The Canadian Real Estate Association (CREA) recently released national sales statistics for June 2024.

Activity in Canada’s housing market saw some early signs of renewed life in June 2024, following the Bank of Canada’s interest rate cut at the beginning of the month.

“It wasn’t a ‘blow the doors off’ month by any means, but Canada’s housing numbers did perk up a bit on a month-over-month basis in June following the first Bank of Canada rate cut,” said Shaun Cathcart, CREA’s Senior Economist. “Year-over-year comparisons don’t look great mainly because of how many buyers were still jumping into the market last spring, but that’s a story about last year. What’s happening right now is that sales were up from May to June, market conditions tightened for the first time this year, and prices nationally ticked higher for the first time in 11 months.”

Highlights of this report:

• National home sales climbed 3.7% month-over-month in June.

• Actual (not seasonally adjusted) monthly activity came in 9.4% below June 2023.

• The number of newly listed properties rose 1.5% month-over-month.

• The MLS® Home Price Index (HPI) edged up 0.1% month-over-month but was down 3.4% year-over-year.

• The actual (not seasonally adjusted) national average sale price posted a 1.6% year-over-year decrease in June. Read the recently released national sales statistics for June of 2024.

UPDATED - Read also: CREA’s Residential Market Forecast.

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 Saskatoon Real Estate

The Saskatoon real estate market lost some of the strong momentum it’s been showing all year during June, as just 540 homes traded hands through the multiple listing service®. That does match sales for last June, but most months this year have shown solid year-over-year growth. Still, that was enough to close the first half of the year with year-to-date sales gains of 9.2 percent.

The single-family homes category held its own with 309 sales, down one from last June, while condo sales grew from 294 last year to 304 this June.

The remaining categories (lots, semi-detached, duplexes, etc.) lost a handful of sales to bring even the totals for the two successive Junes.

After showing promising growth for two consecutive months, new listing activity slowed falling more than 15 percent compared to last June to 668 homes. That’s about 25 percent below the ten-year average, but higher annually by 3.2 percent.

After reaching peak numbers in May, the inventory of Saskatoon homes for sale began to decline. We finished June with 834 active listings on the MLS®, down 43 from the previous month’s close, and down 228 from the same time last year.

Months of supply were steady at just 1.5 as the month closed. Again, supply levels of less than four months signal a seller’s market.

The average price of a Saskatoon home grew to a new all-time high this month reaching $401,949. That’s up from $397,200 at the close of May, and higher than it was at the end of June last year by 3.3 percent.

The benchmark price of a single-family home in Saskatoon rose by $7600 from last month to hit $462,500 to establish a new all-time high, up eight percent from a year earlier.

After a modest dip in May, townhomes came back from $325,600 at the close of May to $329,500, holding on the a ten percent year-over-year gain.

Apartments also recovered from a bit of a slide in May growing by $3500 to reach $237,800 and claiming a 14 percent annual gain.

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