Strong sales and low supply bring Saskatchewan’s inventory to lowest point in 16 years: SRA

Last month, Saskatchewan reported 1,642 sales, an increase of 32 per cent year-over-year, the Saskatchewan Realtors Association (SRA) reports. It was the fourth consecutive month of above-average sales, making year-to-date sales almost 17 per cent above 2023’s.

New listings up but total inventory 40% below 10-year trends

Though new listings were up slightly, total inventory was down 16 per cent year-over-year and 40 per cent below 10-year trends. This was especially the case for properties priced below $300,000.

“Economic growth, employment gains and record population numbers continue to support strong housing demand in Saskatchewan, resulting in a tenth consecutive month of above-average sales in April,” SRA CEO, Chris Guérette, notes.

“These factors are, without question, boosting housing demand — as evidenced through rising sales in the resale market and falling vacancy rates in the rental market.”

‘Approaching uncharted territory’ in Regina and Saskatoon

The province’s residential benchmark price reached $339,800 in April, up from $334,500 in March and almost five per cent higher than the year prior. Prices rose across all property types in April, by five per cent in detached and semi-detached property types and by 13 per cent in apartment-style properties.

“With just over three months of supply provincially, our market continues to experience significant supply challenges. However, the conditions are far tighter in Saskatoon and Regina, with both markets reporting under two months of supply in April,” says Guérette.

“We’re approaching uncharted territory in our two largest markets right now — it’s an incredibly challenging time for prospective buyers out there. If supply challenges persist, as expected, we will likely see further price gains in these markets.”

Regina

Regina reported 424 sales in April, a year-over-year gain of over 50 per cent and 52 per cent above long-term trends. Inventory conditions were tight, with a 30 per cent year-over-year decline and levels over 46 per cent below 10-year trends. The city’s benchmark price was $319,800, up from $313,100 in March and nearly three per cent from April 2023.

Saskatoon

Saskatoon reported 522 sales in April, a year-over-year gain of almost 29 per cent and 34 per cent above 10-year averages. Inventory levels decreased by 21 per cent year-over-year and are close to 50 per cent below 10-year trends. The city’s benchmark price was $398,600, up from $394,300 in March and nearly seven per cent from April 2023.

Review April data by province, city, CMA/CA, region or census division.