Saskatoon home prices expected to flatten or worse

Higher inventory is set to flatten home prices in Saskatoon, according to the local realtors’ association.

Active listings last month were 32 per cent higher than a year earlier and almost 40 per cent above the five-year average. There were 2,081 listings at the end of June, which at current absorption levels would take six months to clear.

“As inventory levels continue to rise against a decrease in sales, I would expect prices to flatten and even decrease for some markets in Saskatoon,” said Jason Yochim, CEO of the Saskatoon Region Association of Realtors.

He says that hopes prices will keep rising are unrealistic but that it is “a function of proper pricing to current market conditions.”

The HPI price for single-family homes was $329,500 at the end of June, virtually unchanged from a year ago. The single-family home value has slowly risen from $325,000 in January which was an 18-month low.

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