Saskatchewan’s housing market is hot – not with soaring sales, but with record-breaking prices as supply remains tight.

In May, the province’s benchmark price reached an all-time high of $369,500, a jump of nearly 9 per cent year-over-over.

The price surge was widespread, with a dozen communities — including Saskatoon, Regina, Moose Jaw, and North Battleford — all reporting record benchmark prices. Some cities posted annual increases as steep as 18 per cent

“We’re optimistic that market conditions will trend more towards balance in the coming months,” said Saskatchewan Realtors Association CEO Chris Guérette, “but we see the impact it can have on housing prices when the market is this tight.”

Though the province recorded 1,750 home sales in May — a 5 per cent decline from the same period in 2024 — activity still stood more than 16 per cent above Saskatchewan’s 10-year average for the month.

Year-to-date, sales are down nearly 3 per cent, largely reflecting the volumes recorded in 2024, rather than a market cooldown.

Inventory levels ticked up slightly from April, reaching 5,008 units at month’s end. However, more than 900 of those listings are conditionally sold and expected to close soon. 

Total inventory remains more than 40 per cent below the province’s 10-year average — a figure that continues to fuel competition and price escalation.

“The key takeaway isn’t the slight year-over-year sales dip following a near-record 2024 – it is our market’s continued resilience amid economic uncertainty and persistent supply challenges,” said Guérette.