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New property listed in Coronation Park, Regina

I have listed a new property at 350 Retallack ST in Regina. See details here

Excellent 2006 Built 2 + 1 bedroom, 2 bathroom full developed bungalow (Great newly developed/2022 Basement Suite approximately $38,000.00) in a great neighbourhood. Awesome starter home with potential to pay the mortgage with the suite. There is a spacious front porch which separates the suite and the upper level and has a large bright window. . The main floor is open concept with an oak kitchen with pantry, window overlooking backyard, fridge/stove/microwave/hoodfan included, laminate flooring & spacious eating area. Kitchen overlooks the livingroom with large picture window and matching laminate flooring. There are 2 bedrooms on the main floor also with laminate flooring. The 4 pc main bath completes the upper level. The newly developed 1 bedroom, 1 bathroom basement suite (has separate heat as well as its own water heater & air exchanger). The suite features modern open concept kitchen/diningroom/livingroom. The kitchen features grey colored cabinets, vinyl plank flooring and spacious eating area. The kitchen overlooks the livingroom also with matching vinyl plank flooring. There is a good sized bedroom with regulation size window & laminate flooring. Modern 4 pc bathroom with deep soaker tub/tile surround/shower & vinyl plank flooring. There is also a storage room. 2 water heaters/1gas/1 electric, air exchanger for suite, central air, maintenance free vinyl siding/soffits/facia/eaves on house, chain link fence/3 sides and lots of parking in backyard. Great property and excellent investment.

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New property listed in Rosemont, Regina

I have listed a new property at #210 1220 Empress ST in Regina. See details here

Excellent 1087 sq. ft. 2 bedroom 3 bathroom condo with 2 electrified parking spots. Open concept kitchen and livingroom area. Kitchen features cappuccino maple cabinetry with granite countertops, pantry, fridge, stove, b/i dishwasher, above the range microwave, laminate flooring and a spacious eating area. The livingroom overlooks the kitchen and features laminate flooring & patio doors to an east facing balcony. A handy 2 pc bathroom completes the main level. The upper level features 2 good size bedrooms, the primary bedroom has a walk in closet and 4 pc ensuite. The 2nd bedroom as a balcony.There is also a 2nd 4 pc bathroom upstairs. You can enjoy the 2nd floor laundry with washer/dryer included. There is a playground and a green space in the complex. Close to a bus stop as well as schools. There are 2 electrified parking stalls with this unit. Perfect affordable 1st home.

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New property listed in Regent Park, Regina

I have listed a new property at 22 McNaughton AVE in Regina. See details here

Great street appeal on this excellent 979 sq. ft. 3 bedroom, 2 bathroom, fully developed bungalow with 30 X 22 detached insulated & heated garage. New exterior vinyl siding/2022, house shingles/2010(40 year), garage shingles/2021(35 year), upgraded hardwood in main floor hallway & bedrooms, water heater/3 years old, upgraded windows, gazebo in back yard will remain/on composite deck, upgraded sewer line in 2004 (mentioned in previous listings), gas fireplace in recroom (tv mount/tv included), backyard shed has power/lights, maintenance free pvc fencing/10 years, c/vac, alarm owned, appliances included. Kitchen features oak cabinetry, upgraded window overlooking lovely backyard, pantry, fridge, stove top and built in oven included. Spacious livingroom with large upgraded picture window, hardwood flooring (tv mount & tv included) and overlooking diningroom with upgraded window and hardwood flooring. Upgraded hardwood leading down the hallway to huge primary bedroom with upgraded windows, 2 closets & hardwood flooring (primary bedroom used to be 2 bedrooms converted to 1). 2nd bedroom on the main floor with hardwood flooring & upgraded window. The 4 pc bathroom completes the main level. The lower level features a huge recroom with gas fireplace, large 3rd bedroom, 3 pc bathroom, laundry room (washer/dryer/upright freezer included) & storage. The lovely backyard with curtained gazebo on composite decking, pvc fencing, paving stone patio, garden shed (power & lights), 30 X 22 heated/insulated garage.

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New property listed in Normanview West, Regina

I have listed a new property at 7110 Clipsham AVE in Regina. See details here

Lovely 1640 sq. ft. 6 bedroom, 3 bathroom fully developed upgraded bungalow with double attached garage located on a quiet street. This home has great street appeal. Upgraded windows, hardwood flooring, vinyl plank flooring, C/air, quartz countertops & more. Kitchen features an abundance of white cabinetry with large 6 ft. work/eating island with large pot drawers, modern pendant lighting & quartz countertops, tile backsplash, undermount sink, undercabinet lighting, appliances included are the fridge, stove, b/I dishwasher & ceramic flooring. Open concept kitchen and familyroom. Familyroom features gas fireplace, custom built in shelving & cabinetry, pot lights, vinyl plank flooring & garden doors to 16 X 26 deck & lovely backyard. Spacious diningroom with ceramic tile flooring overlooks the front livingroom with hardwood flooring & large picture window. Main floor 4 pc bath with bubble soaker tub & ceramic flooring. Handy main floor laundry. Primary bedroom features hardwood flooring, walk in closet, tiled 3 pc ensuite & garden doors to large deck. There are 2 additional bedrooms on the main both with hardwood flooring. Glass block staircase leads to the lower level with a large recroom, 3 good size bedrooms, large 4 pc bathroom & storage/utility room. This is a great family home in a nice neighborhood.

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STRONG SALES CONTINUE IN OCTOBER DESPITE PERSISTENT INVENTORY CHALLENGES

Saskatchewan reported 1,259 sales in October, a year-over-year gain of 11 per cent and nearly 13 per cent above long-term, 10-year trends. Above-average October sales in the province can be attributed to gains in the detached, apartment and townhouse/row-style sectors. Despite year-to-date sales remaining slightly below levels experienced last year, Saskatchewan continues to report sales activity much stronger than the 10-year average.

As seen in prior months, supply challenges continued to persist across many regions of the province in October. Inventory levels fell by over 15 per cent compared to last year and remain over 30 per cent below the 10-year average. Adjustments to sales and inventory levels, paired with declining new listings, resulted in the province reporting below five months of supply in October, a 23 per cent year-over-year decrease and over 40 per cent below long-term, 10-year averages.

“Higher lending rates continue to impact both demand and new listings in our market, which is likely preventing even stronger October sales numbers,” noted Association CEO, Chris Guérette. “Prospective move-up buyers are facing challenges amid higher interest rates and ongoing inflationary pressures, and we’re seeing a trickle-down effect with limited supply growth in the lower price ranges, which remain extremely competitive.”

With 4.5 months of supply, the province is reporting the tightest conditions heading into November since 2007. Despite tight market conditions, home prices remained relatively stable this month. Saskatchewan reported a benchmark price of $327,300 in October, down from $328,000 in September and up nearly 2 per cent from October 2022.

“Our market continues to demonstrate its resilience, as many have predicted, and we’re once again reporting strong sales despite inventory challenges, inflationary pressures, and higher lending rates,” said Guérette. “Saskatchewan is affordable, we’re growing at the fastest pace in over a century, and we’re well positioned for stable demand in home ownership.”

Regional Highlights

Apart from the Melville-Yorkton Region, all regions across the province continue to report year-over-year sales activity above long-term, 10-year trends. Additionally, on a year-to-date basis, the Northern Region of the province is the only region not reporting an increase in sales.

With just over three months of supply reported in October, the Saskatoon-Biggar region continues to experience the tightest conditions in the province, along with the highest year-to-date growth in benchmark price.

Price Trends

Benchmark prices continued to vary across Saskatchewan communities in October, as Humboldt, Meadow Lake, Melfort, Melville, Moose Jaw, Prince Albert, and Saskatoon reported year-over-year price gains. Meanwhile, the cities of Estevan, North Battleford, Regina, Swift Current, Weyburn, and Yorkton reported year-over-year price declines.

Despite some monthly variations, year-to-date price movements have ranged from a decline of over five per cent in North Battleford – to a five per cent gain in Humboldt.

City of Regina

The City of Regina reported a record high 312 sales in October, a year-over-year increase of 24 per cent and 29 per cent above long-term, 10-year trends. While the Queen City experienced a year-over-year gain in new listings, record October sales prevented inventory gains, as Regina continues to report inventory levels nearly 30 per cent below the 10-year average.

Regina is once again reporting below three months of supply, and the more affordable segment of the market continues to be extremely competitive. Despite record sales and tight market conditions, Regina reported a benchmark price of $308,500 in October, down slightly from $308,700 in September and 1.2 per cent below October 2022.

City of Saskatoon

The City of Saskatoon reported 382 sales in October, a year-over-year gain of 20 per cent and 12 per cent above long-term, 10-year trends. New listings failed to offset a sixth consecutive month of above-average sales, resulting in the lowest October inventory levels reported in the Bridge City since 2007.

With just over two months of supply in Saskatoon, we see upward pressure on home prices. The benchmark price reached $382,700 in October, up from $381,900 in September and nearly 4 per cent above October 2022. Year-over-year price gains were reported in all property types, ranging from one per cent in semi-detached properties – to an eight per cent increase in townhouse/row-style properties.

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SASKATCHEWAN REPORTS STRONG SEPTEMBER SALES DESPITE LOWEST INVENTORY LEVELS SEEN SINCE 2009

Saskatchewan reported 1,295 sales across the province in September, a year-over-year gain of 2.5 per cent and 6.3 per cent above long-term, 10-year averages. While year-to-date sales have eased compared to last year, Saskatchewan continues to report sales well above long-term trends.

Supply challenges continued across the province in September, as inventory levels were over 12 per cent lower than levels seen last year and nearly 32 per cent below the 10-year average. As inventories improved in higher-priced properties, much of the inventory decline is once again being driven by homes priced below $400,000, as the more affordable segment of the market remains highly competitive.

“As seen in previous months, significant supply challenges continue to persist across Saskatchewan, specifically in the more affordable segment of our housing continuum,” noted Association CEO, Chris Guérette. “Inventory challenges and higher lending rates are, without question, impacting sales activity across the province, but relative affordability paired with strong economic growth is supporting above-average sales in our market.”

Strong September sales and ongoing supply challenges translated to 4.8 months of supply across the province, the lowest level reported in September since 2009. The provincial benchmark price reached $328,000 in September, up slightly from $327,800 in August and 1.1 per cent above September 2022.

“Provincial prices remain stable as price gains in Saskatoon, Prince Albert, and Yorkton offset price declines in Regina and Swift Current in September,” said Guérette. “Ultimately, real estate is local, and conditions vary across the province. That said, supply challenges in the lower-priced, more affordable segment of our market remain a significant concern provincially.”

Regional Highlights                                                                                           

Apart from the Northern Region, every region across the province reported year-to-date pullbacks in sales and new listings. Despite the year-to-date decline, sales levels remain above long-term, 10-year trends across most regions, while the Swift Current Region returned to sales levels consistent with the 10-year average.

Price Trends                                                                                                       

Consistent with prior months, the benchmark price varied across Saskatchewan communities in September. Humboldt, Meadow Lake, Melfort, Melville, Prince Albert, and Saskatoon are all reporting year-over-year price gains, while Estevan, Moose Jaw, North Battleford, Regina, Swift Current, Weyburn, and Yorkton report year-over-year price declines.

On a year-to-date basis, Regina, Moose Jaw, Swift Current, North Battleford, and Meadow Lake have all reported price declines, ranging from a high of six per cent in North Battleford to under three per cent in Swift Current. Meanwhile, Melville and Humboldt reported year-to-date price gains of nearly five per cent.

City of Regina

The City of Regina reported 305 sales in September, a year-over-year increase of 7.4 per cent and 15 per cent above long-term, 10-year trends.

Strong September sales were met with a decline in new listings, contributing to further inventory declines. With 3.2 months of supply, conditions have not been this tight in the Queen City since 2011.

Despite strong monthly sales and tight market conditions, the City of Regina reported a benchmark price of $308,700 in September, down from $313,100 in August and $319,200 in July.

City of Saskatoon

The City of Saskatoon reported 374 sales in September, a year-over-year increase of 14 per cent and nearly 8 per cent above long-term, 10-year trends.

Saskatoon is reporting year-over-year sales increases for the fifth consecutive month. When paired with decreasing new listings, the Bridge City is reporting 2.6 months of supply, the lowest level seen in September since 2007.

Tight market conditions resulted in the City of Saskatoon reporting a benchmark price of $381,900 in September, up from $378,300 in August but below July’s record benchmark price of $384,200.

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RECORD SALES IN AUGUST, TIGHTEST MARKET CONDITIONS HEADING INTO SEPTEMBER SINCE 2007

Saskatchewan reported a record-high 1,631 sales in August, a year-over-year increase of 11 per cent and nearly 25 per cent above long-term, 10-year averages.

Strong August sales were met with a pullback in new listings, contributing to a decrease in inventory levels for the month. As seen in prior months, the inventory decline was largely driven by homes priced below $400,000, as the more affordable segment of the market remains highly competitive.

“Saskatchewan is once again reporting strong sales despite ongoing inventory challenges, inflationary pressures, and higher lending rates,” said Association CEO, Chris Guérette. “Higher interest rates are pushing more purchasers to seek out more affordable options in the market, and, as a result, we continue to experience significant supply challenges in the lower price ranges of our market. These persistent supply challenges are likely preventing even stronger sales activity in August.”

Record sales and low inventories caused the provincial months of supply to drop below four months – below three months in Regina and below two in Saskatoon – reflecting the tightest market conditions seen heading into September since 2007. Despite tighter market conditions, Saskatchewan’s benchmark price eased slightly in August, primarily due to declines in the more expensive detached and semi-detached markets. Notwithstanding price adjustments following months of steady growth, prices remain comparable to levels reported last year.

“Our province continues to benefit from its affordability advantage, record population growth, and gains in international migration. Unfortunately, when housing supply fails to meet the increased demand, as seen in other jurisdictions across the country, inventory challenges become a real concern, and affordability can be eroded,” said Guérette. “We continue to keep a very close eye on inventory levels, specifically in the more affordable segment of our market.”

Regional Highlights

Year-over-year sales growth was driven by gains in the Regina, Saskatoon, and Yorkton regions, while other regions reported a pullback in year-to-date sales. Many regions experienced a pullback in year-over-year inventory levels, resulting in tighter market conditions across all larger regions of the province. The Saskatoon-Biggar region continues to face the tightest conditions in the province, with just under three months of inventory.

Price Trends

The benchmark price varied across Saskatchewan communities in August. The Regina, Moose Jaw, Swift Current, North Battleford, Estevan, and Weyburn regions are all reporting year-over-year price declines, ranging from 2.5 per cent in North Battleford to a high of over four per cent in Weyburn and Estevan.

While other regions report price easing, recent monthly price gains in Melfort, Prince Albert, and Humboldt resulted in record-high benchmark prices in their cities.

City of Regina

The City of Regina reported 359 sales in August, a year-over-year increase of nearly 6 per cent and 22 per cent above long-term, 10-year trends.

Rising August sales were met with a pullback in new listings, resulting in further inventory declines and the months of supply dropping below three months. Despite tighter market conditions, the benchmark price in the Queen City eased over last month due to pullbacks in the higher-priced detached sector.

Regina reported a benchmark price of $313,100 in August, down from $319,200 in July and $318,700 in June.

City of Saskatoon

The City of Saskatoon reported 528 sales in August, a year-over-year increase of 20 per cent and over 36 per cent above long-term, 10-year trends.

Increased sales and lower inventories caused the months of supply to dip below two months, the tightest levels reported so far this year. Despite extremely tight market conditions, Saskatoon’s benchmark price fell to $378,300 in August, down from $382,400 in July and $381,400 in June.

While monthly variations are not uncommon, it is important to note that prices in the Bridge City remain higher than levels reported last year, and well above the $364,900 reported in January 2023.

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STRONG SALES CONTINUE IN JULY DESPITE PERSISTENT INVENTORY CHALLENGES

Saskatchewan reported 1,560 sales in July, a year-over-year increase of 9 per cent and nearly 13 per cent above long-term, 10-year averages. Much of the increase was driven by property priced below $300,000, as the more affordable segment of the market remains highly competitive.

As seen in prior months, inventory levels remain a significant challenge in many areas of the province. Despite a slight increase from last month, inventory levels were 11 per cent below levels seen in the previous year and over 30 per cent below the 10-year average. While inventory challenges continue to impact the more affordable segment of the market, there have been slight inventory gains in properties priced above $300,000.

“Higher lending rates continue to impact both buyers and sellers, with many consumers seeking more affordable options in our market,” said Association CEO, Chris Guérette. “Potential move-up buyers are less likely to list in the current rate environment. When paired with persistent inventory challenges, the more affordable segment of the market remains extremely competitive.”

Despite a modest gain in the months of supply, which reached over four months in July, conditions remain tighter than last year and significantly below long-term trends. Tighter market conditions again resulted in month-over-month price gains, as Saskatchewan’s benchmark price reached $333,100 in July, up from $331,500 in June and $329,600 in May.

“While inventory levels remain a concern for us, Saskatchewan is once again reporting sales levels well above long-term trends,” said Guérette. “Our market continues to benefit from a strong economy and record population growth, which is proving to help offset some of the impact caused by another policy interest rate increase by the Bank of Canada.”

Regional Highlights

As seen in prior months, year-to-date sales activity has eased across many regions of the province. Despite the year-to-date decline, many regions are reporting sales levels above long-term trends.

Adjustments in inventory levels continue to vary across the province. However, many regions continue to report inventory below long-term, 10-year averages. The Saskatoon-Biggar region is experiencing the tightest conditions in the province, with less than three months of inventory.

Price Trends

The benchmark price varied across Saskatchewan communities in July, with many regions reporting year-over-year and monthly price growth.

The City of Estevan was the only region to report both yearly and monthly price decreases. In contrast, Saskatoon, Prince Albert, Yorkton, and Meadow Lake all reported record-high benchmark prices in July.

City of Regina

The City of Regina reported 352 sales in July, a year-over-year decline of less than 1 per cent. Despite the slight year-over-year decline, July sales levels were nearly 17 per cent above long-term, 10-year averages.

A pullback in both sales and new listings prevented any significant change to the inventory challenges being experienced in Regina. Despite a slight month-over-month improvement in the months of supply, market conditions remain tight in the Queen City.

Regina reported a benchmark price of $319,200 in July, up from $318,700 in June and $316,100 in May.

City of Saskatoon

The City of Saskatoon reported 497 sales in July, a year-over-year increase of 11 per cent and nearly 16 per cent above long-term, 10-year averages.

Strong sales levels prevented any significant change in inventory levels in July. Despite a slight increase in the months of supply, conditions remain extremely tight in the City of Saskatoon.

Saskatoon reported a record benchmark price of $384,200, up from $381,400 in June and $380,100 in May

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SASKATCHEWAN REPORTS STRONG JUNE SALES AS INVENTORY CHALLENGES CONTINUE

There were 1,691 sales reported across the province in June, a year-over-year decline of six per cent. While year-over-year sales were down, Saskatchewan again reported sales levels well above long-term, 10-year historical averages.

As seen in prior months, inventory levels remain a significant challenge in certain regions of the province. Despite a slight increase from last month, inventory levels were nine per cent below levels seen in the previous year and over 30 per cent below the 10-year average. Inventory challenges continue to impact the more affordable segment of the market, with homes priced below $300,000 reporting a 17 per cent decline in inventory in June.

“While higher lending rates are impacting sales activity, continued employment growth and Saskatchewan’s relative affordability advantage are preventing a significant pullback in sales,” said Association CEO, Chris Guérette. “Our province continues to report strong sales despite persistent inventory challenges, specifically in the more affordable segment of our housing continuum.”

The slight monthly inventory increase did support a modest gain in the months of supply. However, with just under four months of supply, conditions remain lower than levels traditionally seen in June. Tighter conditions again resulted in month-over-month price gains, as Saskatchewan’s benchmark price reached $331,500 in June, up from $329,600 in May.

“Our market continues to demonstrate resilience amid interest rate hikes, ongoing inflationary pressures, and concerns over a national recession,” said Guérette. “We continue to keep a close eye on inventory levels and how tighter market conditions may impact prices moving forward.

Regional Highlights
Sales activity has eased across many regions in the province throughout the first half of the year. However, the Swift Current- Moose Jaw Region was the only region to see activity fall below long-term trends.

While adjustments in inventory levels did vary across the province, all regions continue to report inventory below long-term, 10-year trends. Year-over-year inventory levels have improved in the Swift Current-Moose Jaw and Yorkton-Melville regions, while the Saskatoon-Biggar region is currently reporting the tightest conditions in the province.

Price Trends
The benchmark price varied across Saskatchewan communities in June. As most cities report year-over-year and monthly price growth, the cities of Swift Current, North Battleford, and Yorkton experienced monthly and yearly price decreases. Additionally, the Humboldt region reported its highest benchmark price on record in June.

City of Regina

The City of Regina reported 367 sales in June, a year-over-year decline of nearly 10 per cent. While year-over-year sales levels eased, they remain over 11 per cent above long-term, 10-year trends.

A pullback in sales and new listings resulted in inventory similar to levels reported last month. Inventory levels in Regina remain nearly 30 per cent below long-term trends, the lowest levels reported in June since 2014.

With only 2.8 months of supply in the Queen City, current conditions are the tightest they’ve been in June over the past decade. Tighter conditions are contributing to monthly price gains as the benchmark price in Regina reached $318,700 in June, up from $316,100 in May.

City of Saskatoon

The City of Saskatoon reported 541 sales in June, up nearly two per cent year-over-year and 17 per cent above long-term trends.

Despite a slight month-over-month improvement in new listings in June, inventory levels remain over 40 per cent below the 10-year average.

Tight market conditions persisted in June, with under two months of supply supporting further price growth in the Bridge City. The benchmark price reached $381,400 in June, up from $380,100 in May.

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MAY SALES ABOVE LONG-TERM TRENDS DESPITE PERSISTENT INVENTORY CHALLENGES

There were 1,736 sales recorded across the province in May, resulting in a four per cent year-over-year decline. However, despite the year-over-year decline, sales levels were 20 per cent above long-term, 10-year averages.

Stronger sales in May were possible due to recent monthly gains in new listings. While the seasonal boost in new listings also caused inventories to trend up over the last month, inventory levels remain lower than levels reported in the previous year. They are at their lowest level reported in May since 2008. While year-over-year inventory levels have improved for homes priced above $300,000, more was needed to offset the declines occurring in the lower price ranges.

“Saskatchewan continues to benefit from a strong economy which is helping offset some of the impacts of higher lending rates, keeping sales activity above levels seen before the pandemic,” said Association CEO Chris Guérette. “Despite ongoing inventory challenges, our market is once again showing its resilience as sales remain above long-term averages.”

Adjustments in both sales and inventories in May caused the months of supply to fall below four months. As expected, tightening conditions contributed to monthly gains in the benchmark price. As a result, Saskatchewan’s benchmark price reached $329,600 in May, nearly two per cent higher than the month prior.
“Supply levels do vary across different regions of the province. For example, much of the inventory declines have been driven by the Regina and Saskatoon markets, while other parts of the province are reporting year-over-year gains. For any buyer or seller active in this market, it will be important to work with a professional to understand how market conditions can vary depending on property type, price range and location.”

Regional Highlights

Most regions across the province reported year-to-date sales declines in May. However, the Swift Current-Moose Jaw Region was the only region that saw sales activity fall below long-term trends.

Adjustments in new listings resulted in year-over-year inventory level gains in both the Swift Current–Moose Jaw and Yorkton-Melville regions. Despite recent shifts, inventory levels generally remain well below long-term averages across all areas of the province.

Inventory adjustments have kept conditions relatively tight across all regions of the province, but the tightest market conditions are being experienced in the Regina-Moose Mountain and Saskatoon-Biggar regions. Tighter market conditions also resulted in monthly price gains across all regions of the province.

Price Trends

The unadjusted benchmark prices varied across different regions of the province in May, with most regions reporting a monthly gain.

City of Regina

The City of Regina reported 418 sales in May, an eight percent year-over-year decrease. Although sales eased on a year-over-year basis, they remain far higher than the 10-year average and pre-pandemic levels. While new listings did report seasonal monthly gains, inventory levels remain well below what we traditionally see available in May.


Stronger sales compared to new listings prevented any significant change to the inventory challenges Regina is experiencing. This caused the months of supply to fall to 2.4 months in May, lower than the levels seen last year and last month. Tight market conditions resulted in monthly price gains as Regina reported a benchmark price of $316,100 in May.

City of Saskatoon

The City of Saskatoon reported 538 sales in May, nearly identical to sales in May 2022 and well above long-term averages. Despite seasonal gains in new listings, inventory levels remain well below the 10-year average.

Higher sales and lower-than-average new listings prevented any significant change in inventory levels, causing the months of supply to fall to two months. As expected, tighter market conditions are placing upward pressure on home prices. Saskatoon’s benchmark price reached $380,100 in May, a monthly gain of nearly two per cent.

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SASKATCHEWAN SHIFTING TOWARDS MORE BALANCED CONDITIONS

 Saskatchewan reported 1,216 sales in April, down 21 per cent year-over-year and slightly below long-term, 10-year averages. Aligning with seasonal trends, sales and new listings trended up above levels seen earlier this year. Although inventory levels experienced a 4 per cent year-over-year decline and remain over 30 per cent below 10-year trends, the adjustments in sales and new listings have resulted in the months of supply rising to nearly five months.

“Our market continues to struggle with supply and has since the start of the pandemic,” said Association CEO, Chris Guérette. “While inventory challenges remain a concern for us, recent trends point to potential supply relief. Should these trends persist, we may see more balanced conditions play out in the market in the second half of the year.”

The provincial benchmark price reached $323,600 in April, up from $321,400 in March and slightly below prices recorded last April.

“As province-wide figures are showing signs of more balanced conditions, it’s important to keep in mind that there is variation depending on location and price range. Conditions remain exceptionally tight in lower-priced products, while more balanced conditions exist in higher price ranges,” said Guérette. “Higher lending rates have driven more purchasers to seek out lower priced options, while it is proving more difficult for existing homeowners to move up in the market.

 Regional Highlights

 Both sales and inventory trends varied across different regions of the province in April. Year-to-date sales levels improved in Melfort, Prince Albert, North Battleford, Yorkton, and Weyburn. Additionally, inventory levels improved over previous months across all regions except Humboldt and Weyburn. That said, most regions still report inventory levels lower than the previous year and below long-term, 10-year averages.

Overall, when considering both sales and inventory levels, some regions of the province are not seeing a shift toward more balanced conditions. Melfort, Prince Albert, Yorkton, and Meadow Lake reported further tightening compared to levels reported last year.

 Price Trends

 Benchmark prices varied across different regions of the province in April. All regions except Prince Albert and Swift Current posted stable to modest gains in benchmark price compared to the previous month.

 City of Regina

 Year-over-year sales activity in Regina slowed for the fourth consecutive month. Despite the decline, sales levels are only slightly below long-term, 10-year averages. Inventory levels remain over 25 per cent below long-term averages, while the months of supply increased to 3.43, up from 2.96 in March.

 Regina reported a benchmark price of $311,200 in April, up from $307,100 in March and nearly 5 per cent lower than April 2022.

City of Saskatoon

The City of Saskatoon reported declining year-over-year sales for the fourth consecutive month. However, sales levels remain slightly above long-term, 10-year trends. Inventory challenges persist in Saskatoon, with supply levels nearly 37 per cent below 10-year averages, the lowest levels reported in April since 2008.

Saskatoon reported a benchmark price of $375,600 in April, slightly down from $376,300 in March and 1.4 per cent higher than April 2022.

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SASKATCHEWAN REMAINS RESILIENT AS INVENTORY CHALLENGES CONTINUE

There were 1,213 sales recorded across the province in March, a 20 per cent year-over-year decline. Despite year-over-year sales declines, this level of sales is still stronger than pre-pandemic levels and nearly 10 per cent above long-term, 10-year trends.

New listings decreased by over 17 per cent on a year-over-year basis and remain significantly below the 10-year average. In the first quarter of 2023, properties priced below $400,000 contributed to the largest decline in new listings. A reduction in new listings relative to sales resulted in further year-over-year declines in inventory levels, which remain over 30 per cent below long-term averages.

“Higher lending rates continue to impact what buyers are able to purchase, which is creating tight conditions in the more affordable segment of our housing market,” said Association CEO Chris Guérette. “When paired with declining inventory levels, specifically in homes priced under $300,000, there simply isn’t enough choice for prospective buyers looking in that price range right now.”

The provincial benchmark price reached $321,400 in March, up from $318,500 in February and slightly below prices recorded last March.

“Our market is once again showing its resilience, as we continue to report sales above long-term averages,” said Guérette. “That said, we continue to keep a close eye on supply levels across the province. Saskatchewan is growing at its fastest pace in over 100 years and ensuring that supply matches this growth is crucial to maintaining our affordability advantage.”

 Regional Highlights

Many regions across the province experienced a decline in sales when compared to last year. The year-over-year declines range from a decline of five per cent in North Battleford, to 34 per cent in Swift Current. Prince Albert, however, reported an eight per cent gain in year-over-year sales.

While North Battleford and Prince Albert did see some quarterly gains in new listings, all regions are reporting new listings that are below long-term averages. The continued decline in new listings has prevented a shift in inventory levels, which remain well below the 10-year average in all regions across the province.

Price Trends

Benchmark prices varied across different regions of the province in March. Year-over-year price declines were reported in Martensville, Meadow Lake, Melfort, Melville, Moose Jaw, North Battleford, Regina, and Yorkton. Meanwhile, all remaining regions posted stable to modest gains.

 City of Regina 

Year-over-year sales activity in Regina slowed for the third consecutive month. Despite the decline, sales levels are well above the 10-year average. Inventory levels remain over 25 per cent below long-term averages, with most of the decline being driven by homes priced below $300,000.

The months of supply in Regina fell to 2.96 in March, down from 3.86 in February. If conditions remain this tight over the next several months, we could start to see an impact on home prices.

 Regina reported a benchmark price of $307,100 in March, slightly below the $310,200 reported in February.

 City of Saskatoon

 The City of Saskatoon reported declining year-over-year sales for the third consecutive month. That said, sales levels remain consistent with long-term, 10-year averages. Inventory levels remain a significant concern, as the city reports supply levels nearly 37 per cent below long-term averages.

The months of supply in Saskatoon fell to 2.32 in March, down from 3.50 in February. Tight conditions in the Saskatoon market are placing upward pressure on home prices, and we expect this trend to continue as inventory challenges persist.

Saskatoon reported a benchmark price of $376,300 in March, slightly above the $372,400 reported in February and over 2 per cent higher than March 2022.

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