In May, Saskatchewan recorded 1,841 sales, marking a six percent increase compared to the previous year and a 24 percent rise from the long-term average, as reported by the Saskatchewan Realtors Association (SRA). Despite a rise in new listings, strong sales have kept inventory levels at their lowest since 2008, especially for properties priced under $300,000.
The residential benchmark price in May was $340,400, up from $339,800 in April and over four percent higher than May of the previous year. Prices increased across all property types, with the highest increases seen in apartment and row/townhouse-style properties.
SRA CEO Chris Guérette commented, “Our housing market continues to show strong monthly sales figures despite ongoing inventory challenges. It is impressive to see eleven consecutive months of above-average sales, especially considering the difficulties faced by prospective buyers in certain markets within our province.”
Regina
Regina reported 440 sales in May, a five percent increase from the previous year and 32 percent above long-term trends. Although new listings saw a slight uptick, strong sales resulted in inventory levels nearly 50 percent lower than long-term trends, with only 1.69 months of supply available.
The benchmark price in Regina was $320,000 in May, up from $319,800 in April and two percent higher than in May 2023.
Saskatoon
Saskatoon recorded 573 sales in May, marking a seven percent increase from the previous year and a 28 percent rise from the long-term average. Inventory levels decreased by 21 percent year-over-year and are nearly 50 percent below long-term trends, making Saskatoon the province’s area with the lowest inventory levels.
The benchmark price in Saskatoon was $397,200 in May, down from $398,600 in April but nearly six percent higher than in May 2023.
Guérette noted, “Despite the provincial months of supply dropping below three months in May, conditions remain tight in Regina and Saskatoon, with both cities reporting less than two months of supply. With anticipated rate cuts likely to stimulate more demand and no immediate relief in inventory, we expect prices to continue rising across the province due to the tight conditions.”
Review the May data by province, city, CMA/CA, region, or census division.
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