Rising interest rates and inflation are continuing to slow house sales in Saskatchewan.

According to the Saskatchewan Realtors Association, there were 134 homes sold in Regina in the month of January. That is slightly lower than the year before.

Regina reported a benchmark price of $312,200 in January, down one per cent compared to January 2022 and above the $291,300 reported in January 2021.

Provincewide there are fewer homes for sale with lower inventory, and fewer new homes being built, especially single family detached homes. Prices remained largely the same.

“Rising lending rates paired with ongoing inflationary pressures are impacting what individuals can afford, and our market has struggled to see improvements in supply levels in lower-priced homes,” said Saskatchewan Realtors Association CEO Chris Guérette.

“Prospective buyers impacted by rate hikes are also faced with less choice in the more affordable segment of our market. Without question, these factors are contributing to a pullback in sales activity.”