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

While there were early signs of renewed momentum in June following the Bank of Canada’s first interest rate cut since 2020, activity in Canada’s housing market took a pause in July.

 “With another rate cut announced on July 24, we’ve now seen two rate cuts in a row, and the expected pace of future policy easing has steepened considerably, with markets now anticipating rate cuts at every remaining Bank of Canada decision this year,” said Shaun Cathcart, CREA’s Senior Economist. “Combine that with a record amount of demand waiting in the wings, and the forecast for a rekindling of Canadian housing activity going into 2025 has just gone from a layup to a slam dunk.”

Highlights of this report:

•              National home sales edged back 0.7% month-over-month in July.

•              Actual (not seasonally adjusted) monthly activity came in 4.8% above July 2023.

•              The number of newly listed properties ticked up 0.9% month-over-month.

•              The MLS® Home Price Index (HPI) edged up 0.2% month-over-month but was down 3.9% year-over-year.

•              The actual (not seasonally adjusted) national average sale price was almost unchanged (-0.2%) on a year-over-year basis in July.

Read the recently released national sales statistics for July of 2024.

UPDATED IN JUNE - 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

On the heels of a rare month that failed to produce annual gains,  the Saskatoon real estate market regained whatever momentum had been lost as we moved through July. Saskatoon REALTORS® reported 520 homes sold to the multiple listing service®, down 20 units from June, to beat last July’s numbers by almost five percent. As the month closed, sales were up 8.4 percent annually.

The single-family homes category slipped from 309 sales in June to 298 in July. That’s higher by 11 units compared to sales for the same month in 2023. Condo sales fell lower from 203 to 189 monthly, growing by 12 over last July’s numbers.

After a soft showing in June, new listing activity grew in July, which is a bit unusual but we’ll take it!

706 residential listings were added to the MLS®, an increase of 38 from June, and matching numbers produced last July.

Active listing inventory remained stable and at the end of the month, buyers had 834 listed properties from which to choose, 28 percent fewer options than could be found a year ago.

Months of supply grew modestly from 1.5 last month to 1.6 as July closed. Again, supply levels of less than four months signal a seller’s market.

Once again, the average price of a Saskatoon home pushed to a new high this month reaching $411,400, an increase of nearly 10K compared to June, and up ten percent annually.

The benchmark price of a single-family home in Saskatoon grew by about $3500 from last month to hit $466,700 to establish a new all-time high, up eight percent from a year earlier.

Townhouse prices picked up nearly $7k from last month to close July at $332,500 and claim an annual increase of 11 percent.

Apartment prices remained stable from last month at $237,800 and also grew annually by 11 percent.

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Royal LePage Saskatoon Real Estate