Saskatchewan’s housing market continued its strong performance in July, with the Saskatchewan Realtors’ Association (SRA) reporting 1,667 sales — a 7.0 per cent increase from the previous year and over 20 per cent above the long-term 10-year average. This marks the thirteenth consecutive month of above-average sales, contributing to year-to-date sales that are 10 per cent higher than July 2023 and 19 per cent above the 10-year average.
Although the year-over-year increase in new listings was modest, it had little impact on overall inventory, which remains 20 per cent lower than the previous year and over 40 per cent below long-term trends.
Supply constraints & strong demand placing upward pressure on prices
“Strong housing demand continues to support above-average monthly sales levels, preventing any significant inventory relief in many markets across the province,” says SRA CEO, Chris Guérette. “Limited supply choice, specifically in the more affordable segment of the market, is likely preventing even stronger sales activity in our province.”
In July, the province reported a residential benchmark price of $344,800, up from $343,300 in June and nearly 5.0 per cent higher than July 2023. Home prices increased across all property types, with year-over-year gains ranging from over 4.0 per cent for detached homes to 11 per cent for row/townhouse properties.
“With just over three months of inventory across the province — below two in some of our larger centres — it remains a challenging time for prospective buyers right now,” notes Guérette. She explains that supply constraints combined with strong demand are placing upward pressure on prices, as shown in record benchmark prices in some communities for the second consecutive month.
Province-wide sales above July’s 10-year average, despite declines in some regions
Despite slight sales declines in some regions, all provincial areas reported monthly sales figures above the 10-year average in July.
Year-to-date sales improved province-wide except in the Northern region, with the most significant growth in the Regina-Moose Mountain and Swift Current-Moose Jaw areas. The Saskatoon-Biggar region continues to report the tightest market conditions, with just 2.19 months of supply in July.
Price trends
Home prices rose across many economic regions in Saskatchewan in July, with the most significant gains in the Saskatoon-Biggar (7.0 per cent year-over-year) and Swift Current-Moose Jaw (5.0 per cent) areas. Other cities, including Regina, Estevan, Weyburn and Moose Jaw, also saw year-over-year price increases last month.
Regina
Regina reported 381 sales in July, a 10 per cent year-over-year increase and 26 per cent above the 10-year average.
Strong sales contributed to a 16 per cent gain in year-to-date sales, reaching some of the highest levels ever recorded at this point in the year. Despite a slight rise in new listings, inventory levels remain 43 per cent below the 10-year average. Regina’s benchmark price in July was $318,400, slightly up from $318,100 in June and 0.5 per cent above July 2023.
Saskatoon
Saskatoon saw 520 sales in July, a 5.0 per cent year-over-year increase and over 20 per cent above the 10-year average.
Limited supply continues to restrain even stronger sales in Saskatoon, with inventory levels 50 per cent below long-term trends. The city reported the tightest market conditions in the province, with just 1.60 months of supply. Saskatoon also recorded a new benchmark price high of $406,500 in July, up from $403,500 in June and over 7.0 per cent higher than July 2023.
Review the full report, including by province, city, CMA/CA, economic region and census division.
