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.

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 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.

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.

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.”

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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.

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.”

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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.

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.”

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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.

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.

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.

“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,” notes SRA’s 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.”

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. 

“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,” says 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 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.

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 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.

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.

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.

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.

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.”

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 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.

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.