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

Home sales recorded over Canadian MLS® Systems posted a 5.6% decline between September and October 2023. The sizable decline was the result of fewer sales in most of Canada’s largest markets.

“We’re only in November, but it appears many would-be home buyers have already gone into hibernation,” said Larry Cerqua, Chair of CREA. “The October numbers also revealed some sellers may be shelving their plans until next spring. That said, there are still a lot of people active in the market and looking to get deals done this year. If you’re looking for information and guidance about buying or selling a property in the current market, contact a REALTOR® in your area,” continued Cerqua.

“We know housing demand is extremely high all across the country, but October’s resale data was further confirmation that it probably won’t be manifesting itself in the existing home market for the remainder of this year and likely not until spring 2024 at the earliest,” said Shaun Cathcart, CREA’s Senior Economist. “The rebound in activity this past spring was an example of what we might see next year. It will really come down to whether the Bank of Canada has to increase interest rates again, or whether by next March it’s simply a matter of how soon we’ll see the Bank make its first cut.”

Highlights from this report:

• National home sales fell 5.6% month-over-month in October.

• Actual (not seasonally adjusted) monthly activity came in 0.9% above October 2022.

• The number of newly listed properties declined 2.3% month-over-month.

• The MLS® Home Price Index (HPI) decreased by 0.8% month-over-month but was still up 1.1% year-over-year.

• The actual (not seasonally adjusted) national average sale price posted a 1.8% year-over-year increase in October. 

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

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

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Norm Fisher

Royal LePage Saskatoon Real Estate

Despite ongoing challenges related to low inventory and interest rates that remain at levels much higher than we’ve seen in years, the Saskatoon real estate market recorded its sixth consecutive month of year-over-year gains in November of 2023. A total of 314 residential properties changed hands, down from 382 in October, and up from 266 in November of 2022.

The gains were well distributed across the two major categories with 105 sales in the condo category, up from just 79 over the same month last year, and 190 single-family homes sales, up from 166 during the same month last year.

The number of new listings to hit the Saskatoon market in November fell lower from 518 in October to just 428 in November, which is ten units higher than November of last year.

Things continue to look pretty bleak in the inventory department.

After falling to their lowest levels since 2007 in October, options for Saskatoon home buyers just got worse in November. We finished the month with just 817 Saskatoon homes for sale, down from 899 at the close of October, and lower than last year by 159 units.

That left “months of supply” unchanged at 2.6.

Meanwhile, prices showed a little give in three of the four price measures we track, when compared to October numbers, while producing larger year-over-year gains.

The average price of a Saskatoon home slipped lower on a month-over-month basis by about 18K but was higher annually by $27,000.

The Benchmark price of a single-family home by $4300 from October to settle at $426,300. That’s higher than it was a year ago by $22,400.

The Benchmark price of a Saskatoon townhouse dipped $1800 from the previous month to $313,000 to record a significant annual gain of $23,900.

The Benchmark price of a Saskatoon apartment was the outlier as it continued to reach higher ground. It came in at $228,400 for the month, up five thousand from October, and up by $13,100 for the year.

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.

We’re always happy to answer your Saskatoon real estate questions. Click here to reach out.

TeamFisher, your Saskatoon real estate market specialists.

Royal LePage Saskatoon Real Estate