Saskatchewan’s real estate market bucks national trends with robust sales and increasing prices, says SRA

According to the Saskatchewan Realtors Association (SRA), last month saw 1,507 residential property sales in Saskatchewan.

This represented a 7.0 per cent decrease compared to the previous year but was over 12 per cent higher than long-term averages. August marked the 14th consecutive month of above-average sales, distinguishing Saskatchewan from other Canadian markets, as noted by SRA’s CEO, Chris Guérette.

Relative affordability and strong employment continue to drive housing demand in Saskatchewan

The sales-to-new-listings ratio decreased due to fewer new listings compared to sales, preventing a larger monthly inventory decline. Nonetheless, inventory levels were down by 17 per cent year-over-year and are currently 40 per cent below long-term averages.

Guérette emphasizes that Saskatchewan’s relative affordability, coupled with employment growth and decreasing unemployment rates, sustains robust housing demand in the province.

‘Very significant’ price growth in Saskatoon and Moose Jaw

Limited supply, particularly in lower price ranges, is pushing prices higher. Last month, the province recorded a residential benchmark price of $344,700, marking a 6.0 per cent year-over-year increase.

Guérette highlights that inventory levels remain significantly below average province-wide, especially in Saskatoon and Moose Jaw, impacting prices. Almost all regions in Saskatchewan experienced year-over-year price growth in August, with Moose Jaw and Saskatoon seeing notable increases of 11 per cent and 9.0 per cent, respectively.

Regina

In Regina, there were 387 sales last month, an 8.0 per cent increase from the previous year and 29 per cent above long-term trends. Year-to-date sales reached 2,765 units, reflecting a 15 per cent rise compared to the previous year despite ongoing inventory challenges. Inventory levels in Regina dropped by 22 per cent year-over-year and remain over 40 per cent below long-term averages. The city’s benchmark price stood at $319,700 in August, up by 3.0 per cent from the previous year.

Saskatoon

Saskatoon reported 457 sales last month, a 13 per cent decrease from the previous year but 14 per cent above long-term trends. Inventory levels in Saskatoon are more than 48 per cent below long-term averages, indicating tight market conditions. The city’s benchmark price reached $404,900 in August, showing an increase of over 8.0 per cent from the previous year.

For a detailed analysis, refer to the full report, which includes data by province, city, CMA/CA, economic region, and census division.