Saskatchewan housing sales soar while inventory plummets [Video]

The Saskatchewan Realtors Association says sales and demand are strong in the province’s housing market, despite inventory levels being a major concern.

“Inventory is at the lowest we’ve seen since 2007,” director of public affairs Cole Zawislak said. “It’d be interesting to see what the sales figures look like if there was more inventory. I think, without question, it’s actually prohibiting even stronger sales right now.”

The downfall is the lack of options.

“I think the biggest challenge for home buyers right now is the inventory piece. There’s just less out there,” Zawislak added.

The Saskatchewan Realtors Association reported that the strong growth in detached home sales drove the increase in overall sales, accounting for almost 73 per cent of the monthly sales.

Sales also improved in almost every region of the province, and year-to-date sales are on track to be the second highest on record.

“Record population growth, favourable economic conditions and an improving labour market …