Saskatchewan saw 1,675 home sales in June, marking a one per cent decrease from last year but nearly 10 per cent above the 10-year average, the Saskatchewan Realtors’ Association (SRA) reports. Sales of properties priced above $400,000 improved, nearly balancing out the decline in homes priced below $300,000, as inventory shortages continue to limit stronger sales figures.
Above average sales for 12 consecutive months despite inventory issues
New listings in June dropped by 14 per cent year-over-year and were down 21 per cent compared to the 10-year average, contributing to a 19 per cent annual decrease in inventory and a more than 40 per cent decline from long-term trends. Despite these challenges, Saskatchewan has reported above-average sales for 12 consecutive months.
“While the recent Bank of Canada rate decision was welcome news, higher lending rates and rising home prices continue to spur demand for more affordable housing options,” notes SRA CEO, Chris Guérette. “This demand, when paired with falling supply in lower price ranges, limits options for prospective buyers and prevents even stronger monthly sales figures. There simply isn’t enough inventory to service this segment of our market right now.”
The residential benchmark price in Saskatchewan reached $343,300 in June, up from $340,400 in May and nearly 5% higher than June 2023. Notably, Humboldt ($272,500), Martensville ($398,800), Melfort ($250,100), Prince Albert ($251,700), Saskatoon ($403,500), and Warman ($463,500) reported record benchmark prices, with Saskatoon surpassing the $400,000 mark for the first time.
“Housing demand remains strong in Saskatchewan, despite ongoing supply challenges placing significant stress on the more affordable segment of our market, especially in our two largest centers,” Guérette noted. “While real estate is local and market conditions vary by region, it can be incredibly challenging for prospective buyers right now.”
Price trends
The province’s residential benchmark price last month was $343,300, an increase of $2,900 from May and almost five per cent from the same time last year.
Home prices rose across many regions in June, with the largest monthly gains in the Saskatoon-Biggar (seven per cent year-over-year) and Swift Current-Moose Jaw (5%) regions. Melfort reported the highest year-over-year price gain for the second consecutive month, with prices over 12 per cent higher than last year.
Saskatoon passed the $400,000 mark for the first time, while Regina, Estevan, Weyburn, Moose Jaw, Swift Current, Humboldt, Meadow Lake, North Battleford and Prince Albert also saw year-over-year price increases.
Regina
Regina had 380 sales in June, up 4 per cent from last year and 14 per cent above the 10-year average.
Inventory levels slightly improved month-over-month, resulting in 2.06 months of supply, up from 1.69 in May, though still down 30 per cent year-over-year and nearly 50 per cent below long-term trends. The benchmark price in Regina was $318,100 in June, down from $320,000 in May, and 0.5 per cent above June 2023.
Saskatoon
Saskatoon had 540 sales in June, matching last year’s figures and 15 per cent above the 10-year average.
Limited supply options are likely preventing stronger sales in the city, with inventory levels reaching their lowest point since June 2007. The city saw a 26 per cent year-over-year decrease in inventory, remaining over 53 per cent below the 10-year average. Saskatoon reported a record benchmark price of $403,500 in June, up from $397,200 in May and over 7 per cent higher than June 2023.
Review the full report, including by province, city, CMA/CA, economic region and census division.
