Saskatchewan reported 1,841 sales in May, which was a six percent year-over-year and 24 per cent long-term average increase, according to the Saskatchewan Realtors Association (SRA). The province also saw new listings go up, though strong sales are keeping inventory at its lowest levels since 2008. This is most prevalent for properties priced below $300,000, a very competitive segment.
The residential benchmark price was $340,400 in May, up from $339,800 in April and over four per cent higher than May of last year. All property types saw price increases, the highest being in apartment and row/townhouse-style properties.
“Our housing market continues to report strong monthly sales figures despite persistent inventory challenges,” says SRA CEO Chris Guérette. “An eleventh consecutive month of above-average sales is quite impressive when you consider how challenging it can be for prospective buyers in some markets in our province right now.”
Regina
The City of Regina reported 440 sales in May, a five per cent year-over-year gain and 32 per cent above long-term trends. New listings were slightly up, though strong sales left inventory nearly 50 per cent below long-term trends, with 1.69 months of supply.
Regina’s benchmark price of $320,000 was up from 319,800 in April and two per cent higher than May 2023.
Saskatoon
Saskatoon reported 573 sales in May, a seven per cent year-over-year and 28 per cent long-term average increase. Inventory levels decreased by 21 per cent year-over-year and are almost 50 per cent below long-term trends. Saskatoon reports the province’s lowest inventory levels.
The city’s benchmark price of $397,200 was down from 398,600 in April and nearly six per cent higher than in May 2023.
“While the provincial months of supply fell below three months in May, conditions remain much tighter in our two largest centres – as Regina and Saskatoon are again reporting less than two months of supply,” says Guérette. “With further rate cuts on the horizon likely to spur additional demand — and no immediate inventory relief in sight — we expect tight conditions to continue to place upward pressure on prices across the province.”
Review May data by province, city, CMA/CA, region or census division.
