February 2022 - Housing Market Statistics

Posted by Joyce Tourney on Wednesday, March 9th, 2022 at 7:19am.

While Sales in Saskatchewan declined 8% compared to last year’s numbers, it is important to remember that the housing demand proves to be resilient. Levels are 22% higher than what we were used to seeing at the start of the year and nearly 40% higher than the average levels recorded throughout the 2015-2020 time frame.

With Sales dropping, so have New Listings, by almost 7% compared to last year and 14.6% since the beginning of 2022. This could be attributed to the significant 11.1% drop in inventory along with the 10-year average spread dropping an astonishing 25.3%. Chris Guérette, Saskatchewan REALTORS® Association’s CEO states, “Last month, we started to raise an alarm bell about inventory levels in Saskatchewan,’... ‘Now that we’re two months into the market, that dip in inventory levels being the lowest we’ve seen since 2010, is concerning.” SRA is working to build a more complete understanding as to the gaps in Saskatchewan’s housing continuum so they are able to build smartly and collaboratively for growth. Comparing our current price of $254,300, with the price of last February being $245,300 using the Home Price Index, we see a substantial rise of almost $10,000 in 2022.

Narrowing down to the Regina Region, we see a rise in Sales by 8.2% and although there is a 2% drop since the start of the year, there is a 46.5% increase in the 10-year average spread. As far as New Listings, they have also dropped by 2.4% to 441 compared to last February and since the beginning of 2022, New Listings have dropped by 4.3%. The inventory for the Regina Region has also decreased since last February by 3.3% and the 10 year average spread decreased by almost 20%. The most substantial drop has been in the Month of Supply, dropping 10.6% since February 2021 and the average 10 year spread has decreased a monumental 47.9%. With the uncertainty of the world’s economics, the SRA’s work to understand the gaps in Saskatchewan’s housing continuum will be of great help as we go forward.

Leave a Comment

Format example: you@domain.com
Format example: yourwebsitename.com