Saskatchewan is seeing record benchmark home prices in several communities, including the province’s largest city of Saskatoon.
The benchmark price is an estimate of the value of a typical home in a community, accounting for factors like age, size and number of bedrooms.
The Saskatchewan Realtors Association (SRA) says Saskatoon reported a record benchmark price of $406,500 in July — a 7 per cent increase over the last year.
“Supply constraints, when paired with strong demand, continue to place upward pressure on prices — as evidenced by record benchmark prices in some communities for the second consecutive month,” SRA CEO Chris Guerette said in a news release.
“With just over three months of inventory across the province — below two in some of our larger centres — it remains a challenging time for prospective buyers right now."
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Saskatoon saw 520 sales in July, a five percent gain and 20 percent above 10-year averages. Inventory continues to remain tight, with only 1.6 months of supply available in July.
The benchmark price for a home in Saskatoon crossed the $400,000 mark in June, when the price reached $403,500.
Regina saw a 10 percent year-over-year increase in sales in July, with the benchmark price increasing slightly to $318,400.