SUPPLY CONSTRAINTS PUSH SASKATCHEWAN HOME PRICES TO NEW RECORD

  Saskatchewan’s housing market entered the spring season under increasing pressure, as persistently low inventory levels drove benchmark prices to a new record high and continued to challenge housing affordability across the province.

 Saskatchewan reported 1,256 residential home sales in March, a one percent year-over-year decrease, but still nearly 10 percent above long-term, historical averages. While sales activity has moderated compared to the near-record pace of 2025, year-to-date sales remain four per cent above the 10-year average, reflecting continued underlying demand.

 There were 1,808 new listings in March, an increase over February as the market begins a more slow than normal seasonal transition. However, new listings remain down compared to last year and are nearly 25 per cent below long-term averages. Inventory levels continue to sit well below historical norms, with less than three months of supply available across the province – over 50 per cent below typical levels for this time of year.

 “This is where supply constraints start to have real impact,” said Association CEO Chris Guérette. “We are seeing record prices not because demand is accelerating, but because there simply are not enough homes available. Saskatchewan has long been one of the most affordable places to buy a home in Canada, but that advantage is being tested in real time.”

 The province’s residential benchmark price reached a new all-time high of $374,100 in March up from $363,800 in February and more than six per cent higher than March 2025. Price growth was recorded across every community for the third consecutive month.

 While many markets across Canada continue to report slower sales activity and more balanced conditions, Saskatchewan’s market remains fundamentally different.

 “In other parts of the country, the story is about slowing markets and rising inventory,” said Guérette. “In Saskatchewan, it’s the opposite. Demand is still there, but supply hasn’t kept pace. That imbalance is what’s driving price growth and putting pressure on buyers, particularly those trying to enter the market for the first time.”

 Seasonal factors are also playing a role. A slower-than-usual transition out of winter has delayed the typical influx of new listings seen at this time of year, limiting the amount of fresh inventory entering the market during a critical period.

 “As we move further into the spring market, the key question is whether supply can respond,” Guérette added. “We have witnessed this in regions where inventory improves, sales activity follows. But without a meaningful increase in listings, we will continue to see upward pressure on prices and increasing challenges around affordabity.

Regional Highlights

The Northern, Prince Albert, Swift Current-Moose Jaw and Yorkton-Melville economic regions all reported year-over-year sales gains in March, while all six economic regions reported sales above the 10-year average. 

 Consistent with prior months, Regina-Moose Mountain and Saskatoon-Biggar continue to report the tightest market conditions in the province. However, all six economic regions report inventory levels more than 45 percent below the 10-year average, with ranges from 46 percent in Swift Current-Moose Jaw to 64 percent in Regina-Moose Mountain.

 Price Trends

All Saskatchewan communities reported year-over-year price gains for the third consecutive month, while five posted double-digit gains. Notably, the communities of Martensville, Moose Jaw, North Battleford, Regina, Saskatoon, Swift Current, Warman and Yorkton all reported record-high benchmark prices in March. 

 The City of Melville reported the strongest monthly benchmark price growth, with prices up over 15 percent year-over-year. Other notable gains were seen in Estevan (15 percent), Yorkton (13 percent), Swift Current (12 percent) and Weyburn (10 percent).

 City of Regina

Regina reported 313 sales in March, up five percent year-over-year and 16 percent above the 10-year average. While 2026 sales levels currently trail the near-record levels seen last year, year-to-date sales are nine percent above the 10-year average through the first quarter.

 New listings declined by four percent year-over-year and over 20 percent compared to the 10-year average. When paired with strong March sales, Regina currently has 1.7 months of supply, over 60 percent below the typical level for this time of year. 181 of the 522 available units at month’s end are conditionally sold, leaving only 341 active properties on the market heading into April. 

 Regina reported a new record benchmark price of $343,700 in March, up from $336,400 in February and over six percent higher than March 2025.

 City of Saskatoon

Saskatoon reported 388 sales in March, down four percent year-over-year but eight percent above the 10-year average. Despite first quarter sales trailing impressive 2025 levels, year-to-date sales currently sit six percent above long-term, historical trends. 

 New listings improved compared to March 2025 but remain well below 10-year trends. As a result, the Bridge City continues to report the tightest market conditions in the province, with 1.6 months of supply heading into a busy spring market. Nearly 200 of the 638 available units at month’s end were conditionally sold and expected to exit the market, leaving just 440 active properties on the market. 

 Saskatoon reported an all-time high benchmark price of $435,200 in March, up from $421,600 in February and over five percent higher than March 2025.