(File Photo/northeastNOW Staff)

By Mat Barrett

Northeast Real Estate

Pandemic recovery, low interest rates driving excellent February in northeast real estate

Mar 8, 2021 | 3:00 PM

The February numbers for the real estate market in northeast Saskatchewan look phenomenal.

Compared with February of 2020, sales were up 433.3 per-cent throughout the region, with 32 sales in 2021 compared to six in 2020. The numbers aren’t just much higher than the year prior, but it’s up almost 117 per-cent compared to the five-year average.

Joline Ozeroff is the associate broker at Royal Lepage Hodgins Realty and said credit for the uptick in sales can be given to some recovery from the COVID-19 pandemic, as well as the low interest rates.

She added that product is moving fast as well.

“New listings are up 43 per-cent,” Ozeroff told northeastNOW. “Although buyers and realtors aren’t feeling that because product is moving quickly and there is low inventory.”

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Ozeroff added the recreational market is also looking good in the area. She said people aren’t travelling as much and might be looking to buy secondary homes closer to their primary homes. That would also include people looking for revenue properties, which are in high demand right now.

Looking ahead, with the continued COVID-19 recovery, as well as the spring market, Ozeroff said the numbers should continue to look great.

“March and April, May as well of 2020, the numbers were almost at zero, if not at zero,” she said. “So, these numbers are going to appear a lot larger.”

Overall, Ozeroff said comparing to communities like North Battleford and Moose Jaw, the numbers for the Melfort area are up, and the province as a whole is also seeing a rise in sales.

She added the farmland market is strong and they’re low on product for that right now, and it is holding value quite well.

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mat.barrett@jpbg.ca

On Twitter: @matbarrett6