Saskatoon Region Association of Realtors says that stable home prices and a decline in sales is also good for buyers but warns that the current conditions will change.
“In the coming months, home buyers will look back with hindsight and realize how opportune the market was with all of these elements in place,” said the association’s CEO Jason Yochim. “It is only a matter of time before the market shifts as it always does.”
Figures for the year to date show a 5% drop from last year to 3,344 transactions while listings were almost the same as 2016 at 9,904.
The average price year to date declined by 1% to $347,414 while the median price declined by 1.5% to $329,950. The total dollar volume for the region was 9% lower than a year earlier at $1,139 billion.
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The Saskatoon housing market is offering an ideal opportunity for buyers due to low interest rates and higher inventory.