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

Home sales activity recorded over Canadian MLS® Systems rose again in November, building on October’s surprise jump.

Sales were up 2.8% in November compared to October, and now standing a cumulative 18.4% above where they were in May, just before the first interest rate cut in early June. The November increase was driven by gains in Greater Vancouver, .Calgary, Greater Toronto and Montreal, as well as by some double-digit sales activity in smaller cities in Alberta and Ontario.

 “Not only were sales up again, but with market conditions now starting to tighten up,  November also saw prices move materially higher at the national level for the first time in almost a year and a half,” said Shaun Cathcart, CREA’s Senior Economist. “Normally we might expect this market rebound to take a pause before resuming in the spring; however, the Bank’s latest 50-basis point cut together with a loosening of mortgage rules could mean a more active winter market than normal.”

 The National Composite MLS® Home Price Index (HPI) rose 0.6% from October to November 2024 – the largest month-over-month increase since last July.

November Highlights:

•              National home sales rose 2.8% month-over-month.

•              Actual (not seasonally adjusted) monthly activity came in 26% above November 2023.

•              The number of newly listed properties edged down 0.5% month-over-month.

•              The MLS® Home Price Index (HPI) climbed 0.6% month-over-month but was still down 1.2% on a year-over-year basis.

•              The actual (not seasonally adjusted) national average sale price was up 7.4% on a year-over-year basis.

Read the recently released national sales statistics for November 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

While remaining well above typical seasonal norms, Saskatoon home sales took a solid dip in November, sliding to 380 from 444 in October. That number remains higher by more than 21 percent compared to last November, and 32 percent above the ten-year average.

The brunt of the decline was seen in the single-family homes category which saw sales slip from 281 in October to just 224 in November. Condo sales, meanwhile, fell by eight units compared to the previous month.

The number of new listings offered for sale on the Saskatoon ML® continued to follow historical patterns dropping to 434 from 517 the month before. New listings were higher than last November by one percent and 16 percent below the ten-year average.

Meanwhile, the number of Saskatoon homes for sale on the MLS® reached its lowest point since March of this year as they fell from 803 at the previous month's close to just 693.

Total months of supply, while perilously low, remained stable at 1.8 as this 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.

The average sale price of a Saskatoon home came in at $399,965, about forty dollars where it was last month.

The benchmark price of a single-family home as recorded on the MLS® Home Price Index saw its largest decline this year as it fell lower for only the second time in 2024. It slipped by $5500 to $454,900 to remain up annually by seven percent.

Townhome prices showed no signs of letting up as the benchmark price reached its highest level for the year growing $3500 from the previous month reaching $340,900 for an increase of 11 percent on a year-over-year basis.

Apartments prices, which have been on quite a tear all year came down from the big peak we saw occur last month and fell $13,205 to settle back at $242,700. The benchmark price of a Saskatoon apartment is still higher than it was a year ago by 11%.

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Royal LePage Saskatoon Real Estate