THE BATTLEFORDS — Overall 2023 was relatively stable for the Battlefords despite several interest rate hikes.
Single-family detached sales activity year over year 2023 had similar total sales to 2022. The number of new single-family builds in the Battlefords was limited in 2023 due to high construction costs and increasing interest rates. (Note that the Bank of Canada’s prime overnight rate is currently at five per cent).
Saskatoon residential construction costs per Stats Canada Building Construction Price index are up 3.41 per cent over the past 12 months. Costs may be levelling off, noting the residential costs are up 39.65 per cent from pre-COVID.
Some activity in the Battlefords Commercial real estate market including a handful of MLS sales. The former SLGA liquor store is to be leased to the Battlefords RCMP and will house the North Battleford-Based Crime Reduction Team.
A New Eagles Landing Development on Red Pheasant Cree Nation consists of 17 new retail units for rent.
Agricultural land in the RM of North Battleford No. 437 is in strong demand. The farmland security board has the highest priced transfers between $3,500 and $4,700 per title acre (Excluding acreages, improved properties and urban/recreational influenced land). Canola is down from peak pricing as is wheat, however, cattle prices are still near record highs. Agricultural input prices are overall up 2.64 per cent in the past 12 months – up 29.7 per cent from pre-COVID.
The Battlefords market weathered COVID relatively well and didn’t have major price spikes as occurred in other markets. Rising interest rates have not had such a drastic influence to date, as they have in other markets.
