Saskatchewan had 1,183 residential home sales last month, about 6 per cent above long-term averages and 2 per cent less than the year before, the Saskatchewan Realtors Association (SRA) reports. This was mostly within the Regina-Moose Mountain, Saskatoon-Biggar and Swift Current-Moose Jaw economic regions.
Some inventory levels becoming a concern
Despite above-average sales for the ninth consecutive month, new listings were down and inventory dropped by 15 per cent year-over-year, leaving supply around 40 per cent below long-term trends.
SRA’s CEO, Chris Guérette, points out this is nearing concerning levels in some major centres. “The busy spring market has arrived, and there simply isn’t enough supply in the more affordable segment of our market right now. Without question, it’s a difficult time for prospective homebuyers, specifically those searching for properties priced below $400,000,” she explains.
Strong price growth
Prices are rising amid the province’s tight market conditions, particularly for apartment and row/townhouse units. March’s benchmark price of $334,500 was up about $4,000 from the prior month and 4 per cent from the same time last year.
Most regions saw prices trend up, with the largest monthly gain being in the Swift Current-Moose Jaw region.
Regina
Regina reported 312 sales in March, a year-over-year gain of almost 7 per cent and 23 per cent above long-term averages. With the city’s new listings decline, two months of supply and above-average sales, upward pressure on prices continues. Its benchmark price last month was $313,100, up from $310,600 in February and nearly 2 per cent above March 2023.
Saskatoon
Saskatoon reported 364 sales in March, a year-over-year decline of 8 per cent and 2 per cent above long-term averages. Inventory levels decreased by 21 per cent year-over-year and are almost 50 per cent below long-term trends. Prices are going up, with the city’s March benchmark at $394,300, up from $388,300 in February and over 5 per cent from March 2023.
“While it’s important to note that real estate is local and market conditions vary throughout the province – the inventory crunch in certain markets is significant right now,” Guérette notes. “It remains to be seen whether new listing relief is on the way, but all signs currently point to a challenging spring and summer market in Saskatchewan.”
Review March data by province, city, CMA/CA or region.
