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March Market Watch

Wed, 01 Apr 2026 21:52:18 GMT

Saskatchewan’s housing market entered the spring season under increasing pressure, as persistently low inventory levels drove benchmark prices to a new record high and continued to challenge housing affordability across the province.

Saskatchewan reported 1,256 residential home sales in March, a one percent year-over-year decrease, but still nearly 10 percent above long-term, historical averages. While sales activity has moderated compared to the near-record pace of 2025, year-to-date sales remain four per cent above the 10-year average, reflecting continued underlying demand.

There were 1,808 new listings in March, an increase over February as the market begins a more slow than normal seasonal transition. However, new listings remain down compared to last year and are nearly 25 per cent below long-term averages. Inventory levels continue to sit well below historical norms, with less than three months of supply available across the province – over 50 per cent below typical levels for this time of year.

“This is where supply constraints start to have real impact,” said Association CEO Chris Guérette. “We are seeing record prices not because demand is accelerating, but because there simply are not enough homes available. Saskatchewan has long been one of the most affordable places to buy a home in Canada, but that advantage is being tested in real time.”

The province’s residential benchmark price reached a new all-time high of $374,100 in March up from $363,800 in February and more than six per cent higher than March 2025. Price growth was recorded across every community for the third consecutive month.

While many markets across Canada continue to report slower sales activity and more balanced conditions, Saskatchewan’s market remains fundamentally different.

“In other parts of the country, the story is about slowing markets and rising inventory,” said Guérette. “In Saskatchewan, it’s the opposite. Demand is still there, but supply hasn’t kept pace. That imbalance is what’s driving price growth and putting pressure on buyers, particularly those trying to enter the market for the first time.”

Seasonal factors are also playing a role. A slower-than-usual transition out of winter has delayed the typical influx of new listings seen at this time of year, limiting the amount of fresh inventory entering the market during a critical period.

“As we move further into the spring market, the key question is whether supply can respond,” Guérette added. “We have witnessed this in regions where inventory improves, sales activity follows. But without a meaningful increase in listings, we will continue to see upward pressure on prices and increasing challenges around affordability.

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Regional Highlights

The Northern, Prince Albert, Swift Current-Moose Jaw and Yorkton-Melville economic regions all reported year-over-year sales gains in March, while all six economic regions reported sales above the 10-year average.

Consistent with prior months, Regina-Moose Mountain and Saskatoon-Biggar continue to report the tightest market conditions in the province. However, all six economic regions report inventory levels more than 45 percent below the 10-year average, with ranges from 46 percent in Swift Current-Moose Jaw to 64 percent in Regina-Moose Mountain.

Price Trends

All Saskatchewan communities reported year-over-year price gains for the third consecutive month, while five posted double-digit gains. Notably, the communities of Martensville, Moose Jaw, North Battleford, Regina, Saskatoon, Swift Current, Warman and Yorkton all reported record-high benchmark prices in March.

The City of Melville reported the strongest monthly benchmark price growth, with prices up over 15 percent year-over-year. Other notable gains were seen in Estevan (15 percent), Yorkton (13 percent), Swift Current (12 percent) and Weyburn (10 percent).

City of Regina

Regina reported 313 sales in March, up five percent year-over-year and 16 percent above the 10-year average. While 2026 sales levels currently trail the near-record levels seen last year, year-to-date sales are nine percent above the 10-year average through the first quarter.

New listings declined by four percent year-over-year and over 20 percent compared to the 10-year average. When paired with strong March sales, Regina currently has 1.7 months of supply, over 60 percent below the typical level for this time of year. 181 of the 522 available units at month’s end are conditionally sold, leaving only 341 active properties on the market heading into April.

Regina reported a new record benchmark price of $343,700 in March, up from $336,400 in February and over six percent higher than March 2025.

City of Saskatoon

Saskatoon reported 388 sales in March, down four percent year-over-year but eight percent above the 10-year average. Despite first quarter sales trailing impressive 2025 levels, year-to-date sales currently sit six percent above long-term, historical trends.

New listings improved compared to March 2025 but remain well below 10-year trends. As a result, the Bridge City continues to report the tightest market conditions in the province, with 1.6 months of supply heading into a busy spring market. Nearly 200 of the 638 available units at month’s end were conditionally sold and expected to exit the market, leaving just 440 active properties on the market.

Saskatoon reported an all-time high benchmark price of $435,200 in March, up from $421,600 in February and over five percent higher than March 2025.

SASKATCHEWAN'S MARKET ENTERS MARCH WITH TIGHT SUPPLY AND STABLE DEMAND

Tue, 03 Mar 2026 20:37:00 GMT

Saskatchewan’s housing market continued to navigate tight supply conditions in February, as sales activity aligned more closely with long-term trends heading into the spring market.

Saskatchewan reported 825 home sales in February, down 16 percent year-over-year and two percent below the 10-year average for the month. Despite sales activity failing to keep pace with the near-record levels seen over the past two years, total sales remain consistent with long-term historical trends through the first two months of 2026.

The downward trend in new listings persisted in February, falling seven percent year-over-year and 31 percent below the 10-year average. Notwithstanding typical seasonal shifts in sales activity, the limited influx of new supply provided little relief to inventory levels, which remained essentially unchanged from the previous month. Over 700 of the 3,519 active units at month’s end were conditionally sold and expected to leave the market, leaving 2,792 available properties across the province heading into February.

“Demand remains present across Saskatchewan,” said Association CEO, Chris Guérette. “but inventory constraints continue to shape what buyers and sellers can actually purchase or sell. Even with a modest rise in supply, we are still operating well below historic norms.”

The province’s residential benchmark price stood at $363,800 in February, up from $359,500 in January and over six percent higher than the February 2025. Notably, all Saskatchewan communities again reported year-over-year price gains, some as high as 13 percent.

“As we move towards the spring market, the key factor to watch will be new listings,” added Guérette. “Some regions that have seen modest improvements in supply are also reporting stronger sales activity, which reinforces how sensitive our market can be to inventory levels. The opportunity for a healthier balance in 2026 depends largely on whether supply can respond to sustained demand.”

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Regional Highlights

Five of Saskatchewan’s six economic regions recorded year-over-year sales declines in February. Swift Current-Moose Jaw was the only region to post an annual increase in sales and remains the sole region reporting activity above its 10-year average this month.

As in recent months, Regina-Moose Mountain and Saskatoon-Biggar continue to face the tightest market conditions in the province. Although supply is particularly constrained in these two regions, five of the six economic regions are operating with inventory levels more than 45 percent below their respective 10-year averages, underscoring persistent province-wide supply challenges.

Regions experiencing modest improvements in months of supply also recorded some of the province’s strongest sales activity this month, highlighting the direct relationship between available inventory and sales activity.

Price Trends

Tight supply conditions and steady sales continue to drive price growth across the province. All Saskatchewan communities reported year-over-year price gains for the second consecutive month, while three posted double-digit gains.

The City of Estevan again reported the strongest monthly benchmark price growth, with prices up 13 percent year-over-year. Other notable gains were seen in Melville (11 percent), Humboldt (10 percent), and Moose Jaw (9 percent).

City of Regina

Regina reported 198 sales in February, down 21 percent year-over-year and two percent below the 10-year historical average.

New listings declined by 14 percent year-over-year, yet inventory levels remain virtually unchanged compared to the month prior. Nearly 150 of the 494 available units at month’s end were conditionally sold and expected to leave the market, leaving only 347 active units in Saskatchewan’s capital city heading into March.

Regina reported a residential benchmark price of $336,400 in February, up from $330,600 in January and seven percent above February 2025.

City of Saskatoon

Saskatoon reported 271 sales in February, down 16 percent year-over-year and two percent below the 10-year average.

The monthly sales decline was met with declining new listings, which failed to provide meaningful inventory relief as the Bridge City continues to report Saskatchewan’s tightest market conditions. Of the 614 available units at the end of the month, 164 were conditionally sold and expected to exit the market, resulting in 450 active units heading into February.

Saskatoon reported a benchmark price of $421,600 in February, up from $417,800 in January and five percent above prices reported in February 2025.

#yxe #yxerealestate #saskatoonrealestate #saskatoonsales #yxerealtor

SASKATCHEWAN OPENS 2026 WITH STABILITY AND AFFORDABILITY AS MARKET REMAINS TIGHT

Tue, 10 Feb 2026 16:09:25 GMT

Saskatchewan’s housing market entered 2026 from a position of strength, stability and affordability, standing in contrast to slowing conditions reported in several major Canadian centres. While January actively reflects typical seasonal patterns, sales remained above long-term averages, and supply continued to sit well below historic norms, reinforcing the province’s tight market conditions.

Saskatchewan reported 712 home sales in January, extending the province’s streak of above-average sales to 31 consecutive months. Inventory remains nearly 50 per cent below the 10-year average, underscoring that demand continues to outpace supply across much of the province. Nearly 700 of the 3,508 active units at month’s end were conditionally sold, leaving 2,855 available properties across the province heading into February.

“When you look across the country, many of the headlines are focused on corrections and slowdowns in major markets like Toronto and Vancouver,” said Association CEO Chris Guérette. “Saskatchewan’s story is different. Our markets remain tight, but affordability continues to be our strongest advantage as we head into 2026.”

New listings declined by four percent year-over-year, while remaining 27 percent below historical averages for the month. Seasonal sales trends provided some month-over-month inventory relief, but supply levels remain relatively unchanged from January 2025, sitting nearly 50 percent below the 10-year average. Nearly 700 of the 3,508 active units at month’s end were conditionally sold and expected to leave the market, leaving 2,855 available properties across the province heading into February.

The province’s residential benchmark price stood at $359,500 in January, up from $359,000 in December and nearly six percent higher than the $340,400 reported in January 2025. Price growth across every Saskatchewan community highlights the continued balance between affordability and demand, which is a contrast to more volatile pricing patterns seen in several larger Canadian cities.

“Saskatchewan continues to offer something that is increasingly rare in Canada,” Guérette added. “While it’s still early in the year and market conditions will continue to evolve, the combination of steady demand, tight supply and relative affordability across the provinces points to a positive outlook for 2026.”

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Regional Highlights

All six of the province’s economic regions reported year-over-year sales declines in January. Despite the yearly decline, the Regina-Moose Mountain, Saskatoon-Biggar, and Swift Current-Moose Jaw regions reported sales above the 10-year historical average.

While the Regina-Moose Mountain and Saskatoon-Biggar regions continue to report the province's tightest market conditions, supply levels are down considerably across the province. Notably, the Prince Albert, Regina Moose-Mountain, Saskatoon-Bigger, Swift Current-Moose Jaw, and Yorkton-Melville regions all reported inventory levels near 50 percent below the 10-year average.

Price Trends

2026 picked up where 2025 left off, with above-average sales and ongoing supply constraints driving price growth across the province. All Saskatchewan communities reported year-over-year price gains in January, with four posting double-digit gains.

The City of Melville again reported the strongest monthly benchmark price growth, with prices up 15 percent year-over-year. Other notable gains included Yorkton (13 percent), Humboldt (11 percent), and Swift Current (11 percent).

City of Regina

Regina reported 172 sales in January, up one percent year-over-year and nearly 15 percent above the 10-year historical average.

Despite modest year-over-year new listing growth in the Queen City, above-average sales prevented meaningful inventory relief – as supply levels continue to sit 50 percent below long-term averages. Of the 496 available units at month’s end, 134 were conditionally sold and expected to leave the market, leaving just 362 active units heading into February.

Regina's residential benchmark price was $330,600 in January, down slightly from $330,900 in December but six percent higher than January 2025.

City of Saskatoon

Saskatoon reported 237 sales in January, a six percent year-over-year decline. However, January sales figures were seven percent above the 10-year average.

Declining new listings were again met with above-average sales, as Saskatchewan’s largest market continues to report the tightest conditions in the province. Of the 635 available units at the end of the month, 187 were conditionally sold and expected to exit the market, resulting in 448 active units heading into February.

Saskatoon reported a benchmark price of $417,800 in January, up from $417,700 in December and four percent higher than January 2025.

#SaskatoonRealEstate

#SaskatoonHomes

#YXERealEstate

#YXE

#Saskatoon

#SaskatoonLiving

Saskatchewan Housing Market Outlook — 2026

Wed, 14 Jan 2026 14:13:54 GMT

1. Current Context & 2025 Recap

As Saskatchewan entered 2026, its housing market remained one of the strongest in Canada:

Sales & demand: Home sales in 2025 were near all-time highs, with the province recording the second-highest annual sales on record. Saskatoon posted over 5,000 sales and remained extremely active relative to historical averages.
Inventory: A key driver of market conditions has been extremely limited housing supply — inventory levels across many Saskatchewan markets (including Saskatoon and Regina) have often sat well below 10-year averages.
Prices: Benchmark home prices continued to rise in 2025, with many cities achieving double-digit annual gains (e.g., Melville, Yorkton, Swift Current). Saskatoon’s benchmark hovered around $417,700 in December 2025, up over 6% YoY.

These conditions reflect strong demand outpacing supply — a structural imbalance that is central to 2026 forecasts.

2. Price Forecasts for 2026

Several industry forecasts provide expected price movements for the coming year:

Royal LePage & local realtor projections suggest moderate price increases in 2026, driven by continued demand and tight inventory. For example, one forecast projects a ~4% rise in median single-family detached home prices in Regina, with more modest gains in condo prices.
Broad Canada market forecasts (e.g., CMHC) — though not Saskatchewan-specific — indicate that average home prices in major centres are expected to trend upward through 2026, but the range can vary widely based on supply and economic conditions.

Key takeaway: Saskatchewan looks set for continued price growth in 2026, though likely moderating compared with past years because persistent supply issues will constrain how fast prices can accelerate, and broader economic conditions (like mortgage rates) will influence affordability.

3. Inventory & Supply Dynamics

Inventory — already unusually low — is a central determinant of 2026 conditions:

Tight supply persists: As of late 2025, active listings heading into 2026 remained well below average, with many cities showing just 2–3 months of supply.
Builders & new construction: Forecasts from housing agencies show some growth in housing starts (especially multi-unit), but not enough yet to fully offset the gap between demand and available resale homes.

Implication: Inventory scarcity will likely keep the market competitive, particularly for detached homes that remain in highest demand.

4. Demand Drivers in 2026

Several underlying factors contribute to ongoing demand in Saskatchewan:

Affordability relative to larger provinces: Saskatchewan’s relative affordability compared with markets in Ontario and B.C. continues to attract buyers.
Population and economic factors: Job gains and migration trends (including interprovincial migration from higher-cost markets) support housing demand.
Buyer sentiment: Local anecdotes and realtor commentary indicate buyers expect price growth or sustained competition, reinforcing urgency. (Supplemental community sentiment)

5. Broader Economic & Mortgage Context

National and international trends — even though some are not Saskatchewan-specific — will also influence the market:

Mortgage rates: While not expected to drop sharply in 2026, modest easing or stabilization could support buyer activity. National forecasts suggest mortgage rates could remain elevated, tempering rapid price acceleration.
National price trends: Some Canadian experts project overall home price gains at a moderate pace in 2026, with affordability issues gradually easing in select regions.

This broader context suggests that Saskatchewan may outperform national trends if its inventory remains constrained and local demand stays high.

6. Risks & Uncertainties

While outlooks are generally positive for 2026, several risk factors could affect the market:

Inventory improvement: If new supply enters the market faster than expected (e.g., more new builds), upward price pressure could ease.
Economic shifts: Broader economic slowdowns, higher borrowing costs, or employment challenges could dampen buyer confidence.
Policy changes: Local or federal housing policy changes (e.g., tax, zoning, incentives) could influence affordability and supply.

7. Summary Forecast

Here’s a concise projection for the Saskatchewan housing market in 2026:

Factor	2026 Outlook
Home Prices	Moderate growth (likely 3–6% range)
Sales Volume	Stable to slightly up relative to 2025
Inventory Levels	Remain tight, slight improvements possible
Market Balance	Seller-leaning but more balanced than peak 2025
Affordability	Challenged but modest easing possible

Bottom line: Saskatchewan’s housing market in 2026 is expected to remain competitive, with continued price appreciation, strong demand, and limited supply shaping conditions. Buyers should anticipate active markets with sustained competition, while sellers continue to benefit from scarcity — though not as intensely as in recent years.

Information from the multiple sources and should be not relied upon while making a decision,

#yxe #yxerealestate #realestate #yqr #saskatoon #saskatoonhomes #saskatoonsales #saskatchewan #housing

DEMAND HOLDS FIRM AS SASKATCHEWAN SEES NEAR-RECORD 2025 SALES

Tue, 06 Jan 2026 17:59:57 GMT

Saskatchewan’s housing market ended 2025 with one of the strongest performances in its history, recording the second-highest annual home sales total on record. Strong December activity capped off a year defined by sustained demand, tight supply and continued confidence across the province.

Saskatchewan reported 792 home sales in December, a near three percent increase year-over-year and well above the 10-year average for the month. Strong December activity capped off the second-strongest sales year on record in Saskatchewan, with 16,222 sales across the province in 2025, up one percent from the 16,119 sales recorded in 2024.

Despite modest monthly gains in new listings at various points throughout 2025, near-record demand continued to pressure supply, driving inventory to record-low levels during the year. In December, new listings declined by four percent year-over-year and remained well below historical norms.

“Closing out 2025 with the second-highest sales year on record is a remarkable achievement for Saskatchewan’s housing market,” said Association CEO Chris Guérette. “This marks our 30th consecutive month of above-average sales – a level of sustained performance that’s rare and speaks to the strength of demand across the province.”

Seasonal sales patterns allowed provincial months of supply to rise above four months in December. Even so, inventory levels were down 12 percent compared to December 2024 and ended the year nearly 50 percent below the 10-year average. Of the 3,410 units available at year-end, 540 were conditionally sold and expected to exit the market, leaving just 2,870 active listings heading into the new year.

The province’s residential benchmark price stood at $359,000 in December, down slightly from $360,500 in November, in line with typical seasonal trends. Despite the modest month-over-month decline, benchmark prices were seven percent higher than the $337,800 reported in December 2024.

“Saskatchewan’s housing market demonstrated remarkable strength and resilience in 2025, supported by population growth, employment gains, and a more favourable interest rate environment,” said Guérette. “Looking ahead to 2026, the most pressing challenge remains inventory. Demand continues to be there, the key question is whether supply can keep pace.”

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Regional Highlights

The Prince Albert, Saskatoon-Biggar, Swift Current-Moose Jaw and Yorkton-Melville regions all reported sales that outpaced 2024 sales levels. While year-over-year sales gains were modest in those four regions, annual sales figures significantly outperformed historical trends.

As seen throughout much of 2025, the Saskatoon-Biggar (2.9 months of supply) and Regina-Moose Mountain (4.1) regions continue to report the tightest market conditions in the province. Despite seasonal sales trends allowing the months of supply to improve in December, both regions continue to report supply levels over 50 percent below the 10-year average.

Price Trends

As seen throughout 2024, strong demand paired with low inventory drove price gains across the province. This trend continued in December, with all but one community across the province reporting year-over-year sales gains to end the year.

The City of Melville again reported the strongest monthly benchmark price growth, with prices up nearly 16 percent year-over-year. Other notable gains included Yorkton (14.3 percent), Swift Current (11.9), Humboldt (10.6), and Moose Jaw (8.1).

City of Regina

Regina reported 164 sales in December, a 17 percent year-over-year decrease. Despite the significant monthly decline, sales remained four percent above long-term trends for the month. Notably, 2024 was a record sales year in Regina, and 2025 maintained a close pace, with year-to-date sales only down two percent compared to the 2024 record, and annual sales nearly 24 percent above the 10-year average.

Inventory remains a challenge heading into the new year, as supply levels currently sit nearly 50 percent below the 10-year average. Of the 475 available units at year-end, 126 were conditionally sold and expected to leave the market, leaving just 349 active units heading into 2026.

Regina's residential benchmark price was $330,900 in December, up from $329,300 in November and nearly seven percent above the $313,400 reported in December 2024.

City of Saskatoon

Saskatoon reported 270 home sales in December, a year-over-year increase of six percent and nearly 24 percent above the 10-year average. With 5,113 annual sales, 2025 marks the second-strongest year on record in the Bridge City, up nearly two percent compared to 2024 and 22 percent above the 10-year average.

Consistent with trends seen throughout the year, Saskatoon remains the tightest market in the province, with just over two months of supply, and inventory levels 50 percent below the 10-year average. Of the 569 available units at year’s end, 130 were conditionally sold and expected to exit the market, resulting in 439 active units heading into January.

Saskatoon reported a benchmark price of $417,700 in December, down slightly from $421,000 in November but over six percent higher than the $395,300 reported in December 2024.

#yxerealtor #realestate #Saskatoonrealtor #saskatoonrealestate #boyesgroup #yxe #yxerealestate

SASKATCHEWAN ON PACE TO SURPASS 2024 SALES LEVELS AS NOVEMBER ACTIVITY HOLDS STEADY

Wed, 03 Dec 2025 20:23:52 GMT

Saskatchewan’s housing market posted another strong month in November, marking the province’s 29th consecutive month of above-average sales and keeping year-to-date activity on track to surpass 2024 levels with 15,430 sales to date. Saskatchewan reported 1,073 sales in November, a decrease of 106 sales, or nine percent, compared to November 2024. However, despite the year-over-year decline, monthly sales were over 12 percent above long-term, 10-year averages, underscoring the continued momentum across Saskatchewan’s housing market.

“November’s statistics reinforce what we have been seeing all year.” said Association CEO, Chris Guérette. “Strong demand, resilient activity and a market that continues to outperform expectations. We are on pace to exceed last year’s near-record sales and we are doing that with significantly less inventory. That speaks to the strength of Saskatchewan’s industry and the confidence buyers have in this province.”

There were 1,376 new listings throughout the month, up slightly compared to November 2024 but still well below historical averages. Despite moderate new listing relief, inventory levels are currently 45 percent below the 10-year average. With 708 of the 4,165 active properties reported conditionally sold and expected to exit the market, there were 3,457 available units across the province at the end of November.

Saskatchewan reported a residential benchmark price of $360,500 in November, down from $362,700 in October. While the modest monthly decline aligns with typical seasonal trends, the residential benchmark price increased by over seven percent compared to November 2024.

“Buyers continue to show confidence in our market despite tight conditions, and strong permit and start figures are encouraging,” said Guérette. “but we can’t overlook the impact of short-term policy proposals that restrict supply. Band-aid measures, like rent control, don’t create more homes, they simply make it harder for people to find them. Saskatchewan’s momentum depends on a coordinated, supply-focused approach from decision makers heading into 2026.”

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Regional Highlights

All provincial economic regions reported year-over-year sales declines in November, with sales declines ranging from four percent in the Saskatoon-Biggar region, to 40 percent in the Yorkton-Melville region. However, all regions except for Yorkton-Melville and Prince Albert reported sales levels above the 10-year average, while most remain on track to surpass 2024 sales levels.

While the Saskatoon-Biggar region continues to report the tightest market conditions across the province, inventory levels are down considerably across the regions – ranging from 33 to 71 percent below the 10-year historical average.

Price Trends

Home prices continued to rise across every region of the province in November, as all Saskatchewan communities reported year-over-year benchmark price gains for the seventh consecutive month.

The City of Melville again reported the strongest monthly benchmark price growth, as prices were up 20 percent year-over-year. Other notable gains included Estevan (16 percent), Swift Current (15 percent), Yorkton (15 percent), Humboldt (13 percent), Weyburn (13 percent), and Meadow Lake (11 percent).

City of Regina

Regina reported 268 sales last month, down one percent year-over-year and over 22 percent above long-term, 10-year averages.

There were 291 new listings in November, down three percent year-over-year and nine percent below the 10-year average. When paired with another month of strong sales, inventory levels remain nearly 45 percent below historical averages. With 150 of the 547 units available already reported conditionally sold, there are 497 available properties heading into December.

Regina reported a residential benchmark price of $329,300 in November, down from $334,100 in October. However, the modest price decrease aligns with seasonal trends and November prices were six percent higher than November 2024.

City of Saskatoon

Saskatoon reported 372 sales in November, down two percent year-over-year. Despite the slight decrease compared to November 2024, sales were 25 percent above the 10-year average for the month.

The province’s largest centre saw another month of rising new listings, but strong sales prevented any meaningful inventory relief, as supply levels continue to sit over 40 percent below historical averages.

Of the 808 active units at month’s end, 217 were conditionally sold and expected to exit the market, resulting in 591 available properties heading into December.

Saskatoon reported a residential benchmark price of $421,000 in November, up from $420,300 in October and over six percent higher than November 2024.

Above-average tax increases unsustainable:

Fri, 21 Nov 2025 16:24:00 GMT

New Council Can Chart New Course for City Budget
Perpetual above-average tax increases unsustainable: Chamber

SASKATOON, SK – November 21, 2025 – The Greater Saskatoon Chamber of Commerce is urging City Councillors to consider the impact of year-over-year property tax and utility rate increases on Saskatoon’s population, businesses and tax base into the future.

“We’ve come to normalize above-average property tax increases as if they were a given,” says Jason Aebig, CEO of the Saskatoon Chamber. “Saskatoon risks becoming less and less affordable for people to live here, and for job-creators to do business here, if we continue on this path of perpetual tax increases with no end in sight.”

Using the $66,859 municipal property tax bill for its office location as a baseline, the Chamber projected the building’s municipal taxes to 2030 based on the City’s cost breakdown and an average annual increase of 4.22%. At that rate, the building’s municipal tax bill would rise to $82,208 in just five years.

“This is unsustainable, particularly since it excludes reassessment increases, provincial education taxes, library taxes, potential levies and other surcharges,” observes Aebig. “If we don’t change course, these increases will outpace the capacity of the average business owner to pay them or pass them on to customers.”

According to the Chamber, controlling costs, incentivizing private sector growth and economic activity, and auditing City programs and services for savings and efficiencies, is the way forward.

“When Saskatoon’s job-creators invest, hire and expand, they attract new residents, get more people working, and generate new dollars to fund needs and priorities, from more police to greener parks,” says Aebig. “Commerce and quality of life go hand in hand. When our city’s employers do well, the well-being of our community gets better too.”

For guidance, Aebig is encouraging City Council to review the sensible ideas outlined in the Chamber’s “YXE Election Pledge” which the Mayor and most councillors endorsed during the 2024 civic election (www.yxepledge.ca). Proposals included expanding the function of a civic services auditor, improving outreach and service to business owners, guarding against scope creep into provincial jurisdiction, and prioritizing “needs” over “wants” to avoid excessive tax and rate increases.

The Chamber has also delivered “Budget Survival Kits” to Councillors to help them get through the tough budget deliberations ahead. Each kit contains products from Chamber member businesses – a lighthearted way to remind Council of the “people behind the products” who drive Saskatoon’s prosperity and growth.

“Ultimately, this isn’t just about numbers on a tax or utility bill. It’s about people — business owners making tough choices, residents facing tight household budgets, and community organizations trying to deliver more with less,” says Aebig. “We hope City Council will look at its budget through a sustainability lens, focused on what our employers and other ratepayers can afford.”

SECOND-BEST OCTOBER ON RECORD SPEAKS TO CONFIDENCE IN SASKATCHEWAN

Wed, 05 Nov 2025 18:25:44 GMT

Saskatchewan’s housing market remained red-hot in October, recording 1,433 sales across the province, the second-highest total on record for the month. Although sales were down nearly six percent compared to last year’s record October, resale housing activity continues to outpace long-term trends.

There were 1,922 new listings throughout the month, up 11 percent year-over-year but still below long-term trends. Despite the welcome increase in new listings, near-record October sales resulted in inventory levels remaining nearly 50 percent below the 10-year average. At month’s end, 828 of the 4,483 active properties were reported conditionally sold and expected to exit the market, leaving 3,655 available units across the province heading into November.

“October marked the 28th consecutive month of above-average sales activity in Saskatchewan, an impressive streak that began in mid-2023,” noted Association CEO Chris Guérette. “Year-to-date sales remain over 20 percent above the 10-year average, keeping us on track to surpass 2024’s results, which was our second-strongest year on record.”

Saskatchewan reported a residential benchmark price of $362,700 in October, down from $368,300 in September. Despite the monthly decline, which aligns with typical seasonal trends, prices were up nearly six percent compared to October 2024.

“Notwithstanding persistent inventory constraints and broader economic uncertainty influenced by global factors, our market continues to demonstrate remarkable resilience,” said Guérette. “What we’re seeing right now really speaks to the confidence people have in Saskatchewan’s housing market, and in our province as a whole.”

###

Regional Highlights

The Saskatoon-Biggar region was the only region to report year-over-year sales gains, which is not unexpected following a record month in October 2024. However, all regions except the Northern region reported sales well above long-term, 10-year trends.

As seen consistently throughout 2025, the Regina-Moose Mountain (2.63 months of supply) and Saskatoon-Biggar (2.38) continue to report the tightest market conditions in the province. However, all regions of the province are reporting inventory levels between 44 and 65 percent below the 10-year average.

Price Trends

Home prices continued to rise across every region of the province in October, as all Saskatchewan communities reported year-over-year benchmark price gains for the sixth consecutive month.

The City of Melville recorded the strongest benchmark price growth in October, as prices were up 22 percent year-over-year. Other notable gains included Yorkton (15 percent), Estevan (13 percent), Swift Current (13 percent), Humboldt (12 percent), and Weyburn (10 percent).

City of Regina

Regina reported 362 sales last month, two sales shy of the October sales record set in 2024 and 41 percent above the 10-year average.

Despite 447 new listings, near-record October sales failed to provide any inventory relief last month, as the Queen City is reporting less than two months of supply. Nearly 200 of the 720 active units were conditionally sold at month’s end, resulting in 532 available properties heading into November.

Regina reported a residential benchmark price of $335,100 in October, down from $337,000 in September. The slight price decrease aligns with typical seasonal trends, and prices were five percent higher than in October 2024.

City of Saskatoon

Saskatoon reported a record 455 sales in October, surpassing the prior record of 444 sales in October 2024, with sales 31 percent above the 10-year average.

New listings were up 33 percent year-over-year, providing some much-needed inventory relief in the province’s largest centre. However, the surge in new listings was met with record sales, and Saskatoon is still reporting less than two months of supply.

Of the 891 active units at month’s end, 229 were conditionally sold and expected to exit the market, resulting in 662 available properties heading into November.

Saskatoon reported a residential benchmark price of $421,100 in October, down from $431,400 the month prior. Despite the month-over-month price decline, prices were still five percent higher than those in October 2024.

#yxe #yxerealestate #saskatoonrealestate #realestate #boyesgroup

SEPTEMBER SURGE: SASKATCHEWAN HOUSING MARKET SEES NEAR-RECORD SALES

Tue, 07 Oct 2025 15:36:19 GMT

Saskatchewan’s housing market showed no signs of slowing down in September, with 1,528 sales across the province marking the second-strongest sales on record for the month. Last month’s sales were up 10 percent year-over-year and 26 percent above long-term, 10-year trends for the province. Notably, September marks 27 consecutive months of above-average sales, reinforcing the province’s continued strength compared to broader national trends.

While new listings saw a five percent year-over-year increase, they remained nine percent below the 10-year average. When paired with near-record September sales, inventory levels decreased by 14 percent year-over-year and remain over 40 percent below historical averages. With nearly 950 of the 4,896 active properties reported conditionally sold and expected to exit the market, there are 3,958 properties available across the province heading into October.

“Demand for housing remains strong across Saskatchewan, reflected in near-record September sales following one of our busiest summers ever,” noted Association CEO, Chris Guérette. “Our province continues to chart its own path, defying national narratives and posting strong sales despite typical seasonal trends and ongoing inventory challenges.”

The province’s residential benchmark price dipped to $368,300 in September, aligning with typical seasonal trends. Despite the slight month-over-month decline, prices were up seven percent compared to September 2024 as strong sales and limited inventory continue to fuel price gains across the province.

“Sales volumes continue to outpace 2024 levels, our second-strongest year on record, and we’re 20 percent higher than the 10-year average through the first three quarters of 2025,” said Guérette. “While transaction volumes in the coming months will ease with seasonal trends, the sustained demand we’re seeing is beyond impressive, and all signs point to continued momentum as we look to finish the year strong.”

###

Regional Highlights

All six economic regions across the province reported year-over-year sales gains in September, with sales levels well above the 10-year average.

While the Regina-Moose Mountain and Saskatoon-Biggar regions continue to experience the tightest market conditions in the province, all economic regions are reporting inventory levels well below what is typical for this time of year. Notably, the Swift Current-Moose Jaw, Yorkton-Melville, and Prince Albert regions currently have less than five months of supply.

Price Trends

Home prices continued to rise across every region of the province in September, as all Saskatchewan communities reported year-over-year benchmark price gains for the fifth consecutive month.

The City of Estevan reported the strongest benchmark price growth in September, with prices up 15 percent year-over-year, followed closely by Humboldt at 14 percent. Melfort, Weyburn, Moose Jaw, and Prince Albert also recorded double-digit gains.

City of Regina

Regina reported 375 sales in September, outperforming August sales and defying typical seasonal trends. Sales were up 18 percent year-over-year and 37 percent above the 10-year average, marking the strongest September sales volume on record in the provincial capital.

There were 469 new listings throughout the month, up 16 percent year-over-year. However, record September sales prevented any inventory relief. Over 200 of the 780 active units available at the end of the month were conditionally sold, resulting in 577 available properties heading into October.

Regina reported a residential benchmark price of $337,000 in September, down from $341,300 in August and in line with seasonal trends. Despite the slight monthly dip, prices were five percent higher than September 2024.

City of Saskatoon

Saskatoon reported 426 sales in September, down one percent year-over-year and over 20 percent above the 10-year average.

New listings were up 11 percent year-over-year, as 726 new properties were added to the market. Despite this new listing relief, inventory levels remained relatively unchanged from August. With over 250 of the 942 active listings at the end of the month already conditionally sold, there are 678 available properties heading into September.

Saskatchewan’s largest urban centre reported a residential benchmark price of $431,400 in September, down from a record $435,900 in August. Despite the expected seasonal price decline, prices were up seven percent compared to September 2024.

STRONG AUGUST SALES

Thu, 04 Sep 2025 21:10:37 GMT

Building on a record-breaking July, Saskatchewan’s housing market continued to buck national trends in August, marking 26 consecutive months of above-average sales. With 1,559 transactions reported across the province – up nearly 4% year-over-year and 15% above the 10-year average – Saskatchewan has wrapped up an exceptionally active summer, outpacing many other provinces.

Despite new listings declining by 5 percent year-over-year, provincial inventory levels remained nearly unchanged in August. Over 1,000 of the 5,168 active units available at month’s end were conditionally sold and expected to leave the market, resulting in 4,137 available units heading into September.

“Saskatchewan’s housing market delivered another strong performance in August – not quite matching the record-breaking numbers from July, but clearly maintaining its momentum,” said Association CEO, Chris Guérette. “Year-to-date sales continue to surpass the near-record levels we saw in 2024, and I expect to close our third quarter statistics next month with the same intensity in sales and shortage of inventory.”

The provincial residential benchmark price reached $372,200 in August, a slight dip from July’s record high of $372,700. While this modest month-over-month decline aligns with typical seasonal trends, the benchmark price was eight percent higher than in August 2024, highlighting sustained year-over-year price growth in Saskatchewan’s housing market.

“Once again, Saskatchewan’s market is outperforming expectations, with another month of strong sales and notable price growth,” said Guérette. “While we anticipate some seasonal slowing in transaction volumes over the coming months, underlying demand remains strong across the province – and we expect that momentum to carry through the remainder of 2025.”

###

Regional Highlights

The Prince Albert, Saskatoon-Biggar, Swift Current-Moose Jaw and Northern economic regions all reported year-over-year sales gains in August, with sales levels well above long-term, 10-year averages.

Regina-Moose Mountain (2.9 months of supply) and Saskatoon-Biggar (2.4) continue to experience the province's tightest market conditions. Notably, five of the six provincial economic regions are reporting inventory levels at least 40 percent below 10-year averages.

Price Trends

All Saskatchewan communities reported year-over-year price gains for the fourth consecutive month, while the City of Saskatoon set a new benchmark price record at $435,900.

Seven communities reported double-digit price gains in August. Melfort saw the largest year-over-year increase, with prices nearly 19 percent higher than August 2024. Other notable gains included Humboldt (15 percent), Estevan (13 percent), Moose Jaw (12 percent), and Prince Albert (12 percent).

City of Regina

Regina reported 356 sales in August, down eight percent year-over-year. Despite the year-over-year sales decline, August sales were still over 14 percent above the 10-year average.

There were 465 new listings throughout the month, down seven percent compared to August 2024. When paired with above-average monthly sales, inventory levels remained relatively unchanged from the month prior. With over 200 of the 824 active units available at month’s end already conditionally sold, Regina is heading into September with 599 available units.

The Queen City reported a residential benchmark price of $341,300 in August, down from a record $343,300 in July. However, despite the slight monthly price dip, prices were seven percent higher than those reported last August.

City of Saskatoon

Saskatoon reported 451 sales throughout the month, down one percent year-over-year but still well above the 10-year historical average.

New listings fell 10 percent year-over-year, with 650 properties added to the market in August. Despite declining new listings and above-average sales, inventory levels were consistent with the month prior. Nearly one-third of the 910 active listings at the end of August were conditionally sold, leaving just 643 units available heading into September.

The Bridge City continues to set new price records, with a residential benchmark price of $435,900 in August – up from $432,700 in July and eight percent higher than August 2024.

#Yxe #yxerealestate #saskatoonsales #saskrealestate #saskatoonsold

PRICE SURGE CONTINUES AS JULY SMASHES SALES RECORDS

Wed, 06 Aug 2025 17:03:52 GMT

Saskatchewan’s housing market continued its hot streak last month, with a July record 1,851 sales across the province — up 11 percent year-over-year and over 30 percent above long-term, 10-year trends.

Following record July monthly sales, year-to-date sales have outpaced 2024 levels through the first seven months of 2025. Of note, 2024 was the province's second-best year for sales on record, underscoring the strength of the current market.

Despite a year-over-year gain in new listings, record monthly sales resulted in province-wide inventory remaining unchanged from June. With over 1,000 of the 5,214 units available at the end of July already conditionally sold, only 4,174 active units remain heading into August.

“Saskatchewan’s housing market continues to benefit from a strong and growing economy, record population growth, and the lowest unemployment rate in the country,” said Association CEO, Chris Guérette. “Our market is consistently surpassing expectations and outpacing many others across the nation, with a strong start to 2025 and now record-breaking monthly sales in July.”

Twenty-five consecutive months of above-average sales, paired with persistent supply challenges, continue to drive prices higher across the province. In July, the provincial residential benchmark price hit an all-time high of $372,700, up from $370,700 in June and over eight percent higher than in July 2024.

In addition to a new record provincial benchmark price, the cities of Humboldt, Meadow Lake, Melville, Regina, Saskatoon, Swift Current, and Yorkton recorded record benchmark prices in July.

“We’ve now seen record prices across dozens of communities for three consecutive months – with year-over-year price growth in the high teens – something we’ve been warning about for months,” said Guérette. “We’re thrilled to see record demand and more people calling Saskatchewan home, but we need to keep building more, faster, if we want to maintain our affordability advantage.”

###

Regional Highlights

The Prince Albert, Regina-Moose Mountain, Saskatoon-Biggar, and Yorkton-Melville economic regions all reported year-over-year sales gains in July, with sales levels well above long-term, 10-year averages.

Regina-Moose Mountain (2.6 months of supply) and Saskatoon-Biggar (1.9) continue to experience the province's tightest market conditions.

Price Trends

All Saskatchewan communities reported year-over-year price gains for the third straight month, while six set new benchmark price records.

Eight communities reported double-digit price gains in July, with Humboldt leading the way with prices nearly 17 percent higher than in July 2024. Other notable gains included Melville (16 percent), Melfort (14 percent), Moose Jaw (14 percent), Meadow Lake (13 percent), Yorkton (11 percent), Prince Albert (11 percent), and Swift Current (10 percent).

City of Regina

Regina reported a July record of 412 sales, up over eight percent year-over-year and over 30 percent above the 10-year average.

530 new listings (down one percent year-over-year) hit the market in July, but strong monthly sales prevented inventory relief. Over 200 of the 827 units available at month’s end were conditionally sold and expected to exit the market, leaving Regina with only 607 active units heading into August.

Tight market conditions continue to drive record prices in the Queen City, as July’s benchmark price of $343,300 (up eight percent compared to July 2024) eclipsed the previous high of $343,200 in June.

City of Saskatoon

Saskatoon reported a record-high 610 sales in July, up seventeen percent year-over-year and nearly 40 percent above long-term, 10-year averages.

New listings rose 11 percent year-over-year, with 784 new listings hitting the market in July. However, despite the rise in new listings, inventory levels remain over 45 percent below the 10-year average. Over one-third of the 895 units available at month’s end are conditionally sold, resulting in only 594 active units heading into August.

Saskatoon set another benchmark price record in July, as the Bridge City reported a benchmark price of $435,100, up from $432,700 in June and seven percent higher than in July 2024.

Jordan Boyes: Betting on himself—and winning big in real estate

Thu, 03 Jul 2025 15:31:01 GMT

https://realestatemagazine.ca/jordan-boyes-betting-on-himself-and-winning-big-in-real-estate/

Sneak Peek: June Market Watch

Thu, 03 Jul 2025 15:25:44 GMT

Saskatchewan reported 1,768 home sales in June, marking it the third busiest June on record. June sales were up six percent year-over-year, and nearly 15 percent above long-term, 10-year averages.

Despite economic headwinds and persistent supply challenges throughout the first half of 2025, Saskatchewan’s housing market closed the year’s second quarter with sales consistent with 2024 levels. Notably, 2024 was the province’s second strongest year of sales on record.

While monthly sales remain strong, a year-over-year gain in new listings contributed to a modest inventory gain in June. However, with nearly 1,100 of the 5,215 units available at the end of June already conditionally sold, only 4,144 active units remain at the beginning of July, while inventory levels remain over 40 percent below the 10-year average.

“We’ve now seen monthly sales levels outpace the 10-year average for two whole years; that’s an incredible story that Saskatchewan is telling right now,” noted Association CEO Chris Guérette. “Near-record sales in 2024 and the strong start we’ve seen in 2025 – all while navigating the worst inventory challenges we’ve seen since 2007 – it’s beyond impressive.”

Above-average sales and ongoing inventory challenges continue to support price growth across the province. In June, the provincial residential benchmark price hit an all-time high of $370,700, up from $369,500 in May and eight percent higher than June 2024.

In addition to a new record provincial benchmark price, the cities of Humboldt, Martensville, Melville, Moose Jaw, Swift Current, Regina, and Warman recorded record benchmark prices for the second consecutive month.

“We’re seeing record price growth for a second consecutive month - as high as 16 percent year-over-year in some markets - which speaks to the supply and demand challenges we’re experiencing right now,” said Guérette. “Despite these challenges, we’re encouraged by consecutive months of strong housing start figures and remain hopeful that supply relief is on the way.”

###

Regional Highlights

The Prince Albert, Regina-Moose Mountain, Saskatoon-Biggar, and Yorkton-Melville economic regions reported year-over-year sales gains in June, with sales levels well above long-term, 10-year averages.

As seen in prior months, the Regina-Moose Mountain (2.76 months of supply) and Saskatoon-Biggar (2.01) continue to experience the tightest market conditions in the province.

Price Trends

All Saskatchewan communities reported year-over-year price gains for the second straight month, while seven set new benchmark price records in June.

Moose Jaw led the way in year-over-year price growth, with prices nearly 16 percent higher than in June 2024. Other notable gains included Humboldt (15 percent), Melville (11 percent), Meadow Lake (10 percent), and Prince Albert (9 percent)

City of Regina

Regina reported 402 sales in June, up over six percent year-over-year and nearly 17 percent above the 10-year average.

568 new listings (up eight percent year-over-year) hit the market in June, contributing to a modest inventory increase from May. However, of the 818 units available at month’s end, 207 are conditionally sold and expected to exit the market, leaving Regina with only 611 active units heading into July.

Tight market conditions continue to drive record prices in the Queen City, as June’s benchmark price of $343,200 (up eight percent compared to June 2024) eclipsed the previous high of $340,800 in May.

City of Saskatoon

Saskatoon reported 575 sales in June, the second-largest number of sales on record for the month. June sales were up seven percent year-over-year and 22 percent above long-term, 10-year averages.

New listings rose 18 percent year-over-year, with 789 new listings hitting the market in June. Despite the rise in new listings, inventory levels remain 45 percent below historical averages for this time of year. Of the 937 units available at month’s end, over one-third are conditionally sold, leaving only 600 active units heading into July.

Saskatoon’s streak of record benchmark gains ended in June, as the Bridge City reported a benchmark price of $432,700, down from $433,700 in May but still over seven percent higher than June 2024.

SASKATCHEWAN DEFIES NATIONAL TRENDS AS PRICE SURGE CONTINUES

Wed, 04 Jun 2025 18:07:15 GMT

Saskatchewan recorded 1,750 home sales in May, a five percent decrease compared to May 2024. However, sales remained over 16 percent above the province’s 10-year average for the month of May. Following a near-record year in 2024, year-to-date sales have also declined by nearly three percent through the first five months of 2025, but continue to outperform long-term, historical trends.

Despite strong monthly sales, inventory levels increased compared to the month prior, with 5,008 available units across the province at month’s end. While this modest inventory gain offered some relief, over 900 of these units are conditionally sold and expected to leave the market, while inventory levels remain over 40 percent below the 10-year average.

“Our province’s housing market continues to exceed expectations, with May marking 23 consecutive months of sales above the 10-year average,” said Association CEO Chris Guérette. “The key takeaway isn’t the slight year-over-year sales dip following a near-record 2024 – it is our market’s continued resilience amid economic uncertainty and persistent supply challenges."

Tight market conditions continued to drive further gains this month, as the province’s residential benchmark price rose to a record-high $369,500 in May, up from $360,500 in April and nearly nine percent higher than May 2024.

Significant price gains were not limited to the provincial benchmark price in May, as the cities of Humboldt, Martensville, Meadow Lake, Melville, Melfort, Moose Jaw, North Battleford, Prince Albert, Regina, Saskatoon, Swift Current, and Warman all reported record benchmark prices this month.

“Record benchmark prices across nearly a dozen communities in May, with price gains as high as 18 percent year-over-year, is quite significant,” noted Guérette. “We’re optimistic that market conditions will trend more towards balance in the coming months, but we see the impact it can have on housing prices when the market is this tight.”

###

Regional Highlights

The Yorkton-Melville and Swift Current-Moose Jaw regions reported year-over-year sales gains in May, while other regions reported sales declines compared to near-record 2024 sales levels.

The Regina-Moose Mountain and Saskatoon-Biggar regions continue to experience the tightest market conditions in the province, as both regions report less than two-and-a-half months of supply heading into June.

Price Trends

All regions of the province reported year-over-year price gains in May, with 11 communities setting new benchmark price records.

The City of Humboldt led the way in price gains for a second consecutive month, with prices nearly 18 percent higher than May 2024. Other notable gains include Meadow Lake (up 14 percent), Moose Jaw (13 percent), Prince Albert (12 percent), North Battleford (11 percent), and Melfort (10 percent).

City of Regina

The City of Regina reported 422 sales in May, down three percent year-over-year and over 23 percent above long-term, 10-year trends.

There were 622 new listings in May, up over 11 percent year-over-year and in line with historical averages for May. Despite some new listing relief, 172 of the 755 units available at the end of the month were conditionally sold, with 543 active units, or 1.8 months of supply, heading into June.

Regina reported a record benchmark price of $340,800 in May, up from $335,500 in April, and nearly seven percent higher than May 2024.

City of Saskatoon

Saskatoon reported 544 sales in May, down nearly five percent year-over-year but nearly 20 percent above the 10-year average.

New listings increased by 13 percent year-over-year and were in line with 10-year trends for May. Notably, nearly 300 of the 881 units available at the end of May were conditionally sold, resulting in 555 active units or 1.6 months of supply at the beginning of June.

Prices continue to surge in Saskatoon, as the Bridge City reported a new record benchmark price of $433,700 in May, up from $422,600 in April and over nine percent higher than May 2024.

RECORD HOME PRICES IN APRIL AS INVENTORY REMAINS TIGHT ACROSS SASKATCHEWAN

Tue, 06 May 2025 16:02:04 GMT

Saskatchewan reported 1,470 home sales in April, marking a 10 percent decline compared to April 2024, the second-strongest April on record in our province. However, despite the year-over-year dip, sales remained significantly above the 10-year average for the 22nd consecutive month — a clear sign of continued market strength.

New listings were also down, falling over seven percent year-over-year and sitting 17 percent below the 10-year average. These persistent supply shortages continue to limit inventory recovery, even as sales ease slightly.

“Our market continues to demonstrate remarkable resilience, with 22 straight months of sales outperforming long-term trends,” said Association CEO, Chris Guérette. “Although sales decreased in April compared to last year, this isn’t a demand issue — it's an inventory issue. The current inventory situation directly impacts our market’s ability to sustain even higher sales.”

At the end of April, there were 4,371 active listings across the province — up slightly from 3,851 in March. Despite this monthly increase, inventory was still down 18 percent year-over-year and remains nearly 50 percent below the 10-year average.

Tight market conditions continue to drive higher home prices, as Saskatchewan’s residential benchmark price rose to a record-high $360,500 in April —up from $353,600 in March and more than 6 percent higher than April 2024.

“We’re pleased to see our market weathering both economic uncertainty and ongoing supply challenges,” Guérette added. “It remains a challenging time for prospective buyers, but we’re cautiously optimistic that the slight rise in inventory this month is a step in the right direction.”

###

Regional Highlights

Nearly every economic region in the province reported year-over-year sales declines in April. However, the Yorkton-Melville region was an outlier, reporting sales eight percent higher than April 2024 and over 18 percent above long-term, 10-year trends.

Price Trends

Despite modest year-over-year sales declines, supply challenges and competitive market conditions resulted in price gains across nearly all regions of the province in April.

The City of Humboldt reported benchmark price gains of nearly 12 percent in April, while Melfort (11.3 percent), Moose Jaw (10.9 percent), Prince Albert (8.0 percent) and North Battleford (6.9 percent) all reported notable gains.

City of Regina

The City of Regina reported 365 sales in April, down 13 percent year-over-year but still well outpacing long-term, 10-year averages by over 26 percent.

There were 494 new listings in April, down four percent year-over-year and over seven below the 10-year average. Of note, 179 of the 636 units available at month’s end were already conditionally sold, leaving just 457 active units heading into May.

Regina reported a record benchmark price of $335,500 in April, up from $326,300 in March and over five percent above April 2024.

City of Saskatoon

Saskatoon reported 440 sales in April, down nearly 16 percent year-over-year but 11 percent above the 10-year average.

New listings declined by 12 percent year-over-year and over 18 percent below long-term trends. Of the 681 available units at month’s end, 230 were conditionally sold, leaving just 451 units on the market with active status.

Saskatoon continues to set new price records, with a benchmark price of $422,600 in April, up from the prior record of $415,900 in March and over seven percent above April 2024.

‘The spring market is here’

Mon, 14 Apr 2025 12:40:56 GMT

Saskatchewan sees sales 13% above 10-year average in March

Saskatchewan is one of the few housing markets outpacing national trends, according to the latest data from the Saskatchewan Realtors Association (SRA).

March saw an increase in demand and dwindling supply; the province recorded 1,277 sales—an 8 per cent increase year-over-year, and 13 per cent above the 10-year average.

“Notwithstanding economic uncertainty and the ongoing threat of tariffs, Saskatchewan’s housing market remains remarkably resilient, once again posting above-average monthly sales,” says SRA CEO Chris Guerette. “Many markets across the country are going to tell a very different story this month, which highlights the strength of our market—even in the face of significant headwinds.”

Inventory hits historic lows

Despite a modest month-over-month rise in inventory—4,023 in March, up from 3,851 in February—levels were down 21 per cent year-over-year and 50 per cent below the 10-year average.

Saskatoon and Regina, the province’s two largest urban centres, are experiencing particularly acute shortages. Factoring in conditional sales, Saskatoon had just 0.98 months of supply heading into April. Regina trails closely with 1.29 months—figures well below the threshold of a balanced market.

“The spring market is here. We continue to see near-record demand, and there isn’t enough inventory to meet that demand right now,” said Guerette.

Prices continue to climb

Supply versus demand struggles continue to send home prices upward across Saskatchewan. The province reported a benchmark price of $353,600 in March—a $9,000 month-over-month increase and more than 6 per cent higher than March 2024

Saskatoon led the way with a record-setting benchmark price of $415,900, up more than $25,000 year-over-year. Regina also saw prices rise to $326,300nearing an all-time high—up from $317,700 in February.

Written by:
REM Editorial Team

‘Near-record demand’: Sask. housing market surges, defying tariff concerns

Tue, 08 Apr 2025 15:15:23 GMT

Saskatchewan’s housing market remains a standout performer in Canada, shrugging off economic uncertainty and fears over tariffs as sales and prices continue to rise.

According to the latest report from the Saskatchewan Realtors Association, home sales surged past 1,277 in March, an increase of over eight per cent from March of 2024 and 13 per cent higher than the 10-year average.

Read More:

At the same time, new listings remain scarce, dipping two percent year-over-year and nearly 30 per cent below long-term trends.

“This is not new for Saskatchewan. Saskatchewan’s housing market has been known to react differently than what the rest of the country is doing.”

Unlike other parts of Canada, where higher borrowing costs and policy uncertainties have slowed market activity, Saskatchewan is witnessing urgent buying that has driven inventory to new lows.

“We have not seen a blip because of the tariffs. I was 100 per cent expecting to see that because I saw that in Calgary. And Toronto was reporting one of their worst Marches ever,” Guérette remarked.

“You would never guess that there was uncertainty in the market with tariffs right now.”

Inventory shortages, rising prices

As of the end of March, only 4,023 properties were available across the province, marking a 21 per cent year-over-year decline.

This supply crunch has particularly affected Saskatchewan’s two largest cities, Saskatoon and Regina, where inventory is at critically low levels.

Saskatoon now has less than one month’s supply of homes, the association said, while Regina sits at just 1.29 months.

“I would love to see more new homes coming onto the market,” said Guérette.

“We’re still not seeing what we want, and until that point I think we’re still going to see the type of numbers that we’re seeing today.”

The extreme supply constraints have fueled price increases, with the province’s residential benchmark price rising to $353,600, which is up over six per cent from last year.

Saskatoon in particular set a record-high benchmark price of $415,900, reflecting growing demand and limited supply.

Regina also saw home values climb, reaching $326,300, just shy of the city’s all-time high.

“We continue to see near-record demand, and there isn’t enough inventory to meet that demand right now,” said Guérette. “It’s going to be very challenging. Patience is essential, and the expertise of a real estate professional is more crucial than ever.”

Tariffs? No impact – yet

While concerns over new tariffs loom over various industries in Canada, Saskatchewan’s housing market has shown no signs of slowing down as a result.

The association suggested that strong local demand, better affordability when compared to larger Canadian markets and continued economic stability in the province are keeping the market insulated – for now.

As spring arrives, all indications suggest that Saskatchewan’s housing sector will remain a seller’s market, with competition for the limited number of homes available growing more intense.

With demand far outpacing supply, prospective buyers may continue to face challenges securing properties at competitive prices.

“There’s still a lot of unknown out there, a lot of uncertainty that we feel daily is shifting,” Guérette reflected. “But in Saskatchewan, buyers are still out there, and they’re still mobilizing to buy.”

SURGING SALES DRIVE INVENTORY TO NEW LOWS AHEAD OF SPRING MARKET

Thu, 03 Apr 2025 15:26:37 GMT

Saskatchewan’s housing market continues to exceed expectations and defy national trends, with 1,277 sales across the province in March – up over eight percent year-over-year and 13 percent above long-term, 10-year averages.

New listings decreased by 2 percent year-over-year and remain nearly 30 percent below long-term trends. When paired with the twenty-first consecutive month of above-average sales, inventory levels continue to worsen across many areas of the province.

“Notwithstanding economic uncertainty and the ongoing threat of tariffs, Saskatchewan’s housing market remains remarkably resilient, once again posting above-average monthly sales,” said Association CEO Chris Guérette. “Many markets across the country are going to tell a very different story this month, which highlights the strength of our market – even in the face of significant headwinds.”

At month's end, 4,023 units were available across the province, up from 3,851 last month. Despite the slight month-over-month increase, inventory levels dipped by 21 percent year-over-year, remaining nearly 50 percent below the 10-year average.

Furthermore, Saskatchewan’s two largest markets continue to grapple with severe inventory shortages. When accounting for conditional sales set to close and leave the market, Saskatoon is entering April with just 0.98 months of supply, while Regina trails closely behind at 1.29 months.

Strong sales and persistent supply constraints continue to boost home prices across the province. Saskatchewan reported a residential benchmark price of $353,600 in March – up from $344,700 in February and over six percent higher than March 2024.

“The spring market is here. We continue to see near-record demand, and there isn’t enough inventory to meet that demand right now,” said Guérette. “Our message to those trying to navigate this market is simple: it’s going to be very challenging, patience is essential, and the expertise of a real estate professional is more crucial than ever.”

###

Regional Highlights

All regions of the province except the Northern region reported year-over-year sales gains in March, with the Yorkton-Melville (up 13 percent year-over-year), Saskatoon-Biggar (12 percent) and Prince Albert (10 percent) regions leading the way.

The Regina-Moose Mountain and Saskatoon-Biggar regions continue to experience the tightest market conditions in the province, as both regions report less than three months of supply heading into a historically busy spring market. These two regions also reported the largest year-over-year inventory decrease, down 26 percent compared to March 2024.

Price Trends

Surging sales and declining inventory are again driving price gains across the province. In March, all cities except Estevan and Weyburn saw year-over-year price gains.

The City of Melfort led the way in price growth for a second consecutive month, with prices 22 percent higher than March 2024. Other notable gains include the cities of Prince Albert (up 11.7 percent), North Battleford (11.5 percent), Humboldt (11.1 percent) and Moose Jaw (10.7 percent).

City of Regina

The City of Regina reported 301 sales in March, down three percent year-over-year but still outpacing the 10-year average by 15 percent.

There were 418 new listings in March, consistent with March 2024 but down 20 percent compared to the 10-year average of 524. Notably, 172 of the 579 units available at month’s end were already conditionally sold, leaving just 407 reported as active.

Stable demand and ongoing inventory challenges continue to push prices higher in the Queen City. In March, the residential benchmark price rose to a near-all-time high of $326,300, up from $317,700 in February and over four percent higher than March 2024

City of Saskatoon

Saskatoon reported 403 sales in March, up 11 percent year-over-year and 13 percent above the 10-year average.

New listings declined by one percent year-over-year and 27 percent compared to the 10-year average, resulting in the lowest months of supply heading into April since 2007. Of the 602 available units at month’s end, 195 were conditionally sold, leaving just 407 units on the market with active status – less than one month of supply when conditional sales are factored in.

Saskatoon reported a record benchmark price of $415,900 in March, up from $405,400 in February and over $25,000 higher than March 2024.

SASKATCHEWAN MARKET REMAINS RESILIENT AMID ECONOMIC UNCERTAINTY

Thu, 06 Mar 2025 21:02:39 GMT

Saskatchewan reported 986 sales across the province in February, down one percent year-over-year but well above long-term, 10-year averages. Despite the slight year-over-year decline, sales levels remain on pace with 2024 levels through the first two months of the year.

New listings decreased by nearly 14 percent year-over-year and were down 29 percent compared to the 10-year average. When paired with near-record demand in 2024 and a strong start to 2025, inventory challenges are worsening in many markets across the province.

“Saskatchewan’s housing market continues to exceed expectations, as February marks twenty consecutive months of above-average sales in our province,” noted Association CEO, Chris Guérette. “These figures are even more impressive when you consider how dire the inventory situation has been over this stretch, what we’re seeing right now is unprecedented.”

With just 3,851 units available across the province at month’s end, inventory levels declined by 21 percent year-over-year and remain nearly 50 percent below levels typically seen in the year's first quarter.

Home prices continue to rise across Saskatchewan, as the province reported a residential benchmark price of $344,700 in February, up from $342,600 in January and nearly five percent higher than February 2024.

“While several external factors are causing economic uncertainty across our nation right now, Saskatchewan’s housing market continues to experience strong demand through the first two months of 2025,” said Guérette. “Our market has demonstrated resilience through persistent supply challenges, and now we’re adding tariffs to the mix. A lot is being thrown at us, but we’re cautiously optimistic that our market will continue to weather this storm.”

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Regional Highlights

The Regina-Moose Mountain and Saskatoon-Biggar regions reported monthly sales that well outpaced historical averages. Regina-Moose Mountain and Saskatoon-Biggar also continue to report the tightest market conditions in the province, with inventory levels over 50 percent below the 10-year average in both regions.

The Prince Albert region saw prices increase by 10 percent year-over-year in February, while the Swift Current-Moose Jaw region saw prices grow by eight percent.

Price Trends

Strong demand and ongoing supply challenges continue to drive price gains throughout the province—with all but two areas of the province reporting year-over-year price gains in February.

The City of Melfort saw the largest year-over-year price growth in February, with prices over 21 percent higher than in February 2024. Other notable gains include the cities of Prince Albert (10.7 percent), Humboldt (10.3), and Moose Jaw (8.3).

City of Regina

The City of Regina reported 253 sales in February, down seven percent compared to February 2024. Despite the slight year-over-year decrease, February sales levels were over 30 percent above the 10-year average, with limited inventory preventing even stronger sales figures.

February saw 304 new listings added to the market, down five percent from last February and 19 percent below long-term averages. At month’s end, there were 514 units in inventory, 124 of which were conditionally sold and set to exit the market. Above-average sales and declining new listings resulted in just over two months of supply – the lowest level reported in February in nearly two decades.

Regina’s benchmark price rose to $317,700 in February, up from $316,300 in January and two percent higher than February 2024.

City of Saskatoon

The City of Saskatoon reported 323 sales in February, up five percent year-over-year and over 25 percent above 10-year averages. While supply constraints continue to prevent further sales gains, year-to-date sales are over 22 percent higher than long-term, 10-year averages through the first two months of 2025.

The Bridge City saw 381 new listings in February, down 12 percent year-over-year and nearly 30 percent below 10-year averages. At month’s end, there were only 581 available units, 156 of which were already conditionally sold. With less than two months of supply heading into March, Saskatchewan’s largest urban centre is reported near-record low inventory for this time of year.

Saskatoon reported a benchmark price of $405,400 in February, up from $403,400 in January and nearly six percent above February 2024.

SASKATCHEWAN HOUSING MARKET OFF TO A STRONG START IN 2025

Thu, 06 Feb 2025 14:18:17 GMT

Saskatchewan’s housing market is off to a strong start in 2025, with 782 sales across the province in January—up one percent year-over-year and over 17 percent above 10-year averages. Strong January sales led to the nineteenth consecutive month of above-average sales in the province, a streak of robust sales that dates back to June 2023.

New listings declined by two percent year-over-year and were down nearly 28 percent compared to long-term averages. Declining new listings continue to be met with strong demand, which failed to provide any supply relief to begin the new year.

Inventory levels were down 19 percent year-over-year and currently sit over 44 percent below the 10-year average, with over 600 fewer units available than this time last year. Notably, of the 3,925 available units reported at month’s end, over 700 had already accepted a conditional offer and are set to leave the market once those transactions close.

“While market activity in the coming months will provide a clearer picture of trends for 2025, monthly sales figures continue to outperform expectations,” said Association CEO, Chris Guérette. “We’re picking up right where we left off after a near-record 2024.”

Tighter market conditions continue to place upward pressure on home prices across the province, as Saskatchewan reported a residential benchmark of $342,600 in January - up from $337,800 in December and nearly seven percent higher than January 2024.

“Until recently, Saskatchewan was braced for another strong year in 2025. That outlook has become less certain given the threat of tariffs, coupled with potential Canadian retaliation and uncertainty with the Bank of Canada,” said Guérette. “We’ll be keeping a close eye on these external factors and their potential implications on Saskatchewan’s housing market in 2025.”

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Regional Highlights

The Regina-Moose Mountain, Saskatoon-Biggar, and Swift Current-Moose Jaw regions all reported monthly sales that well outpaced historical averages—leading the province to a nineteenth consecutive month of above-average sales. While market activity in the coming months will provide a clearer picture of trends for 2025, there continues to be significant demand for housing despite limited inventory in many markets across the province.

The Regina-Moose Mountain region (down 27 percent) saw the largest year-over-year inventory decline in January, while the Saskatoon-Biggar region is again reporting the tightest market conditions across the province.

Price Trends

Significant demand and persistent inventory challenges continue to drive price gains throughout the province—with all areas of the province reporting year-over-year price gains in January.

The City of Moose Jaw led the way in year-over-year price growth for the sixth consecutive month, with prices over 15 percent higher than January 2024. Other notable gains include the cities of Melfort (12.3 percent), Humboldt (11.5) and Prince Albert (8.3).

City of Regina

Following a record-breaking sales year in 2024, the City of Regina reported 172 sales in January, down four percent year-over-year but 17 percent above long-term, 10-year trends.

There were 279 new listings across the Queen City in January, down 10 percent year-over-year and nearly 22 percent below historical averages. As a result, inventory levels remain nearly 50 percent below the 10-year average. At month’s end, just 537 were units available on market, down nearly 225 units from this time last year.

Regina's residential benchmark price was $316,300 in January, up from $313,400 in December and over five percent higher than January 2024.

City of Saskatoon

The City of Saskatoon reported 253 home sales in January, a year-over-year increase of over 3 percent and the second-strongest January on record.

Despite a surge in new listings, Saskatoon’s months of supply remains under 2.5 months, with inventory levels down 15 percent year-over-year and over 50 percent below long-term trends. Notably, less than 450 of the 618 available units at month’s end were not already conditionally sold.

Saskatoon reported a benchmark price of $403,400 in January, up from $395,300 in December and over seven percent higher than January 2024.

December Market Watch

Tue, 07 Jan 2025 14:44:14 GMT

Saskatchewan reported 776 sales in December, up three percent year-over-year and nearly 15 percent above long-term, 10-year averages. Above-average December sales capped off the second-strongest year on record for resale housing activity in Saskatchewan, with 16,119 sales across the province in 2024, up nearly nine percent from 2023.

Strong demand throughout 2024 was consistently met with declining new listings, resulting in record inventory lows at various points throughout the year. In December, new listings decreased by 16 percent year-over-year, down nearly 30 percent from 10-year averages and two percent below 2023.

“Our province closed 2024 with an eighteenth consecutive month of above-average sales, an incredible statistic when you consider the significant inventory challenges we’ve faced throughout the year,” noted Association CEO, Chris Guérette. “This lack of available inventory, specifically in the more affordable segment of the market, is very likely preventing even stronger 2024 sales figures.”

Seasonal sales trends allowed the provincial months of supply to reach nearly five months in December, up from below four months in November. However, inventory levels decreased by 20 percent compared to December 2023 and continue to sit over 40 percent below the 10-year average – with even tighter conditions reported in Regina and Saskatoon.

The province’s residential benchmark price stood at $337,800 in December, down slightly from 338,400 in November, consistent with seasonal trends. Despite the slight month-over-month decrease, Saskatchewan’s residential benchmark price grew by nearly seven percent compared to December 2023.

“Saskatchewan’s resale housing market continues to benefit from record population figures, employment growth, and the recent Bank of Canada interest rate cuts,” said Guérette. “As we look ahead to 2025, we expect supply challenges to continue as a dominant theme. If this increased demand continues in the new year, we will likely see prices continue to trend upward across the province.”

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Regional Highlights
All regions of the province reported yearly sales that outpaced both 2023 sales levels and long-term, 10-year averages. The Regina-Moose Mountain (up 28 percent compared to 10-year trends), Saskatoon-Biggar (18 percent) and Swift Current-Moose Jaw (17 percent) regions significantly outperformed historical trends in 2024.

As seen throughout much of 2024, the Saskatoon-Biggar (3.23 months of supply) and Regina-Moose Mountain (4.11) regions continue to report the tightest market conditions in the province. Despite seasonal sales trends allowing the months of supply to improve in December, both regions are reporting months of supply over 50 percent below historical averages.

Price Trends
Strong demand paired with low inventory drove price gains throughout much of 2024 – with nearly all areas of the province reporting year-over-year sales gains in December.

For the fifth consecutive month, the City of Moose Jaw led the way with year-over-year price gains of over 14 percent. Additionally, the cities of Humboldt (13.5 percent), Melfort (12.5), and Melville (10.9) all reported double-digit price gains in December.

City of Regina
The City of Regina reported 198 sales in December, a five percent year-over-year increase and over 28 percent above long-term trends. Above-average monthly sales were a consistent theme for the Queen City throughout the year, with 3,917 sales in 2024 – the largest number of yearly sales in Regina’s history.

Despite modest new listing growth compared to 2023, record demand continues to impact Regina’s inventory levels, which declined by 32 percent year-over-year and are currently over 40 percent below historical averages.

Regina’s residential benchmark price was $313,400 in December, down slightly from $313,700 in November and over five percent higher than December 2023.

City of Saskatoon
The City of Saskatoon reported 256 home sales in December, a year-over-year increase of over 12 percent and nearly 20 percent above the 10-year average. With 5,035 annual sales, 2024 marked the second-strongest year on record in the Bridge City, up over eight percent compared to 2023.

At year-end, there were only 555 available units, as inventory levels declined by 25 percent year over year and are nearly 50 percent below historical averages. With only 2.17 months of supply to end the year, Saskatoon’s inventory levels are near record lows for this time of year.

Saskatoon reported a benchmark price of $395,300 in December, down slightly from $398,800 in November, reflecting typical seasonal trends. However, the benchmark price remains over seven percent higher than in December 2023, as tight market conditions continue to drive price gains in Saskatchewan’s largest urban centre.

SUSTAINED HOUSING DEMAND DRIVES NEAR-RECORD NOVEMBER SALES

Fri, 06 Dec 2024 15:37:24 GMT

Saskatchewan reported 1,179 sales in November, marking the second-highest monthly sales volume ever for the month. This represents an 18 percent increase compared to November 2023 and 27 percent above the 10-year historical average. Sales growth was widespread, with nearly all regions of the province contributing to a nine percent year-to-date sales increase.

November marked the seventeenth consecutive month of above-average sales, which coincided with a drop in new listings. This imbalance further reduced inventory levels, which declined by 23 percent year-over-year and currently sit nearly 45 percent below the long-term, 10-year averages—the lowest for November since 2007.

“As 2024 draws to a close, it’s shaping up to be one of the strongest years on record for our province,” said Association CEO Chris Guérette. “Given the ongoing inventory challenges in many Saskatchewan markets, the fact that we’re reporting above-average sales for 17 consecutive months is unprecedented.”

With inventory tightening and demand remaining strong, Saskatchewan reported 3.6 months of supply in November. While this is a slight increase from October, it remains well below typical seasonal levels. These tight market conditions continue to drive price growth, with many communities across the province reporting year-over-year benchmark price increases.

The province’s residential benchmark price stood at $338,400 in November, slightly down from $343,400 in October. However, this seasonal decline aligns with historical patterns, and the November price remains over five percent higher than the same time last year.

“Saskatchewan’s housing market continues to exceed expectations and defy many seasonal trends,” noted Association CEO Chris Guérette. “After a record-breaking October, November delivered the second-highest sales on record for the month, underscoring the sustained strength of housing demand across the province.”

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Regional Highlights
Year-to-date sales continue to outpace long-term, 10-year averages across all regions of the province. The Regina-Moose Mountain (up 28 percent year-to-date), Saskatoon-Biggar (18) and Swift Current-Moose Jaw (18) regions are significantly outperforming historical trends.

The Saskatoon-Biggar (2.42 months of supply) and Regina-Moose Mountain (3.21) regions continue to report the tightest market conditions in the province, while conditions remain tight in all other regions relative to the 10-year average.

Price Trends
Tighter market conditions continue to support price growth, with all regions of the province reporting year-over-year benchmark price increases in November. The Prince Albert Region experienced the most significant year-over-year growth (7.2 percent), followed by the Saskatoon-Biggar (6.3) and Swift Current-Moose Jaw (5.9) regions.

For the fourth consecutive month, Moose Jaw posted the largest monthly price gains, with home prices soaring nearly 11 percent compared to the previous year. Notably, all Saskatchewan cities reported year-over-year price growth except for Estevan, Weyburn, and Swift Current.

City of Regina
The City of Regina reported 273 sales in November, an increase of 14 percent year-over-year and over 28 percent above long-term, 10-year trends. These strong sales figures pushed Regina’s year-to-date total to 3,720—a record high for sales through November.

Although there was a modest increase in new listings during the month, inventory levels continued to decline, dropping 34 percent compared to last year and sitting nearly 50 percent below the 10-year average.

Regina’s residential benchmark price was $313,700 in November, down from $321,000 in October, consistent with seasonal trends. Despite the monthly decline, the benchmark price remains nearly four percent higher than in November 2023.

City of Saskatoon
The City of Saskatoon reported 380 home sales in November, a 21 percent increase compared to the same month last year and 32 percent above the 10-year average.

Saskatoon’s strong sales momentum continues to limit inventory relief. With just 693 units currently available on market, the city faces less than two months of supply, emphasizing the sustained demand in Saskatchewan’s largest urban center.

Saskatoon reported a benchmark price of $398,800 in November, a slight decline from $402,600 in October, reflecting typical seasonal trends. However, the benchmark price remains over six percent higher than in November 2023, highlighting the ongoing price growth fueled by tight market conditions.

STRONG SALES CONTINUE AMID RECORD OCTOBER SALES

Tue, 05 Nov 2024 16:18:54 GMT

Saskatchewan reported 1,520 sales in October, the highest monthly sales level ever reported in October. Sales were over 21 percent higher than last year’s levels and 36 percent above long-term, 10-year historical averages. Sales levels improved across all regions of the province in October, contributing to a year-to-date gain of over 8 percent.

Despite modest monthly growth in new listings, the sixteenth consecutive month of above-average sales in Saskatchewan led to further inventory declines – with inventory at the lowest point in October since 2007. The steepest inventory declines were experienced in homes priced below $300,000, while the only monthly inventory gains were reported in homes priced above $600,000.

“Saskatchewan continues to benefit from several positive economic factors supporting above-average housing demand across our province,” said Association CEO, Chris Guérette. “Unlike some parts of the country, housing demand remains strong despite significant inventory challenges – as demonstrated by a sixteenth consecutive month of above-average sales.”

Strong monthly sales, combined with lower inventory, resulted in the months of supply falling to just above three months across the province—an exceptionally low figure for the month of October. The relatively tight market conditions throughout much of 2024 continue to place upward pressure on prices, as nearly all Saskatchewan communities reported year-over-year benchmark price gains this month.

Saskatchewan reported a residential benchmark price of $343,400 in October, down slightly from $343,800 in September. While a slight month-over-month price decrease is expected and in line with seasonal factors, the October benchmark price is nearly six percent above October 2023 – with prices improving across all property types compared to last year.

“We typically see less sales activity in the fourth quarter of the year, and when you factor in the scarcity of inventory, the demand we’re seeing that led to record October sales is quite impressive,” said Guérette. “Recent rate cuts are expected to support even stronger demand – with inventory levels below near record lows in some markets across the province, it is a challenging time for prospective buyers right now.”

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Regional Highlights
Year-to-date sales rose across all active regions of the province in October, with many regions reporting levels well above long-term, 10-year trends. New listings were met with strong sales, resulting in widespread inventory declines across the province.

The Saskatoon-Biggar (2.41 months of supply) and Regina-Moose Mountain (2.62) regions continue to report the tightest market conditions in the province, while conditions remain tight in all other regions relative to long-term trends.

Price Trends
Tight market conditions supported year-over-year benchmark price growth across all regions of the province in October – with the most significant year-to-date growth occurring in the Saskatoon-Biggar Region.

The City of Moose Jaw is again reporting the largest monthly price gains, with prices over 11 percent higher than last year. Meanwhile, all Saskatchewan cities reported year-over-year price gains in October.

City of Regina
The City of Regina reported 364 sales in October, an increase of 18 percent year-over-year and 47 percent above long-term, 10-year trends. Further sales gains in October contributed to 3,447 year-to-date sales, the highest year-to-date sales figure ever reported through October in the Queen City.

New listings continue to struggle to keep pace with surging sales, resulting in a 31 percent year-over-year inventory decline and less than two months of supply available on market.

Regina reported a residential benchmark price of $321,000 in October, up from $320,700 in September and five percent higher than October 2023.

City of Saskatoon
The City of Saskatoon reported a record-high 444 sales in October, a year-over-year increase of 17 percent and nearly 30 percent above long-term, 10-year averages.

Strong sales levels continue to prevent any significant inventory relief in the Bridge City, as the 803 units available on market reflect the lowest level reported in October since 2006, with less than two months of supply available across the city.

Saskatoon reported a residential benchmark price of $402,600 in October, up from $401,800 in September and nearly seven percent higher than October 2023.

#realestate #yxe #sale #saskatoonrealestate #saskatoon

NEAR-RECORD SEPTEMBER SALES DRIVEN BY STRONG DETACHED ACTIVITY

Fri, 04 Oct 2024 14:11:51 GMT

Saskatchewan reported 1,398 sales in September, an eight percent year-over-year increase and nearly 15 percent above long-term, 10-year trends. September marked the fifteenth consecutive month of above-average sales in Saskatchewan, with sales levels across the province amongst the strongest ever reported for the month.

Strong gains in the detached sector drove much of the year-over-year sales growth, accounting for nearly 73 percent of monthly sales. Sales levels also improved across nearly every region of the province, with year-to-date sales currently on pace to be the second highest on record.

“Record population growth, favourable economic conditions, and an improving labour market continue to support strong demand in Saskatchewan’s housing market,” said Association CEO, Chris Guérette. “When paired with easing lending rates, these factors are, without question, contributing to a fifteenth consecutive month of above-average sales.”

New listings trended down in September, a two percent year-over-year decline and over 16 percent below long-term trends. The pullback in new listings relative to sales resulted in a 17 percent year-over-year inventory decline, nearly 40 percent below the 10-year average—the lowest level reported in September since 2007.

Saskatchewan reported a residential benchmark price of $343,800 in September, down from $344,700 in August and nearly six percent above September 2023. Meanwhile, all Saskatchewan cities reported year-over-year benchmark price increases – with the largest increase (13 percent) in the City of Moose Jaw.

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Regional Highlights

Year-to-date sales growth has been largely driven by gains in the Regina Moose-Mountain, Saskatoon-Biggar, and Swift Current-Moose Jaw regions, which account for 81 percent of all sales in the province. Meanwhile, sales activity in the Prince Albert and Yorkton-Melville regions remains in line with last year’s activity while still outperforming long-term trends.

The Saskatoon-Biggar region continues to report the tightest market conditions in the province, with inventory levels nearly 45 percent below the 10-year average.

Price Trends

All provincial economic regions reported year-over-year price gains in September, with the strongest price growth occurring in the Saskatoon-Biggar and Swift Current-Moose Jaw regions.

With prices nearly 13 percent higher than last year, the city of Moose Jaw reported the largest price gain in September, followed by Yorkton at eight percent and Humboldt at over seven percent.

City of Regina

The City of Regina reported 320 sales in August – the second-highest level on record for the month – up five per cent year-over-year and 19 per cent above long-term, 10-year trends.

Strong sales figures were met with declining new listings, resulting in a 23 percent year-over-year decline in inventory, over 40 percent below long-term trends.

The City of Regina reported a benchmark price of $320,700 in September, up from 319,700 in August and nearly five percent above September 2023.

City of Saskatoon

The City of Saskatoon reported 432 sales in August, an increase of 16 percent year over year and 24 percent above long-term, 10-year trends.

Limited supply options continue to prevent even stronger sales figures in Saskatoon. Monthly inventory levels remain over 46 percent below the 10-year average and the lowest reported in September since 2007.

The City of Saskatoon reported a record benchmark price of $401,800 in September, down from $404,900 in August but nearly seven percent higher than September 2023.

ABOVE-AVERAGE SALES CONTINUE TO DRIVE PRICE GROWTH IN AUGUST

Thu, 05 Sep 2024 17:05:52 GMT

Saskatchewan reported 1,507 sales in August, a seven per cent year-over-year decrease but over 12 per cent above long-term, 10-year averages. Despite a slight pullback in sales, August marked the fourteenth consecutive month of above-average sales, and year-to-date sales remain seven per cent higher than levels reported last year.

A modest gain in new listings relative to sales resulted in the sales-to-new-listings ratio trending down from levels reported over the last few months, preventing an even more significant monthly decline in inventory levels. However, inventory levels slid by 17 per cent year-over-year and remain 40 per cent below long-term averages.

“Unlike many other parts of the country, sales in our province continue to outperform historical averages for a fourteenth consecutive month,” noted Association CEO, Chris Guérette. “Saskatchewan’s relative affordability, when paired with employment gains and falling unemployment rates, continues to support strong housing demand in our province.”

Easing supply levels, especially in the lower price ranges, are again placing upward pressure on home prices. In August, Saskatchewan reported a residential benchmark price of $344,700, a six-percent year-over-year gain.

“Inventory levels remain over 40 per cent below average province-wide and in our two largest centres – and we’re seeing the impact that can have on prices,” said Guérette. “Nearly all regions of the province saw year-over-year price growth in August, as high as 11 per cent in Moose Jaw and 9 per cent in Saskatoon – that’s very significant.”

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Regional Highlights

Regina-Moose Mountain was the only economic region to report a year-over-year sales increase in August, while many regions continue to report sales levels above long-term, 10-year trends.

All regions except the Northern region continue to report year-to-date sales well above the 10-year average – with the strongest sales levels occurring in the Regina-Moose Mountain, Saskatoon-Biggar, and Swift Current-Moose Jaw regions. Meanwhile, the Saskatoon-Biggar region continues to report the tightest market conditions in the province.

Price Trends

Home prices trended up across nearly all economic regions of the province in August, with the largest monthly gains occurring in the Swift Current- Moose Jaw (nine per cent year-over-year) and Saskatoon-Biggar (eight per cent) regions.

With prices nearly 11 per cent higher than last year, Moose Jaw reported the largest price gain in August, followed by Saskatoon at eight per cent. Meanwhile, Regina, Estevan, Weyburn, Swift Current, Melville, Yorkton, Humboldt, Meadow Lake, North Battleford, and Prince Albert all reported year-over-year price gains in August.

City of Regina

The City of Regina reported 387 sales in August, up eight per cent year-over-year and 29 per cent above long-term, 10-year trends.

With a year-to-date sales total of 2,765 units, 15 per cent higher than last year, the Queen City continues to report strong sales despite persistent inventory challenges. Monthly gains in new listings were not enough to offset strong sales levels, as inventory levels declined by 22 per cent year-over-year and remain over 40 per cent below long-term, 10-year trends.

The City of Regina reported a benchmark price of $319,700 in August, up from $318,400 in July and three percent above August 2023.

City of Saskatoon

The City of Saskatoon reported 457 sales in August, a 13 per cent year-over-year decrease. Despite the slight sales dip, August sales levels were 14 per cent above the 10-year average.

Limited supply options continue to prevent stronger sales figures in Saskatoon, as inventory levels remain over 48 per cent below long-term trends. While a monthly gain in new listings did support modest inventory relief, Saskatoon continues to report the tightest market conditions in the province.

Tight market conditions continue to place upward pressure on home prices as the City of Saskatoon reported a record benchmark price of $404,900 in August, a year-over-year increase of over eight per cent.

Saskatoon council votes to remove minimum parking rules for new developments

Wed, 07 Aug 2024 17:36:53 GMT

Saskatoon city council has voted to remove minimum off-street parking requirements for new developments.

The zoning bylaw amendment passed unanimously on Wednesday evening. It does not affect on-street parking rules.

Previously, the amount of off-street parking required was based on the size of the building, the number of housing units and the use. Now, the developer, homeowner or business can decide how much parking to provide.

The change is part of a raft of bylaw amendments the city needed to make to qualify for money in the federal government's Housing Accelerator Fund, targeted at increasing the supply of affordable housing.

"We won't even notice it, but it will enable more housing to be built and for us to have vibrant neighbours and less wasted spaces… a bold move by council," Mayor Charlie Clark said at a public hearing at Saskatoon city council Wednesday evening.

He said bringing down the building costs by removing parking requirements will help speed up new housing builds.

Jon Naylor was one of four speakers at the public hearing and was the only one who spoke against the by-law, saying it would punish people who rely on cars.

"I'm concerned that if we under-build parking at administration's preferred response, it will punish residents by enacting stricter parking bylaws. We already have hospital workers who have trouble finding parking, and families who rely on cars," Naylor said.

Stakeholders welcomed the move, saying the prior minimum parking requirements increased the total cost of development, contributing to higher rents.

STRONG SALES CONTINUE IN JULY DESPITE ONGOING INVENTORY PRESSURES

Wed, 07 Aug 2024 16:07:27 GMT

Saskatchewan reported 1,667 sales in July, a seven per cent year-over-year gain and over 20 per cent above long-term, 10-year averages. The thirteenth consecutive month of above-average sales in the province has contributed to year-to-date sales that were 10 per cent above July 2023 and 19 per cent above the 10-year average.

While new listings saw a modest year-over-year gain, this had little impact on inventory levels, which were down 20 per cent year-over-year and remain over 40 per cent below long-term trends.

“Strong housing demand continues to support above-average monthly sales levels, preventing any significant inventory relief in many markets across the province,” said Association CEO, Chris Guérette. “Limited supply choice, specifically in the more affordable segment of the market, is likely preventing even stronger sales activity in our province.”

Saskatchewan reported a residential benchmark price of $344,800 in July, up from $343,300 in June and nearly five per cent higher than July 2023. Home prices trended up across all property types in July, with year-over-year gains ranging from over four per cent in detached to 11 per cent in row/townhouse-style properties.

“With just over three months of inventory across the province - below two in some of our larger centres - it remains a challenging time for prospective buyers right now,” said Guérette. “Supply constraints, when paired with strong demand, continue to place upward pressure on prices – as evidenced by record benchmark prices in some communities for the second consecutive month.”

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Regional Highlights

Despite a slight year-over-year sales decline in some economic regions, all provincial regions reported monthly sales figures above long-term, 10-year averages in July.

Year-to-date sales have improved across all economic regions except the Northern region, with the largest growth occurring in the Regina-Moose Mountain and Swift Current-Moose Jaw regions. Meanwhile, the Saskatoon-Biggar region is again reporting the tightest market conditions in the province, with 2.19 months of supply in July.

Price Trends

Home prices trended up across many economic regions of the province in July, with the largest monthly gains occurring in the Saskatoon-Biggar (seven per cent year-over-year) and Swift Current-Moose Jaw (five per cent) regions.

The City of Saskatoon reported the largest price gains in July, with prices over seven per cent higher than last year. Meanwhile, Regina, Estevan, Weyburn, Moose Jaw, Swift Current, Humboldt, Meadow Lake, Melfort, North Battleford, and Prince Albert all reported year-over-year price gains in July.

City of Regina

The City of Regina reported 381 sales in July, up 10 per cent year-over-year and 26 per cent above long-term, 10-year trends.

Strong July sales contributed to a 16 per cent gain in year-to-date sales, which are amongst the highest levels ever reported in Regina at this point in the year. Despite a slight year-over-year increase in new listings, inventory levels remain over 43 per cent below 10-year trends.

The City of Regina reported a benchmark price of $318,400 in July, up from $318,100 in June and 0.5 percent above July 2023.

City of Saskatoon

The City of Saskatoon reported 520 sales in July, a five per cent year-over-year gain and over 20 per cent above long-term, 10-year averages.

Limited supply options continue to prevent stronger sales figures in Saskatoon, as inventory levels remain over 50 per cent below long-term trends. The Bridge City continues to report the tightest market conditions in the province, with 1.60 months of supply in July.

The City of Saskatoon reported a record benchmark price of $406,500 in July, up from $403,500 in June and over seven per cent above July 2023.

PRICE GROWTH CONTINUES AS NUMEROUS COMMUNITIES REPORT RECORD BENCHMARK PRICES IN JUNE

Fri, 05 Jul 2024 14:07:54 GMT

Saskatchewan reported 1,675 sales in June, a one percent year-over-year decrease but nearly 10 percent above long-term, 10-year averages. Sales levels improved in properties priced above $400,000, which nearly offset the pullback in homes priced below $300,000, as inventory challenges continue to prevent even stronger monthly sales.

New listings dipped by 14 per cent year-over-year and 21 per cent compared to 10-year trends, preventing any significant inventory relief, as inventory levels decreased by 19 per cent year-over-year and over 40 per cent versus long-term trends. Despite these persistent inventory challenges, Saskatchewan reported above-average sales for the twelfth consecutive month in June.

“While the recent Bank of Canada rate decision was welcome news, higher lending rates and rising home prices continue to spur demand for more affordable housing options,” said Association CEO, Chris Guérette. “This demand, when paired with falling supply in lower price ranges, limits options for prospective buyers and prevents even stronger monthly sales figures. There simply isn’t enough inventory to service this segment of our market right now.”

Saskatchewan reported a residential benchmark price of $343,300 in June, up from $340,400 in May and nearly five per cent higher than June 2023. Meanwhile, the communities of Humboldt ($272,500), Martensville ($398,800), Melfort ($250,100), Prince Albert ($251,700), Saskatoon ($403,500), and Warman ($463,500) reported record benchmark prices in June, with Saskatoon eclipsing the $400,000 mark for the first time.

“Housing demand remains strong in Saskatchewan, despite ongoing supply challenges placing significant stress on the more affordable segment of our market, especially in our two largest centres,” said Guérette. “While real estate is local and market conditions vary by region, it can be incredibly challenging for prospective buyers right now.”

###

Regional Highlights
Regina-Moose Mountain and Prince Albert were the only regions to report year-over-year sales gains, while year-to-date sales remained above average in all regions outside of the Northern Region.

Saskatchewan’s two largest regions continue to report the tightest market conditions in the province, with 3.09 months of supply in the Regina-Moose Mountain region and 2.09 months in the Saskatoon-Biggar region.

Price Trends
Home prices trended up across many regions of the province in June, with the largest monthly gains occurring in the Saskatoon-Biggar (seven per cent year-over-year) and Swift Current-Moose Jaw (five per cent) regions.

With prices over 12 percent higher than last year, the City of Melfort reported the highest year-over-year price gain for the second consecutive month. Meanwhile, Saskatoon, Regina, Estevan, Weyburn, Moose Jaw, Swift Current, Humboldt, Meadow Lake, North Battleford, and Prince Albert reported year-over-year price gains in June.

City of Regina
The City of Regina reported 380 sales in June, up four per cent year-over-year and 14 per cent above long-term, 10-year trends.

While conditions remain tight in the Queen City, month-over-month inventory levels improved slightly, resulting in 2.06 months of supply, up from 1.69 in May. Despite some relief, inventory levels were down 30 per cent year-over-year and remain nearly 50 per cent below long-term trends.

The City of Regina reported a benchmark price of $318,100 in June, down from $320,000 in May, and 0.5 percent above June 2023.

City of Saskatoon
The City of Saskatoon reported 540 sales in June, which were on par with June 2023 and 15 percent above long-term, 10-year trends.

Limited supply options are likely preventing even stronger sales in Saskatoon, as inventory levels reached their lowest point since June 2007. The Bridge City reported a 26 percent year-over-year decrease in inventory, which remains over 53 percent below the 10-year average.

The City of Saskatoon reported a record benchmark price of $403,500 in June, up from 397,200 in May and over seven per cent above June 2023.

STRONG SALES CONTINUE AS INVENTORY LEVELS REMAIN AT LOWEST LEVELS SEEN SINCE 2008

Thu, 06 Jun 2024 16:04:45 GMT

Saskatchewan reported 1,841 sales in May, up six percent year-over-year and 24 per cent above long-term, 10-year averages. Sales levels remain strong across many regions of the province, with the largest year-over-year gains occurring in the Swift Current-Moose Jaw and Northern regions.

In line with seasonal expectations, the province reported a month-over-month gain in new listings. However, strong sales continue to prevent significant inventory relief, with inventory levels remaining at their lowest point since 2008. The sharpest decline in inventory continues to be experienced in homes priced below $300,000, as the more affordable segment of the market remains extremely competitive.

“Our housing market continues to report strong monthly sales figures despite persistent inventory challenges,” said Association CEO Chris Guérette. “An eleventh consecutive month of above-average sales is quite impressive when you consider how challenging it can be for prospective buyers in some markets in our province right now.”

Saskatchewan reported a residential benchmark price of $340,400 in May, up from $339,800 in April and over four per cent higher than May 2023. Prices rose across all property types in May, with the most significant gains occurring in apartment and row/townhouse-style properties.

“While the provincial months of supply fell below three months in May, conditions remain much tighter in our two largest centres – as Regina and Saskatoon are again reporting less than two months of supply,” said Guérette. “With further rate cuts on the horizon likely to spur additional demand - and no immediate inventory relief in sight - we expect tight conditions to continue to place upward pressure on prices across the province.”

###

Regional Highlights

Year-to-date sales levels improved across all regions of the province in May, with significant gains being reported in the Regina-Moose Mountain, Saskatoon-Bigger, and Swift Current-Moose Jaw regions.

The province’s two largest regions saw further inventory declines due to strong monthly sales in May. As a result, the Regina-Moose Mountain (2.59 months of supply) and Saskatoon-Bigger (2.04) regions continue to report the tightest market conditions in the province.

Price Trends

Home prices trended up across many regions of the province in May, with the largest monthly gains occurring in the Saskatoon-Biggar and Swift Current-Moose Jaw regions.

With prices over 13 percent higher than last year, the City of Melfort reported the highest year-over-year price gain in May. Meanwhile, Saskatoon, Regina, Estevan, Weyburn, Moose Jaw, Swift Current, Humboldt, and Prince Albert reported year-over-year price gains in May.

City of Regina

The City of Regina reported 440 sales in May, a five per cent year-over-year gain and 32 per cent above long-term trends.

A slight uptick in new listings was met with another month of strong sales, resulting in inventory levels remaining nearly 50 per cent below long-term trends, and 1.69 months of supply in the Queen City.

The City of Regina reported a benchmark price of $320,000 in May, up from 319,800 in April and two per cent higher than May 2023.

City of Saskatoon

The City of Saskatoon reported 573 sales in May, up seven per cent year-over-year and 28 per cent above long-term, 10-year averages.

Inventory levels decreased by 21 per cent year-over-year and continue to sit nearly 50 per cent below long-term, 10-year trends. Market conditions remain extremely tight, as the Bridge City is again reporting the lowest inventory levels in the province.

The City of Saskatoon reported a benchmark price of $397,200 in May, down slightly from 398,600 in April and nearly six per cent higher than May 2023.

STRONG SALES, SUPPLY CHALLENGES PUSH INVENTORY TO LOWEST LEVELS SEEN SINCE APRIL 2008

Tue, 07 May 2024 16:07:59 GMT

Saskatchewan reported 1,642 sales in April, up 32 percent year-over-year and compared to long-term, 10-year averages. April marked the fourth consecutive month of above-average sales to open in 2024, resulting in year-to-date sales nearly 17 percent above last year. Sales levels improved across all larger regions of the province, with the most significant gains being reported in the Regina-Moose Mountain and Swift Current-Moose Jaw regions.

Despite a slight uptick in new listings, which supported a modest monthly gain in inventory across the province, inventory levels are down 16 per cent year-over-year and 40 per cent below long-term, 10-year trends. As seen in prior months, the sharpest decline in inventory is reported in products priced below $300,000, with some supply relief in homes priced above $500,000.

“Economic growth, employment gains, and record population numbers continue to support strong housing demand in Saskatchewan, resulting in a tenth consecutive month of above-average sales in April,” said Association CEO, Chris Guérette. “These factors are, without question, boosting housing demand – as evidenced through rising sales in the resale market and falling vacancy rates in the rental market.”

Saskatchewan reported a residential benchmark price of $339,800 in April, up from $334,500 in March and nearly five per cent higher than April 2023. Prices rose across all property types in April, ranging from a five per cent gain in detached and semi-detached property types, to a 13 per cent gain in apartment-style properties.

“With just over three months of supply provincially, our market continues to experience significant supply challenges. However, the conditions are far tighter in Saskatoon and Regina, with both markets reporting under two months of supply in April,” said Guérette. “We’re approaching uncharted territory in our two largest markets right now - it’s an incredibly challenging time for prospective buyers out there. If supply challenges persist, as expected, we will likely see further price gains in these markets.”

###

Regional Highlights

Sales activity improved across the province's larger regions in April, with the most significant gain (60 per cent year-over-year and 23 per cent above the 10-year average) occurring in the Swift Current-Moose Jaw region.

Meanwhile, the two largest regions of the province (Regina Moose-Mountain and Saskatoon-Biggar) saw further inventory declines due to strong monthly sales. The Regina-Moose Mountain (2.61) and Saskatoon-Bigger (2.15) regions continue to report the tightest market conditions in the province.

Price Trends

Home prices trended up across nearly all regions of the province in April, with the largest monthly gain occurring in the Swift Current-Moose Jaw region, followed by the Saskatoon-Biggar region.

With prices over 11 percent higher than in April 2023, the city of Moose Jaw experienced reported the highest year-over-year price growth. Meanwhile, Saskatoon, Regina, Estevan, Weyburn, Melville, Humboldt, Meadow Lake, and North Battleford reported year-over-year price gains in April.

City of Regina

The City of Regina reported 424 sales in April, a year-over-year gain of over 50 per cent and 52 per cent above long-term trends.

Despite an increase in new listings, surging sales prevented any significant inventory relief. Regina reported a 30 per cent year-over-year decline, with inventory levels over 46 per cent below long-term, 10-year trends.

The City of Regina reported a benchmark price of $319,800 in April, up from $313,100 in March and nearly three per cent higher than April 2023.

City of Saskatoon

The City of Saskatoon reported 522 sales in April, a year-over-year gain of nearly 29 per cent and 34 per cent above long-term, 10-year averages.

Inventory levels decreased by 21 per cent year-over-year and continue to sit nearly 50 per cent below long-term, 10-year trends. As a result, market conditions remain extremely tight in the City of Saskatoon, placing upward pressure on prices and likely preventing even stronger April sales numbers.

The City of Saskatoon reported a benchmark price of $398,600 in April, up from $394,300 in March and nearly seven per cent above April 2023.

ABOVE-AVERAGE SALES CONTINUE IN MARCH DESPITE INVENTORY WOES

Thu, 04 Apr 2024 14:32:43 GMT

Saskatchewan reported 1,183 sales in March, a 2 percent year-over-year decline and nearly 6 percent above long-term, 10-year averages. Despite a slight year-over-year dip in March sales, year-to-date sales remain 10 percent above levels seen last year. The strong start to the year was primarily driven by gains in the Regina-Moose Mountain, Saskatoon-Biggar, and Swift Current-Moose Jaw economic regions.

A ninth consecutive month of above-average sales in the province was met with declining new listings, preventing supply growth in March. As a result, inventory levels dipped by 15 per cent year-over-year and remain nearly 40 per cent below long-term, 10-year trends.

“Our province continues to report above-average sales despite persistent inventory challenges, which are approaching concerning levels in some of our major centres,” said Association CEO, Chris Guérette. “The busy spring market has arrived, and there simply isn’t enough supply in the more affordable segment of our market right now. Without question, it’s a difficult time for prospective homebuyers, specifically for those searching for properties priced below $400,000.”

Tight market conditions across many regions of the province continue to support price growth, as Saskatchewan reported a provincial benchmark price of $334,500 in March – up from $330,800 in February and nearly 4 per cent higher than March 2023. While prices rose across all property types, the largest year-over-year gains occurred in apartment and row/townhouse-style units.

“While it’s important to note that real estate is local and market conditions vary throughout the province – the inventory crunch in certain markets is significant right now,” said Guérette. “It remains to be seen whether new listing relief is on the way, but all signs currently point to a challenging spring and summer market in Saskatchewan.”

Regional Highlights

First-quarter sales activity improved across the province’s larger regions, with the most significant gains (14 per cent year-over-year and 26 per cent above the 10-year average) occurring in the Regina-Moose Mountain region.

Meanwhile, in the two largest regions of the province (Regina Moose-Mountain and Saskatoon-Biggar), declines in new listings continue to be met with strong sales, resulting in steeper inventory declines and tighter market conditions.

Price Trends
Home prices trended up across most regions of the province in March, with the largest monthly gain occurring in the Swift Current-Moose Jaw region, followed by the Saskatoon-Biggar region.

With prices nearly 9 percent higher than in March 2023, the communities of Moose Jaw and Humboldt experienced significant year-over-year price growth. Meanwhile, Saskatoon, Regina, Estevan, Weyburn, Swift Current, Melville, Meadow Lake, and North Battleford all reported year-over-year price gains in March.

City of Regina
The City of Regina reported 312 sales in March, a year-over-year gain of over nearly 7 per cent and 23 per cent above long-term trends.

Strong monthly sales were met with a year-over-year decline in new listings, preventing any significant change in inventory levels. With just over two months of supply in the Queen City, persistent inventory challenges and above-average sales continue to place upward pressure on home prices.

The City of Regina reported a benchmark price of $313,100 in March, up from $310,600 in February and nearly 2 per cent above March 2023.

City of Saskatoon
The City of Saskatoon reported 364 sales in March, a year-over-year decline of 8 per cent and 2 per cent above long-term, 10-year averages.

Inventory levels decreased by 21 per cent year-over-year and continue to sit nearly 50 per cent below long-term, 10-year trends. As a result, market conditions remain extremely tight in the City of Saskatoon, which is placing upward pressure on prices and likely preventing even stronger sales numbers.

The City of Saskatoon reported a benchmark price of $394,300 in March, up from $388,300 in February and over 5 per cent above March 2023.

Saskatchewan’s housing inventory pushed to lowest point in 18 years

Tue, 19 Mar 2024 17:00:15 GMT

The Saskatchewan Realtors Association (SRA) reports the province had 999 sales in February, which was up by 17 per cent year-over-year and 24 per cent from 10-year averages. Growth was significant and higher than levels typically seen at this time of year.

Stagnant supply and quick-acting buyers

As for new listings, there was a small increase. But, the month marked eight in a row for above-average sales, meaning supply didn’t grow. Rather, the province saw a 17 per cent year-over-year drop in inventory, with levels about 38 per cent below 10-year averages.

“Buyers are acting swiftly when new supply comes onto the market, preventing any inventory growth — even more so in our larger centres. This strong demand is driving price gains in many markets across the province.”

Inventory in many markets shows “no signs of improving”

The province’s benchmark home price was $330,800 in February, up from $319,600 the previous month and almost 5 per cent higher than the previous year. Row/townhouse and apartment-style properties saw the largest year-over-year price gains, the detached sector experienced the highest month-over-month price jumps.

“We’re quickly approaching a busy spring market, and the inventory situation in many markets across our province is showing no signs of improving. We’ll continue to monitor closely how these supply challenges are impacting prices.”

Regional highlights

Many Saskatchewan regions report higher year-over-year sales in February, with the largest gains in the Swift Current-Moose Jaw and Regina-Moose Mountain regions.

The two biggest regions continued to experience inventory challenges — Regina-Moose Mountain and Saskatoon-Biggar reported under four months of supply.

Last month, prices trended up across most of the province, with the largest monthly gain being in the Saskatoon-Biggar region, followed by the Regina-Moose Mountain region. Prices were nearly 10 per cent higher than the same time last year, and the Moose Jaw and Meadow Lake communities had significant year-over-year price growth.

STRONG SALES AND RISING DEMAND PUSH INVENTORY TO LOWEST POINT SINCE FEBRUARY 2006

Tue, 05 Mar 2024 17:34:10 GMT

Saskatchewan reported 999 sales in February, a 17 percent year-over-year gain and 24 percent above long-term, 10-year averages. Although February sales followed common seasonal trends in rising above activity levels from the month prior, the pace of growth was significant and well above levels typically seen for this time of year.

While there was a slight year-over-year increase in new listings, an eighth consecutive month of above-average sales prevented any supply growth – resulting in a 17 per cent year-over-year decline in inventory, with inventory levels sitting nearly 38 per cent below 10-year trends.

“Despite inventory levels being at their lowest point reported in February since 2006, strong detached sales are again leading another month of above-average sales in our province,” said Association CEO, Chris Guérette. “Buyers are acting swiftly when new supply comes onto the market, preventing any inventory growth – even more so in our larger centres. This strong demand is driving price gains in many markets across the province.”

Saskatchewan reported a provincial benchmark price of $330,800 in February, up from $319,600 in January and nearly 5 per cent higher than February 2023. While row/townhouse and apartment-style properties experienced the largest year-over-year price gains, the detached sector reported the highest month-over-month price gains in February.

“Though it is a small sample size right now, a month-over-month jump of over $10,000 in the provincial benchmark price is significant, with some markets reporting monthly increases in excess of $15,000,” said Guérette. “We’re quickly approaching a busy spring market, and the inventory situation in many markets across our province is showing no signs of improving. We’ll continue to monitor closely how these supply challenges are impacting prices.”

Regional Highlights
Many regions of the province reported increased year-over-year sales activity in February, with the largest gains occurring in the Swift Current-Moose Jaw and Regina-Moose Mountain regions.

Inventory challenges continued in the two largest regions of the province, with the Regina-Moose Mountain and Saskatoon-Biggar regions reporting under four months of supply.

Price Trends
Prices trended up across most regions of the province in February, with the largest monthly gain occurring in the Saskatoon-Biggar region, followed by the Regina-Moose Mountain region.

With prices nearly 10 percent higher than in February 2023, the communities of Moose Jaw and Meadow Lake experienced significant year-over-year price growth in February. Meanwhile, Saskatoon, Regina, Estevan, Weyburn, Melville, Humboldt, North Battleford, and Prince Albert are all reporting year-over-year price gains in February.

City of Regina

The City of Regina reported 273 sales in February, a year-over-year gain of over 33 per cent and nearly 50 per cent above long-term trends.

While we typically see seasonal inventory gains in February, another month of strong sales resulted in a 25 per cent year-over-year inventory decline, with inventory levels sitting 40 per cent below long-term, 10-year trends.

The City of Regina reported a benchmark price of $310,600 in February, up from $301,900 in January and over 3 per cent above February 2023.

City of Saskatoon

The City of Saskatoon reported 309 sales in February, a year-over-year gain of 22 per cent and 20 per cent above long-term, 10-year averages.

Despite some new listing relief in February, strong sales prevented any inventory gains as the Bridge City reported a year-over-year inventory decline of 26 per cent, nearly 50 per cent below long-term trends.

The City of Saskatoon reported a benchmark price of $388,300 in February, up significantly from $372,800 in January and nearly 6 per cent above February 2023.

Saskatoon population sees largest increase in 2023 since after Second World War

Tue, 06 Feb 2024 20:38:23 GMT

Saskatoon city officials are estimating the city had its largest year-over year population change last year since the Second World War.

Using Statistics Canada numbers, the city estimates the population grew by roughly 14,400 people from Oct. 1, 2022, to Oct. 1, 2023.

“It wasn’t something that we particularly expected,” Saskatoon city planning and development director Lesley Anderson said.

“It’s not something that catches us off guard in terms of being able to deal with it, although those numbers were surprising.”

Previously, the highest population growth on record over the last 20 years was in 2012, when the population grew by 7,000.

Anderson said the city monitors growth annually as part of its future design process.

The latest increase has the city looking at how many residential buildings will accommodate the growing population.

“We are looking at how can we ensure that we get the number of new units built that are needed for (the increase in people). We definitely have the capacity in our infrastructure systems and our land base to deal with that number of units, but how can we ensure they’re getting out there (is what we are working on)”

One thing Anderson believes will have a big impact on future planning is the federal housing accelerator fund.

Saskatoon city council approved a housing accelerator fund action plan last year.

“That’s going to be a change that comes out in the next couple of years and kind of effects all of this going forward,” Anderson explained. It is currently unknow how much funding Saskatoon will receive.

The increase in population is also having a major effect on public transportation.

For months, residents have been complaining in and out of city hall about the overcrowding and late running city buses.

“There is more demand than buses at this time,” the Status of Saskatoon Transit Operations for Winter 2023/2024 report reads.

To address the demand, the city plans to acquire more buses and increase the frequency of trips during peak hours. It has already ordered 10 new buses, including two electric vehicles which are slated to be delivered this spring.

STRONG DETACHED SALES LEAD THE SEVENTH CONSECUTIVE MONTH OF ABOVE-AVERAGE SALES IN SASKATCHEWAN

Tue, 06 Feb 2024 16:19:21 GMT

Saskatchewan reported 776 sales in January, a year-over-year gain of 24 per cent and nearly 18 per cent above long-term, 10-year averages. The seventh consecutive month of above-average sales in the province was primarily driven by strong detached home sales in January.

Strong monthly sales were met with declining new listings, resulting in 4,562 available units in inventory in January, the lowest level reported in January since 2010.

Inventory levels declined by 18 per cent year-over-year and remain over 36 per cent below long-term, 10-year trends. As seen in prior months, much of the inventory decline was driven by homes priced below $400,000, a segment of the market that remains extremely competitive. Alternatively, properties priced above $600,000 experienced inventory relief in January, though more was needed to offset the declines in lower price ranges.

“Higher lending rates have driven many purchasers to seek out more affordable products, resulting in further inventory declines in the more affordable segment of our market,” noted Association CEO, Chris Guérette. “January failed to bring new listing relief to this area of our market, and prospective buyers can continue to expect tight market conditions when searching for more affordable properties.”

Prices rose across all property types on a year-over-year basis in January, with the most significant gains occurring in row/townhouse-style properties. Saskatchewan reported a provincial benchmark price of $319,600 in January, up from $319,300 in December and nearly 1 per cent higher than January 2023.

“While real estate is local and market conditions vary based on property type, price range, and location – our biggest concern is the lack of inventory across many markets in our province,” said Guérette. “Despite persistent inventory challenges, the predicted easing of lending rates and favourable economic conditions should continue to support stable demand for home ownership in Saskatchewan."

Regional Highlights

All regions of the province reported increased year-over-year sales activity in January, with the largest gains occurring in the Regina Moose-Mountain and Saskatoon-Biggar regions.

Meanwhile, inventory levels remained below levels reported last year, resulting in many regions reporting declining months of supply. The Saskatoon-Biggar region continues to report the tightest conditions in the province, with under four months of supply.

Price Trends

January price movements ranged from a year-over-year increase of 10 per cent in Melfort, to a year-over-year decline of nearly 3 per cent in Swift Current.

The communities of Estevan, Humboldt, Meadow Lake, Melfort, Melville, Moose Jaw, North Battleford, Prince Albert, Saskatoon, and Weyburn all experienced year-over-year price gains – while Regina, Swift Current, and Yorkton experienced a slight decrease in prices.

City of Regina

The City of Regina reported 179 sales in January, a year-over-year gain of over 35 percent and 25 percent above long-term trends.

New listing growth in January was not enough to offset strong monthly sales, as inventory levels dipped by nearly 19 per cent year-over-year and remain over 33 per cent below the 10-year average.

The City of Regina reported a benchmark price of $301,900 in January, up from $299,800 in December and nearly 2 per cent below January 2023.

City of Saskatoon

The City of Saskatoon reported 245 sales in January, a year-over-year gain of 22 per cent and nearly 16 per cent above long-term, 10-year averages.

Strong sales relative to new listings prevented a significant change in inventory levels, which decreased by 26 per cent year-over-year and sit nearly 50 per below long-term, 10-year averages.

The City of Saskatoon reported a benchmark price of $372,800 in January, down from $374,100 in December and over 2 per cent above January 2023.

From the Saskatchewan Realtors Association

Thu, 18 Jan 2024 17:31:24 GMT

A sixth consecutive month of above-average sales, when paired with declining new listings, resulted in a 16 per cent year-over-year inventory decline in December, which remain nearly 35 per cent below the 10-year average.

“Supply challenges, specifically in the more affordable segment of the market, remain our biggest concern when looking ahead to 2024 and are likely preventing even stronger monthly sales numbers," noted SRA CEO, Chris Guèrette.

SASKATCHEWAN CLOSES 2023 WITH SIXTH CONSECUTIVE MONTH OF ABOVE-AVERAGE SALES

Thu, 04 Jan 2024 16:29:06 GMT

Saskatchewan is reporting above-average sales for the sixth consecutive month, with 757 sales across the province in December, a year-over-year gain of 19 per cent and 13 per cent above long-term, 10-year averages.

Year-over-year sales gains in the second half of 2023 failed to offset earlier pullbacks, as the province is reporting a 3 per cent sales decline compared to 2022. While the year-to-date sales decrease was forecasted as the market returns to pre-pandemic sales levels, much of the decline was driven by slowing detached activity. Meanwhile, apartment and semi-detached sales levels improved and continue to contribute to strong monthly sales.

Above-average sales were met with a decline in new listings, resulting in declining inventory levels throughout the year. Inventory levels across the province dipped by over 16 per cent year-over-year in December and remain nearly 35 per cent below the 10-year average.

“Higher lending rates continue to push prospective buyers to seek more affordable options within our market while inventory levels within that market segment remain extremely tight,” said Association CEO Chris Guèrette. “When paired with declining new listings in more affordable properties, there simply isn’t enough inventory in lower price ranges right now.”

The shift toward more affordable products has increased price pressures for apartment, row, and semi-detached property types. Meanwhile, detached homes, which account for the majority of sales activity across the province, reported similar prices compared to last year. Saskatchewan reported a benchmark price of $319,300 in December, down from $324,400 in November and nearly 2 per cent above December 2022.

“Saskatchewan’s housing market continues to benefit from the economic success in our province, including a strong labour market and record population growth,” said Guèrette. “Supply challenges, specifically in the more affordable segment of the market, remain our biggest concern when looking ahead to 2024 and are likely preventing even stronger monthly sales numbers.”

Regional Highlights
Despite a slight dip in year-to-date sales across many regions of the province, year-over-year sales activity increased across all regions except for the Northern Region and remain significantly higher than long-term averages.

The decline in new listings across the regions in 2023 continues to drive inventory levels well below long-term, 10-year trends. The Saskatoon-Biggar Region (4.42 months of supply) and the Regina-Moose Mountain Region (5.43) continue to experience the tightest conditions in the province – while the Swift Current-Moose Jaw Region (8.65), Yorkton-Melville (8.84), and Prince Albert Region (8.43) saw a shift to more balanced conditions.

Price Trends
Benchmark prices varied across the province in December, as the communities of Humboldt (+6.2 per cent), Meadow Lake (+4.2), Melfort (+0.7), Melville (+4.8), Moose Jaw (+1.4), Prince Albert (+2.3), Saskatoon (+5.5), and Yorkton (+1.8) all reported year-over-year price gains.

In contrast, Estevan (-7.5 per cent), Regina (-4.1), Swift Current (-4.9), and Weyburn (-5.3) reported year-over-year price declines.

City of Regina

The City of Regina reported 188 sales in December, a year-over-year gain of nearly 25 per cent and 24 per cent above long-term trends.

Despite significant new listing growth in December, the number of new listings decreased by 12 per cent in 2023. This resulted in further reductions in inventory levels, which remain over 33 per cent below long-term averages in the Queen City.

Strong sales and below-average inventory were not enough to prevent price adjustments in December, as the City of Regina reported a benchmark price of $299,800, down from $308,500 in November and 4 per cent below December 2022.

City of Saskatoon

The City of Saskatoon reported 230 sales in December, a year-over-year gain of 14 per cent and 10 per cent above long-term, 10-year averages.

Strong sales were again met with a pullback in new listings, resulting in further inventory declines, as inventory levels in the Bridge City are nearly 45 per cent below the 10-year average.

Tight market conditions supported modest price growth in December, as the City of Saskatoon reported a benchmark price of $374,100, up over 5 per cent from December 2022.

FIVE CONSECUTIVE MONTHS OF ABOVE-AVERAGE SALES

Tue, 05 Dec 2023 20:19:27 GMT

There were 1,006 sales reported across the province in November, a 10 per cent year-over-year increase, marking the fifth consecutive month of year-over-year sales increases in Saskatchewan. Much of the monthly sales gains were driven by rising activity in the Regina and Saskatoon Regions. As seen in previous months, year-to-date sales remain well above long-term, 10-year trends, as the province continues to report strong sales.

A slight year-over-year increase in new listings was not enough to offset above-average November sales, causing further retractions in inventory levels, specifically in homes priced below $400,000. Inventory levels decreased by over 16 per cent on a year-over-year basis and remain over 30 per cent below long-term, 10-year averages.

“Saskatchewan’s housing market continues to benefit from a strong economy, record employment and population growth,” said Association CEO, Chris Guérette. “These factors, when paired with our relative affordability, continue to support above-average monthly sales and stable demand in home ownership.”

The months of supply rose above five months in November, slightly higher than levels reported earlier this year, but still over 40 per cent below the 10-year average. Despite a slight gain in the months of supply compared to October, nearly all of the growth was in higher-priced products, as the more affordable segment of the market continues to face significant inventory challenges.

In line with typical seasonal factors, Saskatchewan reported a slight decrease in the benchmark price of $324,400 in November, down from $327,300 in October and up nearly 2 per cent from November 2022.

“Our market continues to outperform many regions across the country, as we once again report strong sales levels and prices that are holding relatively steady,” said Guérette. “Where we are similar to other markets, however, is that we are experiencing persistent inventory challenges, specifically in the more affordable segment of our housing continuum.”

Regional Highlights
Despite monthly fluctuations, year-to-date sales activity eased across all regions in the province in November, with the steepest decline occurring in the Swift Current-Moose Jaw Region. While year-to-date sales have decreased, the Regina-Moose Mountain, Saskatoon-Biggar, Swift Current-Moose Jaw, and Yorkton-Melville Regions are reporting sales well above long-term, 10-year trends.

The Saskatoon-Biggar Region continues to experience the tightest conditions across the province, with just over 3.5 months of supply reported in November.

Price Trends
Benchmark prices varied across the province in November, as the communities of Estevan, Humboldt, Melville, Moose Jaw, Prince Albert, Saskatoon, Weyburn, and Yorkton reported year-over-year price gains. Meanwhile, Meadow Lake, Melfort, North Battleford, Regina, and Swift Current reported year-over-year price declines.

City of Regina

The City of Regina reported 240 sales in November, up nearly 16 per cent year-over-year and 14 per cent above long-term, 10-year trends.

Strong sales and a decline in new listings failed to offer any supply relief in November, as inventory levels were down 21 per cent on a year-over-year basis and remain over 30 per cent below long-term, 10-year trends.

With only 3.5 months of supply, Regina continues to experience significant supply challenges in the more affordable segment of the market. Despite strong sales and relatively tight market conditions, the Queen City reported a benchmark price of $305,000 in November, down from $308,500 in October and nearly 3 per cent below November 2022.

City of Saskatoon

The City of Saskatoon reported 314 sales in November, a year-over-year increase of 18 per cent and nearly 10 per cent above the 10-year average.

Despite a slight year-over-year gain in new listings, strong November sales prevented significant supply growth, as inventory levels were nearly 50 per cent below long-term trends.

Tight market conditions continue to support price growth, as the City of Saskatoon reported a benchmark price of $380,000 in November, down from $382,700 in October but over 5 per cent higher than November 2022.

Proposed District Could Mean “Billion Dollar Boost” to Saskatoon Economy

Tue, 07 Nov 2023 16:03:33 GMT

SASKATOON, SK – November 7, 2023 – Saskatoon’s proposed entertainment district could deliver a billion dollar boost to the city’s economy according to an independent study released today by the Greater Saskatoon Chamber of Commerce and Downtown Saskatoon. The comprehensive study, prepared by Saskatchewan-based PRAXIS Consulting, forecasts $1.37 billion in total economic impact over ten years driven by the development of the district, a new arena and substantially new convention centre.

“The potential economic spin-offs of this infrastructure project are becoming more and more clear,” says Jason Aebig, Saskatoon Chamber CEO, pointing to the local spending, direct and indirect jobs, hotel overnight stays and tax savings that will come with attracting new residents, visitors, and downtown businesses. “The positive impact this project could be significant, long lasting, and widespread if we can lever the right financing tools and private investment to get it done.”

The economic impact zone studied encompasses Saskatoon’s Downtown, and the residential neighbourhoods of City Park, Nutana, Riversdale, and Caswell Hill. The study quantified “economic impact” in terms of the net-new or incremental effects on the city of Saskatoon and province of Saskatchewan over and above the current impacts created by the city’s existing entertainment and conference facilities (i.e., SaskTel Centre and TCU Place).

Highlights of the study’s findings include:

During construction, the proposed project will add $1.1 billion to Saskatoon’s gross economic activity, $509 million to Saskatoon’s GDP, $245.1 million to employment income (supporting 1,580 local jobs).
On a go-forward annual basis, once operational, the facilities will add $4.3 million to Saskatoon’s gross economic activity, and $1.6 million to the City’s GDP.
The project could boost downtown’s population by 10,000 new and existing Saskatoon residents living in the DEED within ten years of construction. This would generate $322 million in consumer spending annually (2023 dollars), adding $213.7 million in gross economic activity, $132 million in GDP, $49.8 million to employment income (supporting 1,172 local jobs).

“Not unlike other critical infrastructure projects, the cost-benefit of this investment is too significant to ignore,” says Brent Penner, Downtown Saskatoon’s Executive Director, pointing to the $552.6 million North Commuter Parkway, Traffic Bridge and Circle Drive South Bridges. “This particular infrastructure project has the potential to be a magnet for density, private investment, new jobs and young workers which is why cities across North America see the value and are taking action.”

The study also calculated the cost of missed opportunities to host touring events, large gatherings, and major conferences if Saskatoon fails to keep pace with industry needs and other western Canadian cities.

According to the management of the SaskTel Centre and TCU Place, Saskatoon is passed over by several large touring acts and major conferences/conventions each year because of the physical limitations of the existing facilities.

For music and entertainment events, each missed opportunity costs:

Overnight hotel bookings from 8,448 out-of-town spectators;
$5 million (2023 dollars) in consumer and event spending;
$7.6 million in gross economic activity;
$4.4 million in GDP; and,
$2.4 million in employment income.

For major 2-day, 1,000 attendee conferences or conventions, each lost bid costs Saskatoon:

1,420 hotel room overnight bookings by out-of-town spectators;
$0.84 million (2023 dollars) in consumer and event spending;
$1.2 million in gross economic activity;
$0.7 million in GDP; and,
$0.4 million in employment income.

“Increases to property taxes is a concern we share,” observes Aebig. “If we put band aids on our aging buildings, 100% of the cost will hit our property tax bills as they continue to deliver less and less. The best way to optimize a return on investment for Saskatoon taxpayers are modern facilities, in a residential and entertainment district development, that can be financed through non-tax tools, various levels of government and private investment.”

The Chamber and Downtown Saskatoon await the business plan for the development of the district, and construction and redevelopment of its anchor facilities, to assess its overall feasibility and affordability.

“What we do know that Saskatoon taxpayers can’t afford the costs of residential sprawl, the inability to attract skilled young people, and maintaining aging facilities that can’t compete or serve the community,” says Aebig. “We need modern facilities, in a downtown district, that can be magnet for investment, people and jobs and keep Saskatoon on the map.”

The study notes the tremendous impact Saskatoon’s current facilities have had on the city’s economy and quality of life since SaskTel Centre’s opening nearly 40 years ago and the construction of TCU Place in 1967.

It also highlights Saskatoon’s advantage as home to Saskatchewan Polytechnic and University Saskatchewan, and the opportunity to retain young workers and graduates through the development of a thriving downtown entertainment district.

“Thanks to the vision of our city’s leaders decades ago, who had the courage to invest in this infrastructure and relocate the rail lines out of our downtown, Saskatoon has grown and prospered in countless ways,” observes Penner. “It’s our turn to make sure that Saskatoon is set up for success in the next 40 years.”

STRONG SALES CONTINUE IN OCTOBER DESPITE PERSISTENT INVENTORY CHALLENGES

Mon, 06 Nov 2023 14:32:26 GMT

Saskatchewan reported 1,259 sales in October, a year-over-year gain of 11 per cent and nearly 13 per cent above long-term, 10-year trends. Above-average October sales in the province can be attributed to gains in the detached, apartment and townhouse/row-style sectors. Despite year-to-date sales remaining slightly below levels experienced last year, Saskatchewan continues to report sales activity much stronger than the 10-year average.

As seen in prior months, supply challenges continued to persist across many regions of the province in October. Inventory levels fell by over 15 per cent compared to last year and remain over 30 per cent below the 10-year average. Adjustments to sales and inventory levels, paired with declining new listings, resulted in the province reporting below five months of supply in October, a 23 per cent year-over-year decrease and over 40 per cent below long-term, 10-year averages.

“Higher lending rates continue to impact both demand and new listings in our market, which is likely preventing even stronger October sales numbers,” noted Association CEO, Chris Guérette. “Prospective move-up buyers are facing challenges amid higher interest rates and ongoing inflationary pressures, and we’re seeing a trickle-down effect with limited supply growth in the lower price ranges, which remain extremely competitive.”

With 4.5 months of supply, the province is reporting the tightest conditions heading into November since 2007. Despite tight market conditions, home prices remained relatively stable this month. Saskatchewan reported a benchmark price of $327,300 in October, down from $328,000 in September and up nearly 2 per cent from October 2022.

“Our market continues to demonstrate its resilience, as many have predicted, and we’re once again reporting strong sales despite inventory challenges, inflationary pressures, and higher lending rates,” said Guérette. "Saskatchewan is affordable, we’re growing at the fastest pace in over a century, and we’re well positioned for stable demand in home ownership.”

City of Regina

The City of Regina reported a record high 312 sales in October, a year-over-year increase of 24 per cent and 29 per cent above long-term, 10-year trends. While the Queen City experienced a year-over-year gain in new listings, record October sales prevented inventory gains, as Regina continues to report inventory levels nearly 30 per cent below the 10-year average.

Regina is once again reporting below three months of supply, and the more affordable segment of the market continues to be extremely competitive. Despite record sales and tight market conditions, Regina reported a benchmark price of $308,500 in October, down slightly from $308,700 in September and 1.2 per cent below October 2022.

City of Saskatoon

The City of Saskatoon reported 382 sales in October, a year-over-year gain of 20 per cent and 12 per cent above long-term, 10-year trends. New listings failed to offset a sixth consecutive month of above-average sales, resulting in the lowest October inventory levels reported in the Bridge City since 2007.

With just over two months of supply in Saskatoon, we continue to see upward pressure on home prices. The benchmark price reached $382,700 in October, up from $381,900 in September and nearly 4 per cent above October 2022. Year-over-year price gains were reported in all property types, ranging from one per cent in semi-detached properties - to an eight per cent increase in townhouse/row-style properties.

SASKATCHEWAN REPORTS STRONG SEPTEMBER SALES DESPITE LOWEST INVENTORY LEVELS SEEN SINCE 2009

Thu, 05 Oct 2023 14:54:40 GMT

Saskatchewan reported 1,295 sales across the province in September, a year-over-year gain of 2.5 per cent and 6.3 per cent above long-term, 10-year averages. While year-to-date sales have eased compared to last year, Saskatchewan continues to report sales well above long-term trends.

Supply challenges continued across the province in September, as inventory levels were over 12 per cent lower than levels seen last year and nearly 32 per cent below the 10-year average. As inventories improved in higher-priced properties, much of the inventory decline is once again being driven by homes priced below $400,000, as the more affordable segment of the market remains highly competitive.

“As seen in previous months, significant supply challenges continue to persist across Saskatchewan, specifically in the more affordable segment of our housing continuum,” noted Association CEO, Chris Guérette. “Inventory challenges and higher lending rates are, without question, impacting sales activity across the province, but relative affordability paired with strong economic growth is supporting above-average sales in our market.”

Strong September sales and ongoing supply challenges translated to 4.8 months of supply across the province, the lowest level reported in September since 2009. The provincial benchmark price reached $328,000 in September, up slightly from $327,800 in August and 1.1 per cent above September 2022.

“Provincial prices remain stable as price gains in Saskatoon, Prince Albert, and Yorkton offset price declines in Regina and Swift Current in September,” said Guérette. “Ultimately, real estate is local, and conditions vary across the province. That said, supply challenges in the lower-priced, more affordable segment of our market remain a significant concern provincially.”

City of Regina

The City of Regina reported 305 sales in September, a year-over-year increase of 7.4 per cent and 15 per cent above long-term, 10-year trends.

Strong September sales were met with a decline in new listings, contributing to further inventory declines. With 3.2 months of supply, conditions have not been this tight in the Queen City since 2011.

Despite strong monthly sales and tight market conditions, the City of Regina reported a benchmark price of $308,700 in September, down from $313,100 in August and $319,200 in July.

City of Saskatoon

The City of Saskatoon reported 374 sales in September, a year-over-year increase of 14 per cent and nearly 8 per cent above long-term, 10-year trends.

Saskatoon is reporting year-over-year sales increases for the fifth consecutive month. When paired with decreasing new listings, the Bridge City is reporting 2.6 months of supply, the lowest level seen in September since 2007.

Tight market conditions resulted in the City of Saskatoon reporting a benchmark price of $381,900 in September, up from $378,300 in August but below July’s record benchmark price of $384,200.

Less than 2 months Inventory in Saskatoon

Tue, 05 Sep 2023 22:30:46 GMT

Saskatchewan reported a record-high 1,631 sales in August, a year-over-year increase of 11 per cent and nearly 25 per cent above long-term, 10-year averages.

Strong August sales were met with a pullback in new listings, contributing to a decrease in inventory levels for the month. As seen in prior months, the inventory decline was largely driven by homes priced below $400,000, as the more affordable segment of the market remains highly competitive.

“Saskatchewan is once again reporting strong sales despite ongoing inventory challenges, inflationary pressures, and higher lending rates,” said Association CEO, Chris Guérette. “Higher interest rates are pushing more purchasers to seek out more affordable options in the market, and, as a result, we continue to experience significant supply challenges in the lower price ranges of our market. These persistent supply challenges are likely preventing even stronger sales activity in August.”

Record sales and low inventories caused the provincial months of supply to drop below four months – below three months in Regina and below two in Saskatoon – reflecting the tightest market conditions seen heading into September since 2007. Despite tighter market conditions, Saskatchewan’s benchmark price eased slightly in August, primarily due to declines in the more expensive detached and semi-detached markets. Notwithstanding price adjustments following months of steady growth, prices remain comparable to levels reported last year.

“Our province continues to benefit from its affordability advantage, record population growth, and gains in international migration. Unfortunately, when housing supply fails to meet the increased demand, as seen in other jurisdictions across the country, inventory challenges become a real concern, and affordability can be eroded,” said Guérette. “We continue to keep a very close eye on inventory levels, specifically in the more affordable segment of our market.”

City of Regina

The City of Regina reported 359 sales in August, a year-over-year increase of nearly 6 per cent and 22 per cent above long-term, 10-year trends.

Rising August sales were met with a pullback in new listings, resulting in further inventory declines and the months of supply dropping below three months. Despite tighter market conditions, the benchmark price in the Queen City eased over last month due to pullbacks in the higher-priced detached sector.

Regina reported a benchmark price of $313,100 in August, down from $319,200 in July and $318,700 in June.

City of Saskatoon

The City of Saskatoon reported 528 sales in August, a year-over-year increase of 20 per cent and over 36 per cent above long-term, 10-year trends.

Increased sales and lower inventories caused the months of supply to dip below two months, the tightest levels reported so far this year. Despite extremely tight market conditions, Saskatoon’s benchmark price fell to $378,300 in August, down from $382,400 in July and $381,400 in June.

While monthly variations are not uncommon, it is important to note that prices in the Bridge City remain higher than levels reported last year, and well above the $364,900 reported in January 2023.

STRONG SALES CONTINUE IN JULY DESPITE PERSISTENT INVENTORY CHALLENGES

Thu, 03 Aug 2023 19:14:09 GMT

Saskatchewan reported 1,560 sales in July, a year-over-year increase of 9 per cent and nearly 13 per cent above long-term, 10-year averages. Much of the increase was driven by property priced below $300,000, as the more affordable segment of the market remains highly competitive.

As seen in prior months, inventory levels remain a significant challenge in many areas of the province. Despite a slight increase from last month, inventory levels were 11 per cent below levels seen in the previous year and over 30 per cent below the 10-year average. While inventory challenges continue to impact the more affordable segment of the market, there have been slight inventory gains in properties priced above $300,000.

“Higher lending rates continue to impact both buyers and sellers, with many consumers seeking more affordable options in our market,” said Association CEO, Chris Guérette. “Potential move-up buyers are less likely to list in the current rate environment. When paired with persistent inventory challenges, the more affordable segment of the market remains extremely competitive.”

Despite a modest gain in the months of supply, which reached over four months in July, conditions remain tighter than last year and significantly below long-term trends. Tighter market conditions again resulted in month-over-month price gains, as Saskatchewan’s benchmark price reached $333,100 in July, up from $331,500 in June and $329,600 in May.

“While inventory levels remain a concern for us, Saskatchewan is once again reporting sales levels well above long-term trends,” said Guérette. “Our market continues to benefit from a strong economy and record population growth, which is proving to help offset some of the impact caused by another policy interest rate increase by the Bank of Canada.”

Regional Highlights

As seen in prior months, year-to-date sales activity has eased across many regions of the province. Despite the year-to-date decline, many regions are reporting sales levels above long-term trends.

Adjustments in inventory levels continue to vary across the province. However, many regions continue to report inventory below long-term, 10-year averages. The Saskatoon-Biggar region is experiencing the tightest conditions in the province, with less than three months of inventory.

Price Trends

The benchmark price varied across Saskatchewan communities in July, with many regions reporting year-over-year and monthly price growth.

The City of Estevan was the only region to report both yearly and monthly price decreases. In contrast, Saskatoon, Prince Albert, Yorkton, and Meadow Lake all reported record-high benchmark prices in July.

City of Regina

The City of Regina reported 352 sales in July, a year-over-year decline of less than 1 per cent. Despite the slight year-over-year decline, July sales levels were nearly 17 per cent above long-term, 10-year averages.

A pullback in both sales and new listings prevented any significant change to the inventory challenges being experienced in Regina. Despite a slight month-over-month improvement in the months of supply, market conditions remain tight in the Queen City.

Regina reported a benchmark price of $319,200 in July, up from $318,700 in June and $316,100 in May.

City of Saskatoon

The City of Saskatoon reported 497 sales in July, a year-over-year increase of 11 per cent and nearly 16 per cent above long-term, 10-year averages.

Strong sales levels prevented any significant change in inventory levels in July. Despite a slight increase in the months of supply, conditions remain extremely tight in the City of Saskatoon.

Saskatoon reported a record benchmark price of $384,200, up from $381,400 in June and $380,100 in May.

The Housing Shortage Hits Crisis Levels

Mon, 31 Jul 2023 14:29:44 GMT

The Housing Shortage Hits Crisis Levels: What Homebuyers, Sellers Need To Know Before Making a Move

By Clare Trapasso

Jul 25, 2023

The nation is in the clutches of the largest housing shortage it’s ever experienced—and there’s no relief on the horizon.

The lack of homes available for sale has caused prices to swell over the past few years and had led buyers to continue battling it out through bidding wars and offers over asking even as mortgage rates have surged.

The country is short between 2.3 million and 6.5 million housing units, according to Realtor.com® estimates.

“It’s primarily underbuilding that’s driving the housing shortage,” says Danielle Hale, chief economist of Realtor.com. “Builders haven’t kept pace with the number of people that need housing.”

How did we get to this crisis point? Well, the population has more than doubled since 1950. More Americans are living longer, and they all need homes. But builders have struggled to ramp construction back up since the Great Recession.

And higher mortgage interest rates, hovering around 7%, are leading many would-be sellers to stay put instead of downsizing into smaller homes and freeing up the larger ones for families. Moreover, in recent years, investors have competed directly against first-time buyers for affordably priced single-family homes.

“The housing shortage is a problem that developed over the housing crisis a decade ago, and it’s probably going to take a decade to get out of it,” says Mark Zandi, chief economist at Moody’s Analytics.

Builders aren’t putting up homes fast enough

So why aren’t more homes being built?

Builders have struggled to ramp up as about half of all construction companies went out of business during the Great Recession as homebuilding ground to a halt, according to the National Association of Home Builders. Many skilled laborers found jobs in other industries.

There was a roughly 80% drop in new construction from the peak, in the third quarter of 2005, to the trough, in the first quarter of 2009.

“If the population is going to grow and the pace of homebuilding is insufficient for that growth, then there’s going to be a housing shortage,” says Robert Dietz, chief economist of the NAHB. “You’d have to be building more than 1.1 million homes a year to meaningfully reduce the deficit.”

Today, says Dietz, the industry is suffering from a lack of construction labor, a lack of available lots, a lack of lumber and building materials, a lack of lending to builders and developers, and local laws and zoning requirements adding to the costs builders incur.

About a quarter of the final price of a new home is regulatory costs, says Dietz. Plus, higher interest rates means it costs builders more to borrow money for land development and construction.

In this post-COVID-19 world, the cost to put up a new home is 30% to 40% more than it was in 2018 and 2019, says Dietz.

“The cost of buildings is very high, so it makes it difficult to build homes at the low price point,” says Zandi.

In addition, the nation loses between 100,000 to 250,000 homes every year, according to NAHB. They’re torn down, destroyed by natural disasters or fires, or just deemed no longer habitable.

The bright spot in the housing market is the nearly 1 million apartments under construction, even though only a few hundred thousand are needed, according to NAHB.

While many of the newer units will be priced higher, landlords are likely to compete with one another for tenants. This could bring down rents in the markets with the largest oversupply of apartments.

“There is a record number of rental units in the pipeline,” says Zandi. “It all got disrupted during the pandemic. Builders couldn’t get appliances or building materials. A lot of the bottlenecks [since] got ironed out.”

More people need more homes

It would be easy to put all of the blame on the builders for the predicament the housing market is in. However, there are other forces at play.

Americans are living longer than they did decades earlier. So they’re occupying more homes.

“We’ve got two historically large generations, the baby boomers at the older end and the millennials on the younger end,” says Jenny Schuetz, a senior fellow at Brookings Metro, a think tank. “And the silent generation is living longer—staying healthier and living independently longer.”

There are more people living alone today than there were in previous years, especially seniors. Many folks who are 65 and older own their homes outright, so they don’t need to double or triple up with roommates. And as people have been having fewer children, they have less family available to take them in.

“We’ve gone from a world 40 years ago where most households were married couples with kids to a lot of empty nesters,” says Schuetz. “Single-person households are the fastest-growing segment of households and have been for a number of years now.”

On the other end of the spectrum are more young adults living with their parents longer. Younger generations often aren’t getting married as early as the baby boomers did. Many are also struggling with high rental and for-sale home prices. So they’re living in multigenerational homes or with roommates instead of moving out on their own or with their romantic partners.

“If people aren’t getting married at the same rates as prior generations, they still want to have some community,” says Chris Porter, chief demographer at John Burns Research and Consulting.

However, there aren’t enough young people shacking up with their families or roommates to offset the high demand for housing.

Square footage might not match family size

Even as builders put up more homes, they need to be the right homes for today’s buyers.

Many older Americans remain in their large houses, even well after their children have flown the coop. Some would prefer to downsize, but can’t find age-appropriate, smaller homes near their friends and family.

And even when the larger homes of empty nesters go up for sale, they’re often priced out of the ranges of growing families.

“We’re seeing more and more of a mismatch between the size of the household and the size of the house,” says Schuetz. “Younger households, including married couples and couples with kids, are living in smaller spaces than they’d like because that’s what’s available and that’s what they can afford.”

Another potential stumbling block is these larger, typically older homes might not be where younger folks want to live.

“It’s not clear that the places where there are a lot older homes are the places [younger households] would want to move into,” says Schuetz.

Higher mortgage rates are worsening the housing crisis

Higher mortgage rates, which the Federal Reserve hoped would cool the housing market, has actually wound up worsening America’s real estate crisis.

The problem is most homeowners with mortgages either purchased or refinanced into lower rates during the pandemic. If they put their homes on the market to move into new homes, they risk taking on higher rates near 7%—resulting in substantially larger monthly mortgage payments. So many are choosing to stay put for longer, including some homeowners who would have been likely to downsize.

In addition, investor sales of single-family homes spiked during the pandemic. They have been purchasing about a quarter of single-family homes on the market since mid-2021, according to CoreLogic data. Investor sales have remained strong despite higher mortgage rates as many of these buyers, ranging from mom and pop flippers to large corporations looking for homes they can rent out, pay in cash.

“We will be in a pretty low [housing] inventory environment for years,” says Lisa Sturtevant, chief economist of Bright MLS, the multiple listing service for the mid-Atlantic region. She expects the shortage to ease—at least a little as mortgage rates come down and more people move into homes that fit their needs. “But I still believe it’s going to be very, very tight.”

In the mid-Atlantic region, almost a quarter of all home sales were investment, rental, or vacation homes, she says.

As more communities crack down on Airbnb and other short-term rental properties, she anticipates more of these homes will go up for sale. About 12% of listings were for homes where an owner had passed away.

Vacation homes typically make up a small percentage of the housing stock.

“Folks who perhaps bought a second home or a vacation home during the pandemic, they thought they would have a lot of opportunity to use those homes and work remotely,” says Sturtevant. “Now as more companies are requiring folks back to the office, at least occasionally, they might not be getting as much use.”

ISC FEES ARE INCREASING BEGINNING JULY 29, 2023

Mon, 24 Jul 2023 13:15:51 GMT

Products and services offered by ISC have been affected by the 2023 Annual Fee Review and the extension of their Master Service Agreement with the Government of Saskatchewan (also its largest shareholder) to operate Saskatchewan’s public registries for another two decades.

REALTORS® should be aware that we have heard from some law firms that closing costs can be impacted significantly, as much as $500.00 – $1100.00, which may not provide enough time for your clients to budget appropriately.

Land Registry Fees

The fee for Title Detail (including Title Prints with registrations) will increase from $12.00 to $15.00.
Mortgage discharges will be subject to a fee of $55.00 per interest register or part of an interest register.
The fee for Abstract Detail (including Abstract Prints with registrations) will increase from $12.00 to $15.00.
The fee for change of ownership will change from 0.3 per cent of the value of the title or abstract to 0.4 per cent of the value of the title or abstract. There will be no changes for ownership changes where at least one owner remains the same before and after the transaction.
The fee for mortgage registrations will now be based on the value of the mortgage principal amount. These fees range from $180.00 to $1000.00.
Mortgage discharges will be subject to a fee of $55.00 per interest register or part of an interest register.

Corporate Registry Fees

The fee for Profile Reports will increase from $6.00 to $10.00.
Various registration services have been reviewed and increased; a chart can be found online.

MAY SALES ABOVE LONG-TERM TRENDS DESPITE PERSISTENT INVENTORY CHALLENGES

Sat, 03 Jun 2023 16:52:21 GMT

There were 1,736 sales recorded across the province in May, resulting in a four per cent year-over-year decline. However, despite the year-over-year decline, sales levels were 20 per cent above long-term, 10-year averages.

Stronger sales in May were possible due to recent monthly gains in new listings. While the seasonal boost in new listings also caused inventories to trend up over the last month, inventory levels remain lower than levels reported in the previous year. They are at their lowest level reported in May since 2008. While year-over-year inventory levels have improved for homes priced above $300,000, more was needed to offset the declines occurring in the lower price ranges.

“Saskatchewan continues to benefit from a strong economy which is helping offset some of the impacts of higher lending rates, keeping sales activity above levels seen before the pandemic,” said Association CEO Chris Guérette. “Despite ongoing inventory challenges, our market is once again showing its resilience as sales remain above long-term averages.”

Adjustments in both sales and inventories in May caused the months of supply to fall below four months. As expected, tightening conditions contributed to monthly gains in the benchmark price. As a result, Saskatchewan’s benchmark price reached $329,600 in May, nearly two per cent higher than the month prior.
“Supply levels do vary across different regions of the province. For example, much of the inventory declines have been driven by the Regina and Saskatoon markets, while other parts of the province are reporting year-over-year gains. For any buyer or seller active in this market, it will be important to work with a professional to understand how market conditions can vary depending on property type, price range and location.”

Regional Highlights

Most regions across the province reported year-to-date sales declines in May. However, the Swift Current-Moose Jaw Region was the only region that saw sales activity fall below long-term trends.

Adjustments in new listings resulted in year-over-year inventory level gains in both the Swift Current–Moose Jaw and Yorkton-Melville regions. Despite recent shifts, inventory levels generally remain well below long-term averages across all areas of the province.

Inventory adjustments have kept conditions relatively tight across all regions of the province, but the tightest market conditions are being experienced in the Regina-Moose Mountain and Saskatoon-Biggar regions. Tighter market conditions also resulted in monthly price gains across all regions of the province.

Price Trends

The unadjusted benchmark prices varied across different regions of the province in May, with most regions reporting a monthly gain.

City of Regina

The City of Regina reported 418 sales in May, an eight percent year-over-year decrease. Although sales eased on a year-over-year basis, they remain far higher than the 10-year average and pre-pandemic levels. While new listings did report seasonal monthly gains, inventory levels remain well below what we traditionally see available in May.

Stronger sales compared to new listings prevented any significant change to the inventory challenges Regina is experiencing. This caused the months of supply to fall to 2.4 months in May, lower than the levels seen last year and last month. Tight market conditions resulted in monthly price gains as Regina reported a benchmark price of $316,100 in May.

City of Saskatoon

The City of Saskatoon reported 538 sales in May, nearly identical to sales in May 2022 and well above long-term averages. Despite seasonal gains in new listings, inventory levels remain well below the 10-year average.

Higher sales and lower-than-average new listings prevented any significant change in inventory levels, causing the months of supply to fall to two months. As expected, tighter market conditions are placing upward pressure on home prices. Saskatoon’s benchmark price reached $380,100 in May, a monthly gain of nearly two per cent.

Canada’s record population growth poses challenges for housing market

Mon, 22 May 2023 15:26:07 GMT

Immigration push: tight supply and overwhelming demand fuel rising home prices in Canada’s most in-demand cities.

According to a recent report from Statistics Canada, Canada’s population grew by a record one million people in 2022, with almost all of the growth attributed to international migration.

With the federal government’s plan to welcome an additional 1.5 million immigrants by 2025, there is concern about how the increased demand will impact the country’s already-strained housing market.

Statistics Canada notes how the influx of newcomers “also represent additional challenges for some regions of the country related to housing, infrastructure and transportation…”

The issue of insufficient supply is frequently discussed in the industry, and many criticize governments’ lack of plans regarding housing.

What’s driving Canada’s growth?

There are several reasons for the immigration push, though, namely the need to fill ever-growing job vacancies and welcome refugees fleeing countries devastated by natural disasters and war.

The BC Real Estate Association’s Chief Economist, Brendon Ogmundson, explains, “We don’t have adequate supply because of the relentless level of demand from huge immigration and population growth, aside from the millennials who have been here.

“All of these people need to live somewhere, and without the supply, we get a lot of bidding on scarce assets, which pushes prices up.”

The role of supply

Tight spring markets are again leading to an increase in home prices in Canada’s most in-demand cities; the squeeze is being felt particularly acute in Toronto and Vancouver.

John Pasalis of Realosophy in Toronto points out, “When you have 20 or 30 people bidding on each property, it’s going to push prices up… At the end of the day, people still needed housing, so part of (pricing) is just the overwhelming demand for homes that help fuel price growth.”

The current supply situation

Pasalis notes, “We’re seeing the effect of this mismatch between housing demand and supply and rapidly rising home prices, but also rapidly rising rents.”

However, in 2022, according to Canada Mortgage and Housing Corporation, Toronto had the highest level of housing starts since 2012. The region concluded 2022 at 45,109 units, a 7.6 per cent jump year-over-year. But the GTA’s market continues to be characterized as tight, with March supply levels down 44.3 per cent compared to March 2022.

Vancouver is also grappling with low supply, with a 35 per cent decrease in new listings last month compared to March 2022 and about 22 per cent below the 10-year seasonal average. Ogmundson points out that even now, with sales still about 20 to 25 per cent below historical averages, the lack of supply is once again leading to an uptick in prices.

Vancouver, for example, had about 8,600 listings on MLS in March, more than 17 per cent below the 10-year seasonal average. Ogmundson explains, “15,000 to 16,000 listings is healthier.”

Despite limited inventory, in March, the Real Estate Board of Greater Vancouver reported the average for all residential properties was $1.14 million — a 9.5 per cent decrease over March 2022 and a 1.8 per cent increase compared to February 2023.

“It will only get worse, and at a time when (interest) rates are still at 20-year highs. Rates will come down, and we’ll have all that new immigration, and supply still can be low,” Ogmundson explains.

“My worry is that we’ll see prices rising again — 10 per cent plus just isn’t healthy for the market.”

Tom Davidoff, associate professor and director of the Centre for Urban Economics and Real Estate at the University of British Columbia, explains that despite continued construction completion, “There’s still a tremendous supply shortage in the sense that homes are beyond affordable for many, many households and that’s from lingering, lack of supply.”

What’s been done about this

Ogmundson shares that in the past, B.C.’s policy has been about reducing demand through its foreign buyer tax and the federal mortgage stress test. The economist believes that, essentially, the government is misdiagnosing the problem.

Millennials are the province’s largest demographic, and demand is intense from those starting a family, Ogmundson says.

“It’s hard to fight that with any type of policy,” he says. “The assumption over the past 10 years that it’s all foreign money, foreign capital for investment, is not the case. Demand is still really strong even with all that we’ve done on that side [to curb it].”

Vancouver real estate agent Steve Saretsky agrees, “Developers are building one and two-bedroom high-rises, which are great for investors and maximizing cash flow. But it’s not so great for young families who can’t afford single-family houses.

He adds, “There’s nothing in between, in that ‘missing middle,’ which is the biggest demand, townhouses, duplexes, and row homes. We need to be building a lot more of that product and a lot less of these glitzy high-rises.”

On top of this, Davidoff points out that the lack of affordable housing has long been an issue in Vancouver, citing that rental affordability is most pertinent because it often impacts lower-income households.

“I think we are certainly seeing policy responses, for better or worse. Making sure that what gets built is largely rental as opposed to owner-housing. There’s been a shift to upzoning, which is very healthy,” Davidoff commented.

“The Province of B.C. is taking steps to make sure municipalities take on their fair share of construction. That’s a very positive development.”

These steps involve the province’s Homes for People plan, which will see $4 billion invested over three years and $12 billion over 10 years to build thousands of new affordable homes.

Davidoff hopes B.C. will scrap single-family zoning. He feels there’s too much of it in the country, especially in Greater Toronto and Greater Vancouver.

“It’s nonsensical (single-family) would be public policy (but) provinces are making some steps in (the other) direction. Generally speaking, let the market build the housing it wants to build up to reasonable density limits.”

Some Canadian jurisdictions have lofty goals to fill the supply gap. For instance, Ontario plans to build 1.5 million new homes by 2031, which many are concerned is too aggressive due to a shortage of skilled workers— the construction industry may struggle to keep up.

The Ontario government says it will open up the greenbelt to address the mismatch of housing supply and demand, and the federal government created a housing accelerator fund to help boost supply.

In December— Toronto City Council approved a housing plan to transform zoning bylaws to tackle the affordability crisis. The proposal will allow multiplexes to be built in areas currently restricted to single-family homes, legalize rooming houses citywide, and aims to build 285,000 homes over the next 10 years.

But, like many others, Pasalis is skeptical. “In the past 10 (years), I think we built 650 (thousand homes). You cannot triple or double completions overnight— the construction sector is running at full capacity. What we’re actually seeing on the ground is our builders slowing down with new launches. Construction starts will actually trend down over the next year, not increase.”

How Canadian governments see things

Ogmundson has noticed less blaming of housing issues on speculators and foreign investors, despite the federal government introducing a foreign homebuyer ban— and announcing amendments not long after it was enacted. That’s been a shift from the same government and people who used to talk about demand and tried to minimize that side of the issue. Now, they also talk about fixing the supply side.

Ogmundson feels this is positive, even if it’s happening too late.

Davidoff has had some success in convincing people that upzoning and charging developers for it is the way forward, but politicians are reluctant.

“I think there’s too much belief that government should achieve affordability by telling people how much they can charge rather than letting the market forces decide,” he says. “Obviously, some people can’t afford market prices, and the way to deal with that is not to hold lotteries for deeply subsidized units, where some people get a unit, but almost everybody gets nothing.”

Saretsky pointed out governments are trying to get more subsidies for transit-oriented communities but tying government funds to permits issued isn’t being done at a scale that’s needed. “There’s a lot of discussion around that politically right now … but no real action,” he said.

What realtors are dealing with

The supply squeeze regularly creates some challenging situations for Canadian realtors and their clients, from higher prices and bidding wars to a lack of available housing altogether. But, they’re doing their best and holding out hope for a more amenable market.

For example, Pasalis points out that clients must walk away if they’re priced out of the market. “That’s what was happening way more in 2021 and 2022,” he says. “Right now, people who are in the market know what they can afford – prices aren’t increasing very rapidly. The challenge now is low supply, lots of buyers but not a lot of listings, making for a very competitive market.”

As well, Saretsky has found the process takes people much longer than they’d like it to.

“I think there are a lot of frustrated buyers out there and that’s why we’re seeing these multiple offers. People are stuck, throwing in the towel, and trying to find a house in the last six months [when] inventory hasn’t got any better. We thought it would, as it usually gets better in the spring, but it hasn’t, at least not yet,” he explains.

The way forward: What we can do now

It seems the best solution for the future is creating more affordable, dense housing with multi-unit zoning – which is certainly a big goal.

Ogmundson believes we need more housing, and we need it now. “We can either change neighbourhoods pretty dramatically with zoning and build more in what they call gentle density—row houses and the kind of thing you see in European cities—or we can keep things the way they are, and we’ll have status quo affordability, which no one is satisfied with.”

Davidoff hopes that single-family zoning will be abolished. “There’s way too much of it in the country, especially in Greater Toronto and Greater Vancouver. It’s nonsensical that would be public policy,” he says. “Let the market build the housing it wants to build up to reasonable density limits.”

He suggests building more and charging for the upzoning. “Freeze the zoning you get for free at current regulations. Then, charge for extra density. If you want to build more, you have to pay for the right. And selling those density rights can be extremely lucrative.

He adds, “Instead of building dedicated homes for low-income households with affordability mandates and forcing people who want to build condos to build rentals, just charge for the zoning … we’ll make the best use of it in mostly cash transfers to low-income households.”

Saretsky feels that more political discussion and coordination among all levels of government needs to happen.

“You’ve got the federal government saying, ‘Here’s our immigration target. You guys at the municipal level can figure it out.’ So, you let a million people into the country and have no plan, no coordination for infrastructure.”

He points out that at least some supply is better than nothing. But, Saretsky feels, “The problem is a lot of that supply is condos … raising families in a two-bedroom condo is not really what we’re used to. It’s not ideal, so we’ll continue to see a lot of demand for three-bedroom townhouses, row homes and duplexes. Hopefully, municipalities open it up and allow this to be built and more of it—I think that will certainly alleviate some of the price pressures.”

Industry professionals like Saretsky, Pasalis, Ogmundson, and Davidoff are calling for fresh ideas and action around addressing Canada’s housing supply issue.

While there is no single or simple answer to the shortage, and each jurisdiction’s needs will vary, the right solutions may lie in new and different zoning that allows for an increase of denser housing to accommodate Canada’s massive population growth now and in the future.

Plus, by having developers pay for upzoning, it fuels support for low-income rentals that are desperately needed.

Source:
Emma Caplan

Emma Caplan is a writer for Real Estate Magazine with over a decade of writing and editing experience in various content types and topics, including real estate, housing, business, tech, and home & design. Emma’s work has been featured in Cottage Life, the Vancouver Real Estate Podcast, the Chicago Tribune, Narcity Media, Healthline, Taste of Home, and BobVila.com. She holds a Certificate in Editing from Simon Fraser University.

GLOBAL SPOTLIGHT: THE GREAT WHITE NORTH

Thu, 11 May 2023 13:59:31 GMT

This month, Jordan Boyes—broker/owner of BOYES Group Realty, Inc. (a member of Leading Real Estate Companies of the World®)—breaks down the trends that are motivating buyers to lay down roots in the province of SaskatchewanBOYES Group Realty, Inc.

Saskatoon, SK, Canada
Jordan Boyes
Broker/Owner
https://boyesgrouprealty.com

Tell us about your company.

We opened as a brokerage in 2015 and serve all of Saskatchewan, with 100 agents and three offices in Regina, Saskatoon and Battleford. We take pride in how collaborative we are, operating like one big team and not agents versus agents. We have a great training program, very competitive fee structures for our agents and great lead generation sources. We are well-versed in new developments and represent some of the city’s largest developers.

Please describe your leadership style.

I am very accessible to our agents, as is my staff. If someone has a question, it is rare that they have to wait more than 15 to 20 minutes to get an answer on anything. I am in the office every day by 5:30 a.m. and continuously strive to improve things for our agents so they can deliver the best service to their clients. How would you describe your current housing market?

After two years of rising prices, prices have stabilized, with the average home price around $375,000 CAD ($275,872 USD). Inventory is at record lows, which is holding prices quite steady.

What types of properties do you sell, and which are most popular?

Most properties we sell are residential homes and condos, but we also have a farm and commercial division, as well as a property management company.

What home features or amenities are especially popular with your buyers?

Buyers are looking for a good, solid home in a safe area. Almost all of the locations we serve are within a five- to 10-minute drive of all amenities, which appeals to most buyers.

What are some of the most important trends in your market?

Inventory basically dictates everything. With the rising cost of building we have seen over the last few years, it has really helped the prices and demand for resale properties.

What are your biggest challenges/opportunities for growth?

In a slowing global market, helping agents obtain business and keep their confidence up is especially important. Also, we are struggling to find homes for some buyers given the current environment with low inventory.

Are you seeing much foreign investment? What advice do you have for buyers outside of your area?

We don’t see a lot of foreign buyers, but we have plenty of people coming here from British Columbia and Ontario. With very affordable properties and high rental income, investors tend to see a good return on investment.

What do you love most about living in Saskatchewan?

The people. We are still a relatively small community overall. The farming community is a large majority of our population, and everyone is very humble and friendly. The ease of getting around means we can be anywhere in our city in under 30 minutes—even with the worst traffic.

What value do you get from being a member of LeadingRE?

LeadingRE gives us great exposure to other markets and referral sources we wouldn’t have had otherwise. We have the opportunity to network with people around the world and learn what strategies have worked for them, as well as those that haven’t. It allows us to get our company and our city in front of a larger audience.

APRIL MARKET WATCH

Wed, 03 May 2023 20:15:04 GMT

SASKATCHEWAN SHIFTING TOWARDS MORE BALANCED CONDITIONS

May 3, 2023
EMBARGOED RELEASE:

Saskatchewan reported 1,216 sales in April, down 21 per cent year-over-year and slightly below long-term, 10-year averages. Aligning with seasonal trends, sales and new listings trended up above levels seen earlier this year. Although inventory levels experienced a 4 per cent year-over-year decline and remain over 30 per cent below 10-year trends, the adjustments in sales and new listings have resulted in the months of supply rising to nearly five months.

“Our market continues to struggle with supply and has since the start of the pandemic,” said Association CEO, Chris Guérette. “While inventory challenges remain a concern for us, recent trends are pointing to potential supply relief. Should these trends persist, we may see more balanced conditions play out in the market in the second half of the year.”

The provincial benchmark price reached $323,600 in April, up from $321,400 in March and slightly below prices recorded last April.

“As province-wide figures are showing signs of more balanced conditions, it’s important to keep in mind that there is variation depending on location and price range. Conditions remain exceptionally tight in lower-priced products, while more balanced conditions exist in higher price ranges,” said Guérette. “Higher lending rates have driven more purchasers to seek out lower priced options, while it is proving more difficult for existing homeowners to move up in the market.

# # #

Regional Highlights

Both sales and inventory trends varied across different regions of the province in April. Year-to-date sales levels improved in Melfort, Prince Albert, North Battleford, Yorkton, and Weyburn. Additionally, inventory levels improved over previous months across all regions except Humboldt and Weyburn. That said, most regions are still reporting inventory levels lower than the previous year and below long-term, 10-year averages.

Overall, when considering both sales and inventory levels, some regions of the province are not seeing a shift toward more balanced conditions. Melfort, Prince Albert, Yorkton, and Meadow Lake reported further tightening compared to levels reported last year.

Price Trends

Benchmark prices varied across different regions of the province in April. All regions except Prince Albert and Swift Current posted stable to modest gains in benchmark price when compared to the month prior.

City of Regina

Year-over-year sales activity in Regina slowed for the fourth consecutive month. Despite the decline, sales levels are only slightly below long-term, 10-year averages. Inventory levels remain over 25 per cent below long-term averages, while the months of supply increased to 3.43, up from 2.96 in March.

Regina reported a benchmark price of $311,200 in April, up from $307,100 in March and nearly 5 per cent lower than April 2022.

City of Saskatoon

The City of Saskatoon reported declining year-over-year sales for the fourth consecutive month. However, sales levels remain slightly above long-term, 10-year trends. Inventory challenges persist in Saskatoon, with supply levels nearly 37 per cent below 10-year averages, the lowest levels reported in April since 2008.

Saskatoon reported a benchmark price of $375,600 in April, slightly down from $376,300 in March and 1.4 per cent higher than April 2022.

Source - SRA

MARCH MARKET WATCH

Wed, 05 Apr 2023 18:35:49 GMT

SASKATCHEWAN REMAINS RESILIENT AS INVENTORY CHALLENGES CONTINUE

There were 1,213 sales recorded across the province in March, a 20 per cent year-over-year decline. Despite year-over-year sales declines, this level of sales is still stronger than pre-pandemic levels and nearly 10 per cent above long-term, 10-year trends.
New listings decreased by over 17 per cent on a year-over-year basis and remain significantly below the 10-year average. In the first quarter of 2023, properties priced below $400,000 contributed to the largest decline in new listings. A reduction in new listings relative to sales resulted in further year-over-year declines in inventory levels, which remain over 30 per cent below long-term averages.

“Higher lending rates continue to impact what buyers are able to purchase, which is creating tight conditions in the more affordable segment of our housing market,” said Association CEO Chris Guérette. “When paired with declining inventory levels, specifically in homes priced under $300,000, there simply isn’t enough choice for prospective buyers looking in that price range right now.”

The provincial benchmark price reached $321,400 in March, up from $318,500 in February and slightly below prices recorded last March.

“Our market is once again showing its resilience, as we continue to report sales above long-term averages,” said Guérette. “That said, we continue to keep a close eye on supply levels across the province. Saskatchewan is growing at its fastest pace in over 100 years and ensuring that supply matches this growth is crucial to maintaining our affordability advantage.

Regional Highlights

Many regions across the province experienced a decline in sales when compared to last year. The year-over-year declines range from a decline of five per cent in North Battleford, to 34 per cent in Swift Current. Prince Albert, however, reported an eight per cent gain in year-over-year sales.

While North Battleford and Prince Albert did see some quarterly gains in new listings, all regions are reporting new listings that are below long-term averages. The continued decline in new listings has prevented a shift in inventory levels, which remain well below the 10-year average in all regions across the province.

Price Trends

Benchmark prices varied across different regions of the province in March. Year-over-year price declines were reported in Martensville, Meadow Lake, Melfort, Melville, Moose Jaw, North Battleford, Regina, and Yorkton. Meanwhile, all remaining regions posted stable to modest gains.

City of Regina

Year-over-year sales activity in Regina slowed for the third consecutive month. Despite the decline, sales levels are well above the 10-year average. Inventory levels remain over 25 per cent below long-term averages, with most of the decline being driven by homes priced below $300,000.

The months of supply in Regina fell to 2.96 in March, down from 3.86 in February. If conditions remain this tight over the next several months, we could start to see an impact on home prices.

Regina reported a benchmark price of $307,100 in March, slightly below the $310,200 reported in February.

City of Saskatoon

The City of Saskatoon reported declining year-over-year sales for the third consecutive month. That said, sales levels remain consistent with long-term, 10-year averages. Inventory levels remain a significant concern, as the city reports supply levels nearly 37 per cent below long-term averages.

The months of supply in Saskatoon fell to 2.32 in March, down from 3.50 in February. Tight conditions in the Saskatoon market are placing upward pressure on home prices and we expect this trend to continue as inventory challenges persist.

Saskatoon reported a benchmark price of $376,300 in March, slightly above the $372,400 reported in February and over 2 per cent higher than March 2022.

Jordan Boyes - Broker/Owner : Blog from Jordan Boyes - Broker/Owner : Latest Blog Posts

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Less than 2 months Inventory in Saskatoon

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GLOBAL SPOTLIGHT: THE GREAT WHITE NORTH

APRIL MARKET WATCH

MARCH MARKET WATCH