Saskatoon sees 108% spike in home sales amid strong demand, shrinking inventory

The province is showing record numbers when it comes to real estate sales, according to the Saskatchewan Realtors Association.

Its latest housing report shows 1,719 homes were sold in Saskatchewan in March.

That’s up 85 per cent from March 2020 and up nearly 72 per cent year to date.

“We’ve never seen a March like this before,” said economic analyst Chris Gbekorbu in the report.

“In fact, we typically don’t see this level of sales until at least May, and until June of last year, we hadn’t seen this level of sales since May of 2014.”

In Saskatoon, the number of homes sold rose over 108 per cent year-over-year.

The Home Price Index, which measures housing price trends, rose 8.2 per cent in Saskatoon for a benchmark composite home.

Martensville saw an increase of 15.1 per cent while Warman jumped of 15 per cent.

The report says homes in Saskatoon stayed on the market an average of 36 days in March, down 34.5 per cent from 55 days last year.

“Strong demand combined with a shrinking number of homes for sale has helped place upward pressure on prices in most markets,” the report says.