Navigating Saskatchewan’s Real Estate Market: Insights from March 2024

As we step into the bustling spring market, it’s crucial to take a moment to analyze the performance of Saskatchewan’s real estate over the past month. March saw a total of 1,183 property sales across the province—a slight 2% decline compared to the same month last year. However, these figures still comfortably sit nearly 6% above the decade-long average, showcasing a robust start to the year.

Despite a marginal decrease in March sales, the cumulative sales for the year have surged, posting a 10% increase over last year’s figures. Notably, the Regina-Moose Mountain, Saskatoon-Biggar, and Swift Current-Moose Jaw regions have driven much of this growth, reflecting heightened economic activity and buyer interest in these areas.

However, the market is not without its challenges. March marked the ninth consecutive month of above-average sales, coupled with a decrease in new listings, which has led to a significant drop in available inventory. In fact, inventory levels fell by 15% from last year and are now nearly 40% below the long-term average. This trend is causing concern among real estate professionals and prospective buyers alike, particularly in affordable housing segments.

Chris Guérette, CEO of the local real estate association, expressed concern over the persistent inventory shortages, especially in major centers where the supply of properties priced under $400,000 is critically low. “The busy spring market has arrived, and there simply isn’t enough supply in the more affordable segment of our market right now,” Guérette commented. “It’s undoubtedly a difficult time for prospective homebuyers.”

Price Dynamics and Regional Developments

The tight market conditions across various regions have supported a continual rise in home prices. March saw the provincial benchmark price climb to $334,500—an increase from $330,800 in February and nearly 4% higher than the previous year. The most significant price gains were observed in apartment and townhouse properties.

Regionally, the Regina-Moose Mountain area experienced a remarkable boost in sales, outpacing both the previous year and the 10-year average by 14% and 26%, respectively. Similarly, in the larger markets like Saskatoon-Biggar, strong sales have been coupled with dwindling new listings, exacerbating the inventory squeeze and tightening market conditions.

City Spotlights: Regina and Saskatoon

Turning our focus to urban centers, Regina reported a robust 312 sales in March—a 7% increase year-over-year and 23% above the long-term average. This vigorous activity has not been matched by new listings, keeping inventory levels constrained and placing upward pressure on home prices, which reached a benchmark of $313,100 in March.

Conversely, Saskatoon experienced a slight dip in sales but continued to perform above long-term averages. With a significant 21% drop in inventory from last year and 50% below the decade-long trend, the market conditions in Saskatoon remain particularly tight, pushing the benchmark price to $394,300—a substantial increase over the past month and year.

Looking Ahead

As we navigate through the spring and into the summer, the real estate landscape in Saskatchewan presents both opportunities and challenges. While the growth in home prices and sales activity signals a vibrant market, the notable inventory shortages underline a pressing need for new listings to meet buyer demand. This dynamic market demands vigilance and strategic planning from both buyers and sellers to successfully navigate the ongoing shifts.

For those considering entering the real estate market or looking to understand their local market dynamics better, staying informed and seeking advice from experienced real estate professionals is more crucial than ever. As we continue to monitor these trends, I remain committed to providing you with the most relevant and up-to-date information to help you make the best decisions in this ever-evolving market landscape.