Saskatchewan’s housing market continued its remarkable momentum in July, setting a new monthly record with 1,851 residential sales across the province, an 11 per cent increase compared to July 2024, and 30 per cent above the province’s 10-year average for the month.

The record-breaking month has propelled year-to-date sales ahead of 2024 levels through the first seven months of the year. This is particularly notable given that 2024 marked Saskatchewan’s second-strongest year for residential sales on record.

While new listings also saw a year-over-year increase in July, the surge in sales activity kept overall inventory levels steady from June. Of the 5,214 units listed at the end of July, over 1,000 were already under conditional offer, leaving just 4,174 active listings as the province heads into August.

“Saskatchewan’s housing market continues to benefit from a strong and growing economy, record-setting population growth, and the lowest unemployment rate in Canada,” said Chris Guérette, CEO of the Saskatchewan Realtors Association. “Our market is consistently exceeding expectations and outperforming many other regions in the country.”

 

Prices hit new highs amid inventory constraints

 

July marked the 25th consecutive month of above-average sales activity in Saskatchewan. Combined with ongoing inventory constraints, this sustained demand has pushed home prices higher. The provincial residential benchmark price reached a new record high of $372,700 in July— up from $370,700 in June and more than eight per cent higher than in July 2024.

In addition to the provincial record, several cities saw their own benchmark price peaks last month, including Humboldt, Meadow Lake, Melville, Regina, Saskatoon, Swift Current, and Yorkton.

“We’ve now seen record prices in dozens of communities for three straight months, with some areas experiencing year-over-year price growth in the high teens,” added Guérette. “While it’s encouraging to see strong demand and more people choosing to make Saskatchewan home, it underscores the urgent need to increase housing supply. To preserve our affordability advantage, we need to build more — and we need to build faster.”

According to Guérette, the province has seen 25 consecutive months of above-average sales and below-average inventory. Recent Canada Mortgage and Housing Corporation data confirms Saskatchewan led the nation in housing starts in early 2025, with Saskatoon alone seeing a 113 per cent year-over-year increase.

Yet, despite these record builds, available listings remain well below what’s considered a balanced market — about one-third of what’s needed in both Saskatoon and Regina.

 

Economic growth, migration fuel market pressure

 

Several factors are fuelling demand. Saskatchewan’s relative affordability continues to attract buyers from across the country, especially those priced out of markets like Toronto and Vancouver. 

Assistant chief economist Robert Hogue of RBC notes the province is one of the few in Canada where housing activity has remained above pre-pandemic levels. Saskatoon and Regina are among the most affordable cities in the country, drawing interprovincial migrants — particularly families and retirees — from urban centres seeking a better cost of living and proximity to relatives. 

However, Guérette cautions that even in Saskatchewan, many locals now find homeownership increasingly out of reach due to rapid price growth and tight rental markets, where vacancy rates are below one per cent and rents have jumped over 40 per cent in five years.

 

Potash project stirring activity

 

Adding to the pressure is a wave of economic development, including BHP’s multi-billion-dollar potash project in Jansen, which is expected to bring hundreds of high-earning professionals to the area. This is already pushing up demand in the high-end home segment, as executives look for properties in the $700,000–$1 million range. 

Meanwhile, builders are struggling to keep pace, not only because of high material costs but also a shortage of tradespeople. 

Guérette said there’s been a lot of movement, especially in the province’s two urban centres: Saskatoon and Regina. They’re some of the most affordable cities in the country.

“Saskatoon, in particular, is seen as an economic engine. Among the top 15 cities in Canada, it’s expected to outperform the others. That means a lot of investment and a sharp population increase — not just in Saskatoon, but Regina too, though more acutely in Saskatoon.

“When people want to move somewhere more affordable, Saskatchewan becomes an easy consideration. We have great prices in the urban centres, but if you look at smaller, rural communities, housing is very affordable, plus you get the benefits of strong, tight-knit community living.”

Guérette said BHP has been great to work with — engaging local communities and stakeholders. 

“For example, we supply them with a monthly housing report that tracks pricing and availability within a specific radius of the project. They’ve been active not only in investing in the project itself, but also in contributing to housing — making sure there’s enough development for the employees they’re bringing in,” she added.

 

Market and demographic shifts

 

Gregg Bamford, a realtor with Coldwell Banker Signature in Saskatoon, said when he first got into real estate in 2005, Saskatoon was basically a retirement community.

”Right now we’re sitting quite similar to what I saw happen in 2006, 2008. The average selling price at that time was $118,000. I don’t see our market tripling in price because of the need of mining and the need of the Baby Boomer generation,” said Bamford.

“Right now, people are struggling with what’s happening in Saskatoon, and I think that a lot of the people living here don’t understand what’s going to happen.”

The main issue is a lack of listings to meet the demand.

“There’s a shortage of supply. I’d say we’re probably looking at about a third of what we should have for inventory,” added Bamford, saying that has driven prices up.

“Anybody that came from the farming background in rural communities that moved to Saskatoon in the last 20 years and had kids, their parents are retiring and they’re selling farms and the majority of those people are moving to Saskatoon. They’re all moving back to Saskatoon to be closer to grandkids and the healthcare system.”

 

Demand pending for higher-end homes

 

Bamford said the Jansen project will bring in about 435 executives, and that will see big demand in the higher-end market in places like Saskatoon.

“I believe we’re truthfully the gateway to the north. And so when you look at large companies and you look at copper, and you look at uranium, and you look at all the mining that’s happening and all the other mines that are opening up in Northern Saskatchewan, those mines have to be supported by hundreds of businesses. So then that means thousands of more jobs just for not even for the mines but just supporting those companies that are now growing.”

Hogue said Saskatchewan is a market that has been quite resilient. 

“When you put it in the context of the overall Canadian housing landscape, we’ve seen some challenges this year — particularly in the first half of 2025. That’s largely due to the trade war, which has weighed significantly on confidence. Saskatchewan’s market has felt the impact to a degree, but much less so than other markets across the country,” he said.

“If you look at actual activity so far this year, it’s still historically pretty strong — and definitely stronger than it was before the pandemic. While many other markets have fallen below pre-pandemic levels, Saskatchewan remains elevated.

“Also, price pressures in that province remain quite significant — upward pressure, that is.”

Hogue said Saskatchewan is an economy that’s doing relatively well, again, in the context of a very challenging environment. 

“Demographics are also still pretty strong, with a lot of people continuing to move into the province. Now, immigration has started to cool because of changes in federal policy, but there’s still adequate momentum. Also, relative to other markets, Saskatchewan remains quite affordable. That’s attracting not only locals but also people from other parts of the country,” he said.

“The bar to becoming a homeowner is much more achievable there than in most of Canada.”

 

The affordability factor

 

The most recent RBC Housing Affordability Measures show the proportion of median pre-tax household income that would be required to cover mortgage payments (principal and interest), property taxes, and utilities based on the benchmark market price. Regina was the most affordable city in the country at 26.1 per cent followed by St. John’s at 28.2 per cent and Saskatoon at 31.8 per cent.

“We know that many Canadians are looking for communities where they can afford to live — and ideally own a home. Now, affordability isn’t the only reason people move. Job prospects, for example, are usually near the top of the list. But Saskatchewan’s relative affordability is definitely a plus for its local housing market,” added Hogue.

The BHP investment builds on economic activity in the province which shows up in consumer and business confidence.

“When people know that businesses are investing and that the long-term outlook is positive, they’re more likely to make decisions like buying a home,” said Hogue.

“Contrast that with what we’ve seen due to the trade war with the U.S., where confidence was hit hard. People didn’t know if Canada’s economy might fall into recession, so a lot of decisions by both consumers and businesses were put on hold.

“But when you have stronger provincial or regional fundamentals, it offsets that broader pessimism. And that likely contributes to the market resilience we’re seeing in Saskatchewan.”