Saskatchewan Real Estate Market: A Record-Setting 2024

Saskatchewan’s real estate market closed 2024 on a high note, with strong sales and rising prices marking one of the province’s most successful years. December alone reported 776 sales, a three percent increase from 2023 and nearly 15 percent above the long-term 10-year averages. Across the entire year, Saskatchewan recorded 16,119 sales, an impressive nine percent increase from 2023 and the second-strongest year on record for resale housing activity.

Inventory Challenges Persist

While demand soared, declining new listings presented significant challenges. December’s new listings fell 16 percent year-over-year and were nearly 30 percent below the 10-year average. Inventory levels hit record lows throughout the year, particularly in the more affordable housing segments.

Chris Guérette, CEO of the Saskatchewan Realtors Association, highlighted this ongoing issue: “Our province closed 2024 with an eighteenth consecutive month of above-average sales, an incredible statistic when you consider the significant inventory challenges we’ve faced throughout the year. This lack of available inventory, specifically in the more affordable segment of the market, is very likely preventing even stronger 2024 sales figures.”

December Market Trends

Seasonal trends saw the provincial months of supply rise to nearly five months in December, up from under four months in November. Despite this slight improvement, inventory remained 20 percent below December 2023 levels and over 40 percent below the 10-year average. The Regina and Saskatoon regions reported even tighter conditions.

The residential benchmark price in Saskatchewan stood at $337,800 in December, slightly down from $338,400 in November. However, year-over-year, prices grew by nearly seven percent, reflecting the province’s robust demand.

Regional Highlights

All regions of Saskatchewan outpaced 2023 sales levels and exceeded 10-year averages:

• Regina-Moose Mountain: Sales were up 28 percent compared to 10-year trends.
• Saskatoon-Biggar: A strong performer, with sales 18 percent above historical averages.
• Swift Current-Moose Jaw: Recorded sales growth of 17 percent over long-term trends.

Despite slight seasonal improvements in December, both the Saskatoon-Biggar (3.23 months of supply) and Regina-Moose Mountain (4.11 months of supply) regions continue to report months of supply over 50 percent below historical averages.

Price Trends Across the Province

Tight inventory and strong demand pushed prices higher in nearly all areas. Notable year-over-year price gains for December included:

• Moose Jaw: Leading with over 14 percent growth.
• Humboldt: Reporting a 13.5 percent increase.
• Melfort: Achieving 12.5 percent growth.
• Melville: Posting a 10.9 percent rise.

Spotlight on Regina

Regina recorded 198 sales in December, up five percent year-over-year and 28 percent above long-term trends. For 2024, the city reported 3,917 sales, setting a new annual record. Despite modest growth in new listings, Regina’s inventory levels declined by 32 percent year-over-year and remain over 40 percent below historical averages. The city’s benchmark price in December was $313,400, a slight dip from November but five percent higher than December 2023.

Spotlight on Saskatoon

Saskatoon reported 256 sales in December, a 12 percent year-over-year increase and 20 percent above the 10-year average. The city closed 2024 with 5,035 sales, making it the second-strongest year on record and marking an eight percent increase from 2023.

Inventory challenges persisted, with available units dropping by 25 percent year-over-year, leaving just 2.17 months of supply at year-end. The benchmark price for December stood at $395,300, slightly lower than November but over seven percent higher than December 2023.

Looking Ahead to 2025

Saskatchewan’s real estate market continues to benefit from record population growth, rising employment, and recent Bank of Canada interest rate cuts. “As we look ahead to 2025, we expect supply challenges to continue as a dominant theme,” said Guérette. “If this increased demand continues in the new year, we will likely see prices continue to trend upward across the province.”

With a strong foundation and persistent demand, 2025 promises to be another dynamic year for Saskatchewan’s housing market. Real estate professionals and prospective buyers alike should prepare for continued competition and rising prices in the months ahead.