From the major urban centres to small towns and rural communities, the Canadian real estate market has witnessed impressive growth since the early days of the coronavirus pandemic.
Compared to the rest of the country, Saskatchewan real estate is relatively affordable, whether buyers are looking to make a move to Regina, Saskatoon, Moose Jaw, Prince Albert and all point between.
New residential listings fell 12.2 per cent in December compared to a year ago, with 994 new units coming on stream.
SRA data show that housing sales soared 17 per cent to a new all-time high of 17,387 transactions, breaking the previous record set in 2007.
“Improved savings from those not financially impacted by COVID-19, combined with low lending rates, has supported the strong sales environment we saw throughout 2021.
New residential listings were 16 per cent below the long-term average, but new housing construction was higher in 2021 compared to the previous year.
The province still enjoys good housing affordability compared to many other regions across Canada.
Guerette noted that there has been a pressure upon inventory, which leads to higher prices and diminishing affordability.
But with the Bank of Canada expected to raise interest rates at least three times this year, rumoured to begin in the second quarter, some experts anticipate that the boom could slow down.
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