(File photo: NanaimonewsNOW)

By Glenn Hicks

property market

P.A. property slump shows no signs of abating

Apr 5, 2019 | 5:01 PM

There aren’t many spring shoots in the Prince Albert residential property market which continues its downward spiral. However, things have picked up in Saskatoon.

The Saskatoon Region Association of Realtors (SRAR) said there were only 38 sales for P.A. and region in March, down from 42 the previous March, which is a 10 per cent drop. That represents a near 30 per cent decline in dollar volume. All property sales for last month totalled $6.7 million compared to the $9.5 million generated in March 2018.

The very slow March follows a poor February when only 21 properties sold. The number of new listings in February was 29, a 46 per cent drop compared to the same month in 2018. New listings for March were 68, about 19 per cent fewer than the year before.

The Home Price Index Benchmark price for a single family home in March was $181,300, down 11 per cent compared to March last year when the figure was $203,800.

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In a media release, SRAR CEO Jason Yochim, said “the market is considerably more challenged in smaller cities. Saskatoon hasn’t been affected as much in sales activity because of our diversified economy.”

In Saskatoon house sales were up 11 per cent at 258, compared to March 2018, although still some way off the 308 sales of March 2017.

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glenn.hicks@jpbg.ca

On Twitter:@princealbertnow