The Saskatchewan Realtors Association released its year end stats for 2021. (File photo/paNOW News)

By Derek Craddock

HOME BUYING

Saskatchewan sets housing sales record in 2021

Jan 7, 2022 | 8:00 AM

The weather may have been cold to end 2021, but housing sales were red hot in Saskatchewan.

The Saskatchewan Realtors Association (SRA) released its December stats Thursday, which included the yearly recap for the real estate industry in the province.

In December, 864 house sales were reported with over 17,000 sales in the whole of 2021.

Average prices also saw an increase as last year’s benchmark settled at $284,200.

“There were actually some record prices that occurred in Saskatoon, Martensville, Warman, Humboldt, Melfort, North Battleford and Meadow Lake,” said SRA CEO Chris Guerette. “Certainly, showing the housing market is still bustling.”

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In December, the SRA said the benchmark price for Prince Albert stood at $184,400; North Battleford is at $194,200; Melfort sits at $205,300, and Meadow Lake is at $261,800. The highest benchmark price in the province is Saskatoon at $329,000.

While the price gains were significant, the SRA said it was not enough to erase the losses recorded throughout 2015 to 2019 and prices remain three per cent below the 2014 high.

Aside from a rise in sales and prices, some numbers continued to show a decline last month. Inventory fell to just over 5,400, a year-over-year decrease of 13.5 per cent.

Looking ahead to 2022, Gurette said there will be several challenges to the housing market.

“We know that there’s going to be inflationary pressure. Anything having to do with how we live in our home and supporting our families, that’s going up. We know that there’s going to be interest rate hikes in Q2 or Q3.”

Gurette added there is currently a supply shortage, which will likely continue in the new year.

“It’s not as easy to build a home today as it was two years ago. It’s taking a lot of time. We also know there is a shortage in labour.”

The SRA said all regions in the province recorded easing supply levels and tightening months of supply, which caused many to shift from conditions that favoured the buyer to favouring the seller.

Tightening supply demand balances helped support price gains across most regions in the province with the largest price gains occurring in Melfort and Yorkton.

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derek.craddock@pattisonmedia.com

On Twitter: @pa_craddock