Saskatchewan’s housing market kicked off the spring season with a new record benchmark price, as stubbornly low inventory continued to squeeze supply and put fresh pressure on affordability across the province, according to the latest data from the Saskatchewan Realtors Association.
The province recorded 1,256 residential sales in March, down one per cent from a year earlier but nearly 10 per cent above long-term historical averages. Year-to-date sales remain four per cent above the 10-year average, pointing to sustained underlying demand even as the pace of 2025 shows signs of cooling.
New listings climbed compared to February, but the seasonal pickup has been slower than usual. At nearly 25 per cent below long-term averages, fresh supply is failing to keep pace with demand. Inventory across the province sits at less than three months of supply — more than 50 per cent below typical levels for this time of year.
“This is where supply constraints start to have real impact,” said SRA CEO Chris Guérette. “We are seeing record prices not because demand is accelerating, but because there simply are not enough homes available. Saskatchewan has long been one of the most affordable places to buy a home in Canada, but that advantage is being tested in real time.”
The province’s residential benchmark price reached $374,100 in March, surpassing the previous record set in February and climbing more than six per cent above March 2025 levels. Price growth was recorded in every Saskatchewan community for the third consecutive month.
“In other parts of the country, the story is about slowing markets and rising inventory,” Guérette said. “In Saskatchewan, it’s the opposite. Demand is still there, but supply hasn’t kept pace. That imbalance is what’s driving price growth and putting pressure on buyers, particularly those trying to enter the market for the first time.”
A slower-than-normal transition out of winter has compounded the supply problem, delaying the typical spring surge of new listings during what is usually one of the market’s most active periods.
“As we move further into the spring market, the key question is whether supply can respond,” Guérette added. “We have seen this in regions where inventory improves — sales activity follows. But without a meaningful increase in listings, we will continue to see upward pressure on prices and increasing challenges around affordability.”
