Prices are also under pressure with the average of $344,000 2 per cent lower than the average a year earlier. Inventory increased 6 per cent to 1,857 with days to sell a home at 46.
Despite the challenges, realtors are optimistic: “Economics tells us that an increase in supply levels will have levelling or declining effect on prices” comments Jason Yochim, CEO of the Saskatoon Region Association of Realtors, “Having said that, there are segments of the market that are performing well provided homes are priced properly. This will generate the interest needed to obtain a strong sale price.”
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Homes over $700,000 are showing strong increases in the Saskatoon area amid tougher times for the wider market. The Saskatoon Region Association of Realtors reports that high-end sales were up 18 per cent in the year to March 2016 but overall sales were down 6 per cent.