Saskatchewan’s Real Estate Market Shows Resilience: November Sales Second-Highest on Record

As the year nears its conclusion, Saskatchewan’s real estate market continues to defy expectations, posting remarkable results in November. The province reported 1,179 sales during the month, the second-highest figure ever for November. This impressive performance reflects an 18% increase compared to November 2023 and a striking 27% above the 10-year historical average.

A Year of Consistent Growth

The growth in sales is not confined to specific areas; nearly all regions of Saskatchewan contributed to a 9% year-to-date sales increase. Notably, November marked the 17th consecutive month of above-average sales. However, this steady demand is coinciding with a reduction in new listings, creating tighter inventory levels.

Inventory has dropped by 23% year-over-year and sits at nearly 45% below the long-term 10-year averages, marking the lowest November inventory levels since 2007. Association CEO Chris Guérette highlighted the significance of this trend, stating, “As 2024 draws to a close, it’s shaping up to be one of the strongest years on record for our province.”

Market Tightness and Price Growth

Saskatchewan’s real estate market remains tight, with just 3.6 months of supply available in November. Although this is a slight uptick from October, it’s well below typical seasonal levels. These conditions have supported year-over-year price growth across many communities.

The province’s residential benchmark price stood at $338,400 in November, reflecting a seasonal decline from October’s $343,400. However, it remains over 5% higher than November 2023, underscoring the ongoing strength of the market.

Chris Guérette remarked, “Saskatchewan’s housing market continues to exceed expectations and defy many seasonal trends. After a record-breaking October, November delivered the second-highest sales on record for the month, underscoring the sustained strength of housing demand across the province.”

Regional Highlights

Year-to-date sales are outperforming the 10-year averages across all regions, with notable strength in the following areas:

• Regina-Moose Mountain Region: Up 28% year-to-date.
• Saskatoon-Biggar Region: Up 18%.
• Swift Current-Moose Jaw Region: Up 18%.

The Saskatoon-Biggar (2.42 months of supply) and Regina-Moose Mountain (3.21 months of supply) regions report the tightest conditions, with similarly constrained inventories across the province.

Price Trends by Region

Tighter market conditions continue to drive price growth. Key highlights include:

• Prince Albert Region: Largest year-over-year price growth at 7.2%.
• Saskatoon-Biggar Region: 6.3% increase.
• Swift Current-Moose Jaw Region: 5.9% increase.
• Moose Jaw: For the fourth consecutive month, posted the largest monthly price gain, with an 11% year-over-year increase.

Interestingly, most Saskatchewan cities reported year-over-year price growth, with exceptions in Estevan, Weyburn, and Swift Current.

City Spotlight: Regina

Regina’s real estate market remained robust, with 273 sales in November—a 14% increase year-over-year and 28% above the 10-year trend. This strong performance pushed year-to-date sales to 3,720, a record high.

While new listings modestly increased, inventory levels dropped by 34% compared to last year, sitting nearly 50% below the 10-year average. Regina’s residential benchmark price stood at $313,700 in November, down slightly from $321,000 in October. Despite the seasonal dip, the benchmark price remains nearly 4% higher than in November 2023.

City Spotlight: Saskatoon

Saskatoon also delivered an exceptional performance with 380 home sales in November—a 21% increase year-over-year and 32% above the 10-year average. Inventory remains tight, with just 693 units on the market, translating to less than two months of supply.

The benchmark price in Saskatoon was $398,800 in November, slightly down from $402,600 in October but still 6% higher than November 2023. This reflects ongoing demand-driven price growth in Saskatchewan’s largest city.

Looking Ahead

Saskatchewan’s real estate market is on track for one of its strongest years in history. With sustained demand, limited inventory, and price growth across most regions, it’s clear that the province is a seller’s market. Whether you’re considering buying or selling, these trends emphasize the importance of working with a knowledgeable real estate professional.

For more insights or personalized guidance in navigating Saskatchewan’s dynamic housing market, contact me today!