Paul Martin's Business Update - October 4th

Despite the talk in some parts of the country about a hard landing in the residential real estate market, Saskatchewan is holding up quite well.

Sales in September in the provinces two major cities, where real estate boards publish numbers on a monthly basis, were up but so were the number of listings. The growing demand and added supply seemed to balance each other out with both communities reporting a sales-to-listing ratio of just over 50 per cent. That means is that the number of buyers was slightly higher than the number of new properties on the market.

Officials in both communities characterize these figures as indicative of a ‘balanced’ market. Prices are also up slightly with the average resale property going for $308,000 in Regina and $345,000 in Saskatoon.

While the volume of deals being closed is on the rise – 27 per cent higher than September of last year in Saskatoon and 18 per cent higher in Regina – it is still a far cry from cities like Vancouver which posted a 64 per cent rise.

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