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

Statistics1 released today by the Canadian Real Estate Association (CREA) show national home sales were down on a month- over-month basis in September 2023.

Home sales recorded over Canadian MLS® Systems posted a 1.9% decline between August and September 2023. While this marked the third straight month in a row of decrease, September’s drop was only about half as large as the one recorded in August. “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. 

"Resale housing markets have settled down pretty quickly following this spring’s brief and somewhat surprising rebound in sales and prices,” said Shaun Cathcart, CREA’s Senior Economist. “With the inventory of homes for sale still historically low amid huge demand for housing in Canada, what happens next will depend on interest rates. Whether that means uncertainty about the possibility of further hikes, or just the cost of borrowing money right now, neither of these will be resolved for would-be buyers anytime soon. As such, expect a quieter-than-normal winter with all eyes on the Bank of Canada. We’ll see how buyers are feeling when the snow starts to melt.”

Highlights from this report:

• National home sales declined 1.9% month-over-month in September.

• Actual (not seasonally adjusted) monthly activity came in 1.9% above September 2022.

• The number of newly listed properties jumped 6.3% month-over-month.

• The MLS® Home Price Index (HPI) edged down 0.3% month-over-month but was up 1.1% year-over-year.

• The actual (not seasonally adjusted) national average sale price posted a 2.5% year-over-year increase in September.

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

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

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

On the heels of a “smokin’ hot August” for the Saskatoon real estate market, a few factors converged to usher the number of homes reported sold to the MLS® system lower from 528 in August to 374 units.

First off, September does tend to be a pivotal month most years. In spite of the fact that agents often promise that things will pick up in the fall when holidays are over, reality suggests that we are now on our downward curve, and as you can see on the graph below, September is pretty much always slower than August.

Add to this, the fact that there simply isn’t enough inventory to meet demand. As August closed, we had less than two months’ worth of inventory (a seller’s market begins when inventory supplies drop below four months) and you can appreciate how frustrating it is for buyers. More of them are likely to opt out as the demands of family routines, and cooler weather bring additional challenges.

Of course, historical perspective is important, so I should point out that sales for September were up by about 50 units from the same month last year, so that’s a 15 percent gain.

As is typical for the season, the number of new listings added to the multiple listing service fell lower. Local agents listed just 575 homes, down from 657 the month before, and lower annually by 15.

Active listing inventory continued to slip lower showing a modest monthly drop of 24 units to settle at 976. That’s considerably fewer listings than were available at this time last year when there were 1210 options on the MLS®. As you can see, this is the lowest level of inventory that we’ve seen in many years.

On a positive note, the softer demand did bring “months of inventory” higher to 2.6 months.

Meanwhile, the average sale price of a Saskatoon home declined for the fourth consecutive month as it fell from $373,397 in August to $371,755 in September. This measure is also lower on an annual basis by about $1500.

The benchmark values from the MLS® Home Price Index, are looking a bit more favourable for sellers.

Single-family home prices bounced back from last month’s losses recouping $5K to reach $429,800 and finished higher annually by $17,300.

Townhome prices grew by 3K from the month before to close September at $312,900. That’s their highest point in years, and up over $20,000 on a year-over-year basis.

Apartment prices remained stable for the third consecutive month at $221,200 for an annual gain of just under 5K.

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