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

Home sales activity recorded over Canadian MLS® Systems increased 7.7% month-over-month in October 2024, reaching its highest level since April 2022.

“The jump in home sales last month was an October surprise, although with the big interest rate cut of 50 basis points announced during the last week of the month, the increase was more likely related to the surge in new listings we saw in September,” said Shaun Cathcart, CREA’s Senior Economist. “There probably won’t be another rush of new supply like that until next spring, and at that point, mortgage rates should also be close to their expected lows. With that in mind, you can think of the October numbers as a preview for what we might expect next year.”

Highlights:

• National home sales jumped 7.7% month-over-month in October.

•  Actual (not seasonally adjusted) monthly activity came in 30% above October 2023.

•  The number of newly listed properties were down 3.5% month-over-month.

•  The MLS® Home Price Index (HPI) edged down 0.1% month-over-month and was down 2.7% on a year-over-year basis.

•  The actual (not seasonally adjusted) national average sale price was up 6% on a year-over-year basis in October.

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

UPDATE - CREA’s Residential Market Forecast for 2025.

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

Saskatoon home sales remained strong through October, growing by 12 units when compared to numbers generated in September. Local REALTORS® closed 444 sales, another record number for the month, beating last October by 15 sales. That’s close to 30 percent higher than the ten-year average.

Year-to-date, sales are up about seven percent over last year.

The number of Saskatoon homes listed for sale continued to tumble lower falling from 654 in September to just 517 in October.

As buyers remained vigilant watching for opportunities, homes moved quickly and inventory continued to trend lower falling by 115 units through the month to close October with just 803 residential properties for sale on the MLS®.

Months of supply fell sharply from 2.1 in September, to just 1.8 by the time business closed on the final day of October as a strong seller’s market continued.

Again, supply levels of less than four months signal a seller’s market. A supply of four to six months is considered balanced. A supply larger than six months would be a buyer’s market.

Still, the average sale price of a Saskatoon home took a modest dip slipping from $409,474 last month to $400,032 to finish the month higher annually by four percent.

The benchmark price of a single-family home as recorded on the MLS® Home Price Index also fell lower as it slid $5500 to $460,400. That’s still higher than it was a year ago by seven percent.

Townhomes continued on an upward trend with the benchmark price reaching $340,900, up $3500 from the previous month and higher than it was at this time last year by ten percent

Apartments prices continued to outperform the market by leaps and bounds as the benchmark price reached $255,905 for a monthly gain of close to 12K and an annual increase of a whopping 13 percent.

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Royal LePage Saskatoon Real Estate