Saskatchewan’s real estate market appears to be moving towards more balanced conditions, with recent trends pointing to potential supply relief in the second half of the year.
According to the latest report from the Saskatchewan Realtors Association (SRA), the province reported 1,216 sales in April, a 21 per cent year-over-year decline and slightly below long-term, 10-year averages.
Although inventory levels experienced a 4.0 per cent year-over-year decline and remain over 30 per cent below 10-year trends, the adjustment in sales and new listings have resulted in the months of supply rising to nearly five months.
“While inventory challenges remain a concern for us, recent trends are pointing to potential supply relief. Should these trends persist, we may see more balanced conditions play out in the market in the second half of the year,” said Chris Guerette, SRA CEO.
Sales and inventory trends varied across different regions of the province in April, with Melfort, Prince Albert, Yorkton, and Meadow Lake reporting further tightening compared to levels reported last year.
However, year-to-date sales levels improved in Melfort, Prince Albert, North Battleford, Yorkton, and Weyburn, and inventory levels improved over previous months across all regions except Humboldt and Weyburn.
Benchmark prices varied across different regions of the province in April, with all regions except Prince Albert and Swift Current posting stable to modest gains in benchmark price when compared to the month prior.
The provincial benchmark price reached $323,600 in April, up from $321,400 in March and slightly below prices recorded last April.
City of Regina
In Regina, year-over-year sales activity slowed for the fourth consecutive month, although sales levels are only slightly below long-term, 10-year averages.
Inventory levels remain over 25 per cent below long-term averages, while the months of supply increased to 3.43, up from 2.96 in March.
Regina reported a benchmark price of $311,200 in April, up from $307,100 in March and nearly 5.0 per cent lower than April 2022.
City of Saskatoon
The City of Saskatoon reported declining year-over-year sales for the fourth consecutive month, but sales levels remain slightly above long-term, 10-year trends.
Inventory challenges persist in Saskatoon, with supply levels nearly 37 per cent below 10-year averages, the lowest levels reported in April since 2008.
Saskatoon reported a benchmark price of $375,600 in April, slightly down from $376,300 in March and 1.4 per cent higher than April 2022.