Saskatchewan Real Estate Market: August Sales Trends and Regional Highlights

In August, Saskatchewan’s real estate market reported 1,507 sales, a slight 7% decline compared to the same month last year. However, this figure is still more than 12% above the province’s long-term, 10-year average. Despite the minor dip, August marked the 14th consecutive month where sales exceeded historical trends, with year-to-date sales standing 7% higher than last year’s.

The market saw a small increase in new listings compared to sales, which helped temper the monthly decline in inventory levels. However, the overall inventory has dropped by 17% year-over-year and remains 40% below the province’s 10-year average.

According to Saskatchewan Realtors Association CEO, Chris Guérette, “Unlike many other parts of the country, sales in our province continue to outperform historical averages for a fourteenth consecutive month.” Guérette attributes this strength to Saskatchewan’s relative affordability, combined with employment gains and declining unemployment rates, all of which fuel housing demand across the province.

Supply and Demand Impact on Pricing

A decline in inventory, especially in more affordable price ranges, continues to push home prices upward. In August, the province recorded a benchmark residential price of $344,700, reflecting a 6% increase from the previous year.

“Inventory levels are over 40% below average province-wide and in our two largest cities, and we’re seeing the effects of that in price growth,” Guérette noted. Several regions experienced significant price hikes, including Moose Jaw, where prices rose by 11%, and Saskatoon, which saw a 9% increase.

Regional Market Insights

Regina-Moose Mountain stood out as the only region in the province to see a year-over-year increase in sales for August, though most regions reported sales above their 10-year average. The tightest market conditions were found in the Saskatoon-Biggar region, which, along with Regina-Moose Mountain and Swift Current-Moose Jaw, maintained the strongest sales figures year-to-date.

Home prices rose nearly across the board in August, with the largest gains observed in the Moose Jaw (11%) and Saskatoon-Biggar (8%) regions. Other cities, including Regina, Estevan, Weyburn, and Swift Current, also saw notable year-over-year price increases.

Spotlight on Regina

The City of Regina saw a strong month with 387 sales, marking an 8% increase year-over-year and sitting 29% above the 10-year average. So far in 2024, Regina has recorded 2,765 sales, a 15% rise compared to the same period last year.

However, inventory challenges persist, as new listings were insufficient to meet demand. Inventory dropped 22% compared to August 2023, continuing to hover over 40% below long-term averages. Regina’s benchmark home price rose to $319,700 in August, up from $318,400 in July and 3% higher than in August 2023.

Spotlight on Saskatoon

Saskatoon, meanwhile, reported 457 sales in August, a 13% drop year-over-year. Despite this, sales remained 14% above the city’s 10-year average, showcasing ongoing demand in the market.

Saskatoon is grappling with inventory shortages, with levels over 48% below the long-term average, limiting available options for potential buyers. This tight supply has contributed to rising home prices, with a record benchmark price of $404,900 in August—an impressive 8% increase year-over-year.

As inventory remains low and demand high across the province, Saskatchewan’s housing market continues to experience upward price pressure, a trend likely to persist as we move into the latter part of the year. Keep an eye on regional fluctuations, as cities like Moose Jaw and Saskatoon lead the way with substantial price growth.