Saskatchewan reported 1,216 sales in April, down 21 percent year-over-year and slightly below long-term, 10-year averages. Aligning with seasonal trends, sales and new listings increased above levels seen earlier this year. Although inventory levels experienced a 4 percent year-over-year decline and remained over 30 percent below 10-year trends, the adjustments in sales and new listings have resulted in the months of supply rising to nearly five months.

“Our market continues to struggle with supply and has since the start of the pandemic,” said Association CEO Chris Guérette. “While inventory challenges remain a concern for us, recent trends point to potential supply relief. Should these trends persist, we may see more balanced conditions play out in the market in the second half of the year.”

The provincial benchmark price reached $323,600 in April, up from $321,400 in March and slightly below prices recorded last April.

“As province-wide figures are showing signs of more balanced conditions, it’s important to keep in mind that there is variation depending on location and price range. Conditions remain exceptionally tight in lower-priced products, while more balanced conditions exist in higher price ranges,” said Guérette. “Higher lending rates have driven more purchasers to seek out lower priced options, while it is proving more difficult for existing homeowners to move up in the market.

Canada's housing market experienced a minor bump in prices for August 2022, the first monthly increase in Canada’s average home price since February. For August 2022, the average home price in Canada was $637,673, up 1% from last month after decreasing on a monthly basis for five months in a row. Nationally, sales during the month of August 2022 are down 24.7% year-over-year to roughly 38,310 transactions.

Whether Canada’s housing market is seeing prices stabilize after hitting an all-time price record in February 2022 remains to be seen, as Canada’s average home price remains 4% lower year-over-year. Among factors that have spooked Canadian home buyers have been rapidly rising Canadian mortgage rates, brought about by Bank of Canada rate hikes. While Canada’s inflation rate has cooled off in recent months, current elevated levels of inflation in Canada continue to put pressure on policymakers to increase interest rates.

Compared to February 2022's peak of $816,720, the average sold price in Canada is now 22% off from that record-breaking month. This means that the average home price in Canada has now fallen by 22%, or close to $179,000, in the span of six months. Meanwhile, the MLS Benchmark Price continued to see positive annual price growth. Canada’s benchmark home price increased 7% year-over-year to $760,400 for August 2022, yet is down by 3% month-over-month. If the benchmark home price continues this trend, it will dip into negative annual change territory in the coming months.

While the average Canadian home price is down 4% year-over-year, the performance of housing markets across the country has been mixed. Some areas continued to see declines in home prices and sales, while others experienced increases on a monthly basis.

May 2022 Monthly Housing Market Trends Report

Canada’s housing market saw a slowdown in sales during the month of April 2022 as rising rates tempered homebuyers’ appetites, right as Canadian home prices fell from record-breaking levels. For April 2022, the average home price in Canada's housing market was $746,146, up 7% from last year. While Canada’s average home price has risen by over $50,000 in the span of one year, home prices have fallen compared to the previous month. March 2022’s average home price of $796,068 means that the average home price in Canada has fallen by over 6% in just one month.

Meanwhile, the MLS Benchmark Price increased 27% year-over-year to $882,400 for April 2022, yet is down by 0.3% month-over-month. This marks the first time that Canada’s MLS Benchmark Price has decreased on a month-over-month basis in two years. The last time that Canada's benchmark home price has fallen month-over-month was in April 2020.

June 4, 2022

 

April 2022 Monthly Housing Market Trends Report