at this time last year.

The average sale price of a Saskatoon home slipped $3,000 from July to settle at $373,397. That number is also lower than it was a year ago, by $7,000.

The benchmark values from the MLS® Home Price Index, meanwhile show annual gains across the board.

Single-family home prices slipped $7,700 from July but remained up on an annual basis by $4,800.

The benchmark price of an apartment condo fell $400 from a month earlier but finished higher annually by $6,000.

Townhomes showed the largest gains as the benchmark price grew $5,400 from July to finish higher on a year-over-year basis by $15,000.

Follow me on Facebook and Instagram to receive updates on the Saskatoon real estate market and insights I've gained managing thousands of real estate transactions.

TeamFisher.com hosted over 520,000 user sessions last year and displayed more than three million pages to our visitors. If you have a Saskatoon area home you'd like to sell, we know how to get people looking at your home. Reach out to me directly to engage our team and learn about our processes.

I’m always happy to answer your Saskatoon real estate questions.  Reach out by voice or text at 306-900-4161 or email me at norm at teamfisher.com

Norm Fisher

Royal LePage Vidorra