Saskatchewan’s housing market is showing signs of improvement, with a 5% increase in new listings and a slight rise in inventory compared to last year. The Saskatchewan Realtors Association (SRA) reported that 2,182 new properties entered the market in September, providing more options for homebuyers. Provincial inventory also increased slightly year over year, while months of supply rose nearly 13 per cent to 3.63 months, marking a positive shift despite ongoing challenges.
Despite this progress, the province’s housing supply remains 40% below the 10-year average. Chris Guérette, CEO of the SRA, noted that while the market is moving in the right direction, the supply challenge persists. Of the 4,940 properties available at month-end, more than 900 were conditionally sold, leaving 4,035 units available for October, equivalent to 2.96 months of supply.
In Regina and Saskatoon, sales declined by 13% and 10% respectively compared to last year. However, both cities experienced increases in new listings. Regina’s benchmark price reached $343,900, up three per cent annually, while Saskatoon’s stood at $439,600, nearly three per cent higher year over year. Regina recorded 327 sales in September, nearly 15 per cent above its 10-year average, while Saskatoon reported 384 sales, more than eight per cent above historical averages.
The provincial benchmark price was $376,700, reflecting a 3% increase from September 2022 but down from $381,600 in August. North Battleford, Meadow Lake, and Humboldt saw notable annual price growth, with North Battleford leading at nearly 12%, followed by Meadow Lake at 10 per cent and Humboldt at six per cent.
The province recorded 1,361 residential sales in September, down 11 per cent year over year but nine per cent above the 10-year average, indicating strong demand. “We’re not declaring the supply challenge solved,” said Guérette.
