Inventory in the area is higher than usual as sales dropped to 1,873 units and there are 5 months of current active listings compared to the 5-year average of 3.5 months.
Saskatoon Region Association of Realtors says that sellers appear to be happy to wait until supply becomes less abundant as new listings have fallen 3 per cent.
“It is actually an ideal time for anyone considering a purchase” according to Jason Yochim, CEO with the Saskatoon Region Association of Realtors. “In addition to having a broad selection in most price ranges, interest rates remain low and prices are stable.”
Rural communities around Saskatoon have also seen a drop in market activity with sales down 14.8 per cent year-over-year for the first half of 2016.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
Investment Hot Spots:
North Kentville, Christina Lake, Wycliffe, Lake Charlotte, Kelvington
Home sales in Saskatoon were down by 8.2 per cent in the first half of 2016 compared to the same period last year.