Saskatchewan Real Estate Market Update – February 2025

Saskatchewan’s real estate market continued its strong momentum in February, with 986 sales reported across the province. While this marks a slight 1% decrease compared to February 2024, sales activity remains well above the 10-year average—highlighting the province’s continued housing demand and market strength.

Despite a minor dip in year-over-year numbers, sales are keeping pace with 2024’s strong start, and the outlook remains positive as we head deeper into the year.

Low Inventory Putting Pressure on the Market

One of the most pressing challenges right now is inventory—or the lack of it. New listings fell by nearly 14% compared to last year and are down 29% from the 10-year average. This, paired with elevated demand, is creating increasingly tight conditions across many Saskatchewan markets.

“Saskatchewan’s housing market continues to exceed expectations, as February marks twenty consecutive months of above-average sales in our province,” said Chris Guérette, CEO of the Saskatchewan REALTORS® Association. “These figures are even more impressive when you consider how dire the inventory situation has been over this stretch. What we’re seeing right now is unprecedented.”

By the end of February, only 3,851 units were available province-wide—a 21% drop from last year and nearly 50% below what’s typically seen in Q1.

Home Prices on the Rise

As expected in a high-demand, low-supply environment, home prices are trending upward across Saskatchewan. The province’s benchmark residential price reached $344,700 in February—up from $342,600 in January and almost 5% higher than a year ago.

Even with broader economic uncertainty and recent trade tariffs adding pressure, Saskatchewan’s real estate market continues to show resilience.

“Our market has demonstrated resilience through persistent supply challenges, and now we’re adding tariffs to the mix,” said Guérette. “A lot is being thrown at us, but we’re cautiously optimistic that our market will continue to weather this storm.”

Regional Highlights

• Regina-Moose Mountain and Saskatoon-Biggar are leading the province in activity, both reporting February sales well above historical averages. These regions also have some of the tightest inventory levels, with supply sitting more than 50% below the 10-year average.
• Prince Albert reported a 10% year-over-year price increase in February, while the Swift Current-Moose Jaw region saw an 8% rise.

Spotlight on Saskatoon and Regina

Saskatoon

Saskatoon saw 323 homes sold in February—a 5% increase from last year and 25% above the 10-year average. Year-to-date, sales in the city are tracking over 22% above long-term trends.

However, new listings dropped 12% year-over-year and remain nearly 30% below average. Only 581 units were on the market at the end of February, and 156 of those were already conditionally sold. This leaves Saskatoon with less than two months of housing supply—one of the lowest levels for this time of year.

The benchmark price in Saskatoon climbed to $405,400, up from $403,400 in January and nearly 6% higher than February 2024.

Regina

In Regina, February saw 253 sales, down 7% from last year, but still 30% higher than the 10-year average. Inventory remains a major factor limiting growth.

The city added 304 new listings, down 5% from last year and 19% below long-term trends. At month’s end, just 514 homes were on the market, with 124 already conditionally sold—leaving Regina with just over two months of supply, the lowest February figure in nearly 20 years.

Regina’s benchmark price rose to $317,700, up from $316,300 in January and 2% higher than February 2024.

Conclusion

The Saskatchewan housing market is showing continued strength despite low inventory and external economic pressures. With prices rising and demand staying strong, this spring could be an ideal time for homeowners considering a sale to enter the market.

If you’re thinking about buying, selling, or simply curious about what your home is worth in today’s market, I’d be happy to help you navigate these fast-moving conditions with up-to-date advice and local expertise.