Signs like this have been springing up in front of Prince Albert homes, but the Saskatchewan REALTORS Association isn't seeing a rise in available homes yet. (Derek Craddock/paNOW Staff)

By Rob Mahon

Fewer Available Homes

For sale signs springing up, but fewer homes for sale than average in P.A.

Jun 27, 2022 | 12:00 PM

Walk or drive down just about any street in Prince Albert and you’ll spot “For Sale” signs in front of houses. As plentiful as those signs are, however, there may in fact be fewer of them than usual.

The Saskatchewan REALTORS Association (SRA) has not yet seen a jump in available houses in Prince Albert that match up with the seeming increase in signs. In fact, the number of available homes in the city was actually down in the month of May.

“The monthly supply is still at 4.2 months and it’s down 18 per cent year over year,” said Chris Guérette, CEO of the SRA. “It’s down 39 per cent of the ten-year average. We’re still looking at it trending down like we’re seeing it in a lot of other areas in the province.”

Listings were down 18 per cent from the ten-year average and sales were down as well, so for those looking to buy a home, May was not an easy month. Nor was this unique to Prince Albert.

“We’re still seeing in Prince Albert what we’re seeing across the province in terms of inventory dropping,” said Guérette, “and prices increasing. The year-over-year benchmark is $234,500. That’s a 4.2 per cent increase.”

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In Guérette’s experience, this isn’t generally the time of year when houses for sale start to go up, either. Once the weather warms, people may be looking to move into a house, but the inventory isn’t always there for them.

“People are ready for vacation,” Guérette said. “Whether you’re thinking of putting your house up for sale or you’re thinking of buying, that kind of takes a back seat for a couple of months while you enjoy the gorgeous summer weather. Right now, we’re seeing the same thing.”

For those who are looking to sell their home despite the warmer weather, the conditions have been just right to get more out of the sale.

“Many would say that a balanced market would mean there’s about six months of supply,” said Guérette. “Anything under that would make it a seller’s market. Prince Albert currently sits at just over four months, so definitely this would be a seller’s market.”

Guérette added the latest numbers for June haven’t come in yet, so when they go through their reports at the end of the month, there is a chance that they see a rise in homes on the market.

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rob.mahon@pattisonmedia.com

On Twitter: @RobMahonPxP