Strong sales and rising demand means real estate in Sask. means inventory is very low

Saskatchewan reported 999 sales in February, a 17 percent year-over-year gain and 24 percent above long-term, 10year averages. Although February sales followed common seasonal trends in rising above activity levels from the month prior, the pace of growth was significant and well above levels typically seen for this time of year.

While there was a slight year-over-year increase in new listings, an eighth consecutive month of above-average sales prevented any supply growth – resulting in a 17 per cent year-over-year decline in inventory, with inventory levels sitting nearly 38 per cent below 10-year trends.

“Despite inventory levels being at their lowest point reported in February since 2006, strong detached sales are again leading another month of above-average sales in our province,” said Association CEO, Chris Guérette. “Buyers are acting swiftly when new supply comes onto the market, preventing any inventory growth – even more so in our larger centres. This strong demand is driving price gains in many markets across the province.”

Saskatchewan reported a provincial benchmark price of $330,800 in February, up from $319,600 in January and nearly 5 per cent higher than February 2023. While row/townhouse and apartment-style properties experienced the largest year-over-year price gains, the detached sector reported the highest month-over-month price gains in February.

“Though it is a small sample size right now, a month-over-month jump of over $10,000 in the provincial benchmark price is significant, with some markets reporting monthly increases in excess of $15,000,” said Guérette. “We’re quickly approaching a busy spring market, and the inventory situation in many markets across our province is showing no signs of improving. We’ll continue to monitor closely how these supply challenges are impacting prices.”

SW Sask. Regional Highlights

Many regions of the province reported increased year-over-year sales activity in February, with the largest gains occurring in the Swift Current-moose Jaw and Regina-moose Mountain regions.

Inventory challenges continued in the two largest regions of the province, with the Regina-moose Mountain and Saskatoon-biggar

regions reporting under four months of supply.

Price Trends

Prices trended up across most regions of the province in February, with the largest monthly gain occurring in the Saskatoon-biggar region, followed by the Regina-moose Mountain region.

With prices nearly 10 percent higher than in February 2023, the communities of Moose Jaw and Meadow Lake experienced significant year-over-year price growth in February. Meanwhile, Saskatoon, Regina, Estevan, Weyburn, Melville, Humboldt, North Battleford, and Prince Albert are all reporting year-over-year price gains in February.