If you're looking to purchase a home right now in Estevan, now might be a good time.
REMAX Blue Chip Realty real estate agent Linda Mack says the housing market in Estevan right now is a buyer's market with several homes available.
"I would say because inventory is at the highest level it's been probably in a year, I would say we're definitely at a buyer's market again," Mack said. "A lot of buyers are having trouble finding something that they like, and they just keep looking and looking, but it's definitely a buyer's market."
House sales in town are also on the decline, Mack said. Sales are down about 15 per cent this year compared to last year. There were 152 homes sold in Estevan during the first nine months of 2021. So far this year, that number sits at 129.
"I guess buyers are being more cautious," Mack said. "I mean interest rates are still very good compared to what they used to be, but when they see friends of theirs getting interest rates maybe a full two per cent lower than they're getting now, they're maybe stepping back a little bit."
Mack added that there aren't many new homes being built in Estevan, largely because there isn't enough demand for both houses and condos, particularly since 2014 when oil prices plummeted.
People are also still opting to buy existing homes rather than building, due to the high cost of supplies right now.
"We all know the price of lumber, the price of building new...people are leaning towards finding a house that they would prefer to put money into and make it their own versus building because of the prices right now," Mack said.
Mack said there are currently five foreclosures in Estevan.
As for the market in the future, it's anyone's guess, Mack said.
"Like we always say, if we had a crystal ball, our life would be so much easier."