Saskatchewan Housing Market: Record Sales and Tight Inventory in September 2024

The Saskatchewan real estate market remained on fire in September, with 1,398 sales recorded—an impressive eight percent increase compared to the same time last year. Even more noteworthy, sales were nearly 15 percent higher than the province’s 10-year average for September. This marked the fifteenth consecutive month of above-average sales, making it one of the strongest Septembers on record for Saskatchewan’s housing market.

Driving Forces Behind the Sales Boom

The detached home sector led the charge, accounting for a substantial 73 percent of the month’s total sales. Demand remained strong across nearly all regions of the province, with year-to-date sales on track to be the second highest in Saskatchewan’s history.

According to Chris Guérette, CEO of the Saskatchewan Realtors Association, “Record population growth, favorable economic conditions, and an improving labor market continue to support strong demand in Saskatchewan’s housing market.” He also highlighted how easing lending rates have played a role in fueling this sustained sales streak.

Declining Listings and Tight Inventory

While sales surged, new listings in September trended downward, decreasing by two percent year-over-year and a significant 16 percent below the 10-year average. This tightening of available listings led to a 17 percent drop in inventory compared to last year, with current inventory sitting nearly 40 percent below long-term averages. In fact, the inventory levels for September were the lowest seen since 2007.

Price Stability Amid High Demand

Despite strong demand and shrinking inventory, Saskatchewan’s residential benchmark price remained stable at $343,800 in September, a slight dip from August’s $344,700. However, year-over-year, prices have increased by nearly six percent across the province. Every major city in Saskatchewan reported price growth, with Moose Jaw leading the way at a 13 percent annual increase.

Regional Market Highlights

Year-to-date, sales have been primarily driven by the Regina Moose-Mountain, Saskatoon-Biggar, and Swift Current-Moose Jaw regions, collectively making up 81 percent of all sales in the province. Even regions like Prince Albert and Yorkton-Melville, while holding steady compared to last year, are surpassing long-term sales trends.

The Saskatoon-Biggar region stood out for having the tightest market conditions, with inventory levels plummeting nearly 45 percent below the 10-year average.

Price Trends Across Saskatchewan

Home prices continued to rise in every corner of the province. The Saskatoon-Biggar and Swift Current-Moose Jaw regions saw some of the strongest price growth in September. Moose Jaw took the crown for the highest price gains, with a 13 percent increase year-over-year, followed by Yorkton at eight percent and Humboldt at over seven percent.

City Spotlights: Regina and Saskatoon

Regina:
In Regina, 320 homes were sold in September, marking the second-highest sales level on record for the month. Sales were up five percent year-over-year and exceeded the 10-year average by 19 percent. However, like the rest of the province, Regina saw a decline in new listings, pushing inventory levels down by 23 percent year-over-year and over 40 percent below long-term trends. The benchmark price in Regina reached $320,700 in September, a slight increase from August’s $319,700 and nearly five percent higher than last year.

Saskatoon:
Saskatoon experienced a stellar month with 432 homes sold, up 16 percent year-over-year and 24 percent above long-term averages. Despite these strong sales figures, inventory remained tight, with levels over 46 percent below the 10-year average, the lowest for September since 2007. Saskatoon’s benchmark price reached a record $401,800, down slightly from August but still seven percent higher than September 2023.

Looking Ahead

As we head deeper into fall, the Saskatchewan housing market shows no signs of slowing down. While high demand continues to push sales, shrinking inventory could keep competition fierce among buyers. All eyes will be on the coming months to see how prices and sales trends evolve.