Sask. house, condo sales decline in 2018

Home sales are down across the provincebecause of the slow economy and other factors, a real estate expert says.

"I think it's consumer confidence," said JasonYochim, CEOof the Saskatoon Region Association of Realtors. "When you don't see a robust economy and you don't see jobs being created, people tend to hold back and not make that move."

In the Saskatoon region, there were 3,329 sales of houses and condominiums in 2018. That's a decrease of five per centfrom 2017, and 25 per cent over the past four years.

In the Regina area, there were 3,032 sales in 2018, down seven per cent from the previous year, according to the Association of Regina Realtors, the worst figure in more than a decade.

Yoachim says the economy is key, but adds federal mortgage rules implemented about a year ago imposed more stringent mortgage requirements,pushing some buyers into lower price rangesand forcing others to abandon their planto buy a home.

However, Yochim says, there is some good news for first-time home buyers.

"The positive is buyers have a good selection to choose from," he said."Interest rates are still pretty good, [and] prices are good. They're down lower than they were for the last two or three years."