Saskatoon sees record benchmark home price [Video]

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.”

• Get the CTV News app for Saskatchewan breaking news alerts and top stories 

…