Clients info@timotitoju.com 306.591.6524

Market Report June 2022

Market Report June 2022

Posted: Thursday July 7, 2022

HOME PRICES CONTINUE TO RISE DESPITE SLOWER SALES

June sales eased over last year’s record levels. However, with 1,808 sales this month, activity is still over 20 percent stronger than long term trends for the province.

“While sales have been trending down in the province this year, we cannot lose sight of the fact that sales levels are still amongst the highest levels ever recorded in our market and these higher relative levels are still being achieved despite the sharp rise in lending rates,” comments Chris Guérette, CEO of the Association.

For the second month in a row, we have seen the level of new listings improve to levels that are consistent with the 10-year average. This has helped support some monthly gains in inventory levels. However, with only 6,893 units available in inventory, supply levels are still 27 per cent lower than traditional levels, and the month of supply remains amongst the lowest levels reported for June.

Persistently tight market conditions continue to place upward pressure on home prices. In June the unadjusted benchmark price rose to $333,400 nearly one percent higher than last month and nearly five percent higher than last year’s levels.

“Moving forward we do anticipate that further rate increases will weigh on sales and eventually support more balanced conditions. However, Saskatchewan continues to benefit from relative affordability, improving migration and job growth, which should help offset some of the impact that higher rates would have on the housing market.”

The Saskatchewan REALTORS® Association produces monthly real estate statistics to provide insight to decision makers in our province on how best to manage matters that affect growth, housing, and the creation of wealth. It also proudly works with the Saskatchewan Housing Continuum Network to collaborate with like-minded industries.

# # #

Regional Highlights 

While June sales eased across most regions in the province, Prince Albert, Yorkton, and Regina reported a rise in June sales compared to last year. Some of this was possible thanks to recent gains in new listings. Despite some monthly variation, most regions have recorded a pullback in year-to-date sales, but like provincial totals most areas are seeing transactions levels well above long-term trends.

While there have been some improvements in new listings depending on the location, it has generally not been enough to cause significant shifts in inventory levels, as all areas are still facing less inventory this June compared to last year and are below long-term trends.

Price Trends 

Low levels of supply compared to the demand in the market has continued to place upward price pressure in the market. Home prices generally trended up in June relative to earlier months in the year and last year’s levels. When considering the year-to-date benchmark price, price growth has ranged from relatively stable prices in Moose Jaw to year over year gains that have neared 10 percent in both Melville and Warman.

City of Saskatoon 

Sales in June eased over last year’s record, contributing to the year-to-date decline of nearly 12 percent.  While sales have eased, with 2,584 sales so far this year, levels are still amongst the highest levels recorded for the city.

New listings continue to trend up this month relative to the sales causing the sale to new listings ratio to ease to 56 per cent.  This helped support modest gains in inventory levels compared to earlier in the year, however, inventory levels continue to remain well below last year’s levels and long-term trends for the city.

Relatively strong demand combined with the inventory in the market has kept the months of supply exceptionally low. This has resulted in further upward pressure on prices this month. In June the benchmark price reached $380,200, over one percent higher than last month and a five percent gain relative to last year. Much of the price growth continues to be driven by the detached market.

City of Regina 

Slower sales in June were not enough to derail earlier gains as year-to-date sales totaled 2,023 units, setting a record high.  A decline in the sales to new listings ratio did help support modest improvements in inventory levels compared to earlier in the year.  Slower sales coupled with slightly higher inventories was enough to push the months of supply back above three months.

While the shift to more balanced conditions did help slow the pace of price growth in the market, prices continued to rise this month. In June the benchmark price reached $329,100 up from the previous month and over three percent higher than levels reported last year.

 


Regina Real Estate Blog

Interested in Buying a new home or Selling your existing property? Not sure where to start? Below you'll find articles tailored to give you a hand with many different tasks involved in the process.

WALL TYPES AND MEASUREMENTS BEFORE YOU START RENOVATING
Market Report October 2022
HOW TO CLEAN YOUR COUCH
Market Report September 2022
6 TIPS TO CONVERT YOUR HOME TO A RENTAL PROPERTY
Market Report - August 2022
5 KEY THINGS TO KNOW BEFORE YOU BEGIN THAT KITCHEN RENOVATION
Market Report - July 2022
EASY STEPS TO CREATE YOUR OWN SPA RETREAT
Market Report June 2022
DO’S AND DON’TS WHEN MOVING WITH PETS
Market Report May 2022
TO DIY OR NOT TO DIY – DOES DO-IT-YOURSELF PAY?
Market Report April 2022
7 EXTERIOR COLOR COMBINATIONS FOR INVITING CURB APPEAL
Market Report March 2022
A GUIDE TO SURVIVING THAT KITCHEN RENOVATION
Market Report February 2022
4 THINGS YOU SHOULD KNOW ABOUT CREDIT REPORTS
Market Report January 2022
5 COMMON MISTAKES FIRST TIME INVESTORS MAKE
December Market Report
5 EASY WAYS TO FALL IN LOVE WITH YOUR HOME ALL OVER AGAIN
MAINTENANCE TIPS FOR A WOOD DECK
3 HOME IMPROVEMENT JOBS YOU SHOULD CONSIDER HIRING FOR
EVERYTHING YOU NEED TO KNOW ABOUT LOAD BEARING WALLS
WHY IS INVESTING IN SENIOR HOUSING A GOOD IDEA?
November Market Report
7 MONEY-SAVING HACKS YOU SHOULD KNOW FOR YOUR HOUSEHOLD
HOW TO MAKE A SMALL BATHROOM FEEL BIGGER
DESIGN TRENDS TO WATCH
3 WAYS TO TRANSFORM YOUR PLACE WITH JUST A COAT OF PAINT
HOME FLOORING & MONEY SAVING TIPS
5 WAYS TO BECOME RESPONSIBLE HOMEOWNERS
HOW TO AFFORD TO BUY YOUR FIRST HOME
WHAT YOU SHOULD THINK ABOUT WHEN RENTING AN APARTMENT
4 TIPS FOR SELECTING THE RIGHT PAINT COLOR FOR ANY ROOM
TIPS TO PLAN AND DESIGN YOUR SCREEN PORCH
5 HOME IMPROVEMENTS WITH THE BIGGEST RETURN ON INVESTMENT
5 THINGS TO DO THIS YEAR IF YOUR GOAL IS TO BUY A HOME
HOW TO CREATE A CHILD-FRIENDLY KITCHEN
3 MISTAKES TO AVOID WHEN HIRING A HOUSE PAINTER
CLEVER CLOSET SOLUTIONS FOR RENTERS
7 ORGANIZATION FOR A BETTER HOME OFFICE EXPERIENCE
EMPTY NESTER? WHY IT MAKES MORE SENSE TO MOVE RATHER THAN RENOVATE
EVERYTHING YOU NEED TO KNOW ABOUT FLOOD INSURANCE AND WHETHER YOU NEED IT OR NOT
CREATE YOUR HOME(WORK) STATION
DECORATING IDEAS FOR APARTMENT LIVING ROOMS
5 BASIC THINGS EVERY REAL ESTATE INVESTOR SHOULD KNOW
HOW TO PREPARE FOR RENTING YOUR FIRST APARTMENT
THE AVERAGE COST OF ADDING A KITCHENETTE
REDECORATING YOUR KITCHEN? HERE ARE A FEW IDEAS
KEEP YOUR PLACE IN PERFECT SHAPE WHILE YOU’RE AWAY
3 TIPS FOR MAKING YOUR HOME APPEAR PET-FREE WHEN TRYING TO SELL IT
HOW TO INCREASE YOUR HOME’S VALUE WITH WATERPROOFING
6 IDEAS FOR ORGANIZING YOUR CLOSET
TOP 6 FEATURES OF A PROFITABLE RENTAL PROPERTY
5 BASIC IDEAS OF MODERN HOME DECOR
HOW LONG YOU SHOULD LIVE IN YOUR HOME BEFORE SELLING IT?
4 TIPS ON HOW YOU CAN SELL YOUR HOME FAST
7 STUNNING WAYS TO DECORATE YOUR LIVING ROOM
4 THINGS TO AVOID WHEN SELLING YOUR HOME
6 TIPS FOR BUYING YOUR FIRST RENTAL PROPERTY
RENT OR BUY A HOME? THE BEST OPTION FOR YOU
7 HELPFUL USES FOR LAUNDRY DETERGENT
6 ROOM DECORATION IDEAS FOR YOUR HOME
5 BATHROOM PAINT COLOR TRENDS
HOW TO GET THE MOST FOR YOUR MONEY IN A SELLER’S MARKET
HOW TO KEEP CLEAN AND SAFE RENTAL PROPERTIES
7 INTERIOR TRENDING DECOR IDEAS
5 TOP REAL ESTATE NEGOTIATION STRATEGIES
January Market Report
BUYING A BATHTUB? HERE’S EVERYTHING YOU NEED TO KNOW
Avoiding Moisture Problems in the Home
Create More Space in your Kitchen
Balancing the Emotional and Practical Sides of Buying a Home
4 REASONS TO GET INTO REAL ESTATE AND STAY IN IT
HOW TO GET BUILT-IN SHELVES ON A BUDGET
October Market update
June 2020 Market Update
How to Quickly Improve Indoor Air Quality
Conversation with Jenna McKay
Estimating Your Selling Costs
April 2020 Market Update
Healthy Lighting for Your Home
Surviving COVID
Real Estate Chat with Kyle Kerr
Morning Chat with Melissa McCullough
Regina and area March 2020 Market Update
WHAT TO REPAIR BEFORE YOU LIST
First Time Home Buyer Tax Credit
Pricing your home
Making “Neighbourhood Targeting” Work for You
Lets Talk Tuesday
January 2019 Market Update
Should You Move or Renovate?
Light Your Way to a Faster Sale
4 Ways to Make the Home Hunting Process Easier
Tips for Selling Your Home In a Slower Market
3031 Fuller Place, East Regina
7 Emerald Vista, White City Sk
4427 Wolf Willow Place
Home Tour: 2169 McTavish Street, Regina SK
8 Mistakes to Avoid When Buying a Home
Second Time's a Charm
Buy or Sell First?
Tips for Showing your Home