Saskatchewan Real Estate Market Soars to Record-Breaking October Sales

October was a landmark month for real estate in Saskatchewan, with the province reporting 1,520 sales – the highest monthly sales level ever for this time of year. This surge represents a 21 percent increase over October 2023 and a remarkable 36 percent above the 10-year historical average. Sales levels rose across all regions, pushing year-to-date sales up by over 8 percent.

However, this heightened demand continues to strain available inventory. Despite a slight increase in new listings, October marked the sixteenth month of above-average sales, driving inventory to its lowest level since 2007. Homes priced below $300,000 saw the sharpest inventory declines, while only homes above $600,000 recorded any inventory gains.

“Unlike some parts of the country, Saskatchewan is experiencing strong housing demand despite significant inventory challenges,” commented Chris Guérette, CEO of the Saskatchewan Realtors Association. He noted that economic factors remain favorable, sustaining above-average sales and proving that the demand for housing in Saskatchewan is resilient.

Tight Market Fuels Price Gains

Saskatchewan’s housing market conditions tightened even further in October, with the months of supply dropping to just over three – an unusually low figure. This supply shortage, combined with strong demand, has continued to drive prices upward. The province reported a residential benchmark price of $343,400 in October, reflecting a nearly six percent increase from October 2023.

While October’s benchmark price showed a slight seasonal decrease from September’s $343,800, prices across all property types rose year-over-year. Guérette emphasized that demand typically eases in the fourth quarter, but the scarcity of inventory means prospective buyers are facing challenges. Recent interest rate cuts are likely to further fuel demand, potentially tightening the market even more.

Regional Highlights

Sales increased across all Saskatchewan regions in October, with several reporting levels well above 10-year averages. Inventory shortages persisted province-wide, as new listings were quickly met by high sales volumes.

• Saskatoon-Biggar and Regina-Moose Mountain reported the tightest conditions, with only 2.41 and 2.62 months of supply, respectively.
• Moose Jaw led the province in price gains, with an impressive 11 percent year-over-year increase.
• Every major city in Saskatchewan reported benchmark price gains from October 2023.

Spotlight on Regina

The City of Regina saw an 18 percent year-over-year increase in October sales, totaling 364 – a record for the month and a staggering 47 percent above the long-term average. Year-to-date sales in Regina reached an all-time high of 3,447, driven by strong demand that far outpaces new listings. With only two months of supply available, Regina’s inventory dropped 31 percent from last year. The city’s benchmark price for residential properties rose to $321,000, up five percent from October 2023.

Spotlight on Saskatoon

Saskatoon also posted record sales, with 444 homes sold in October – a 17 percent increase from last year and nearly 30 percent above the 10-year average. Inventory in Saskatoon remains critically low, with just 803 units on the market, marking the lowest October level since 2006. With less than two months of supply, Saskatoon’s benchmark price reached $402,600, an increase of nearly seven percent from October 2023.

A Challenging Yet Promising Market

Saskatchewan’s real estate market remains strong despite inventory shortages, thanks to favorable economic conditions and high demand. The upcoming months may continue to challenge buyers as inventory levels stay tight, but demand appears poised to remain strong. For buyers and sellers alike, understanding these trends can help navigate this competitive, dynamic market as Saskatchewan heads toward 2025.