Average price of Saskatoon home down slightly due to supply

The average price of a home in Saskatoon is down slightly so far this year, according to Royal LePage.

Overall prices declined by 0.5 per cent year-over-year to $385,623 per humble abode.

The year-over-year price of a two-storey home is down by 1.5 per cent while the price of a bungalow increased by 0.9 per cent.

Norm Fisher, broker and owner for Royal LePage Vidorra, said in a press release the prices are due to a "persistent supply" of homes, tilting the market in favour of the buyers. Supply, coupled with a low interest rate has kept Saskatoon's housing market prices steady, he added.

Nationwide, Canada's residential housing saw a price growth in the first quarter of 2017 of 12.6 per cent year-over-year to $574,103. Comparatively, the price of a two-storey home rose 13.9 per cent and bungalows increased 11 per cent. Condo prices also rose another 8.9 per cent.

Almost half of the national increase is due to prices rising in Ontario. The price of homes in the rest of the country rose by 6.4 per cent.