House prices under pressure from oversupply in Saskatoon

The supply of homes in Saskatoon as at “ridiculous” levels and is having a “severe impact” on the city’s home prices.

That’s the view of Ruben Beattie, business manager with Equinox Home Innovations, who says that demand and sales are broadly steady but the oversupply is a big problem for sellers.

Beattie told the Star Phoenix that buyers “have all the leverage in the world” and his company is cutting back on building to try to clear unsold inventory.

The average cost of a new single-family home in Saskatoon fell to $449,000 in June this year from $455,000 a year earlier. 

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