Saskatchewan’s Housing Market Surges in July: Record Sales and Rising Prices Amid Tight Inventory

The Saskatchewan real estate market continues to show strength as the province reported 1,667 sales in July, marking a seven percent increase compared to last year. Notably, this figure is over 20 percent above the 10-year average, marking the thirteenth consecutive month of above-average sales. Year-to-date sales are also up, showing a 10 percent increase from July 2023 and 19 percent above the 10-year average, indicating sustained momentum in the market.

While there was a modest increase in new listings compared to last year, inventory levels remain a concern. Inventory has dropped 20 percent year-over-year and is currently over 40 percent below long-term trends. The shortage of available properties is a key factor in the ongoing supply-demand imbalance in the province.

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

In terms of pricing, Saskatchewan reported a residential benchmark price of $344,800 in July, up slightly from $343,300 in June and nearly five percent higher than July 2023. Home prices increased across all property types, with year-over-year gains ranging from over four percent in detached homes to an impressive 11 percent in row/townhouse-style properties.

“With just over three months of inventory across the province – below two in some of our larger centers – it remains a challenging time for prospective buyers right now,” Guérette noted. “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.”

Regional Highlights

Despite a slight decline in sales in some regions, all areas of the province reported monthly sales figures above the 10-year average in July. Year-to-date sales have improved across all regions except the Northern region, with the largest growth observed in the Regina-Moose Mountain and Swift Current-Moose Jaw regions. The Saskatoon-Biggar region continues to experience the tightest market conditions in the province, with just 2.19 months of supply in July.

Price Trends

Home prices are trending upwards across the province, with the Saskatoon-Biggar region seeing the largest year-over-year gain at seven percent, followed by the Swift Current-Moose Jaw region at five percent. The City of Saskatoon reported the most significant price increase in July, with prices over seven percent higher than last year. Additionally, several other cities, including Regina, Estevan, and Moose Jaw, reported year-over-year price gains.

City of Regina

The City of Regina saw 381 sales in July, a 10 percent increase from last year and 26 percent above the 10-year average. These strong July sales have contributed to a 16 percent increase in year-to-date sales, putting the city on track for one of its highest sales years ever. Despite a slight increase in new listings, inventory levels in Regina remain over 43 percent below long-term trends. The city reported a benchmark price of $318,400 in July, up slightly from June and 0.5 percent higher than July 2023.

City of Saskatoon

Saskatoon reported 520 sales in July, a five percent year-over-year gain and over 20 percent above the 10-year average. However, limited supply continues to constrain the market, with inventory levels remaining more than 50 percent below long-term trends. Saskatoon continues to have the tightest market conditions in the province, with just 1.60 months of supply. The city also reported a record benchmark price of $406,500 in July, up from $403,500 in June and over seven percent higher than July 2023.

The Saskatchewan real estate market remains robust, with strong demand and limited supply driving above-average sales and rising prices across the province. As inventory levels remain tight, prospective buyers may continue to face challenges in finding available homes, particularly in more affordable segments.

*information courtesy of SRA