STRONG SALES CONTINUE AS INVENTORY LEVELS REMAIN AT LOWEST LEVELS SEEN SINCE 2008
Saskatchewan reported 1,841 sales in May, up six percent year-over-year and 24 per cent above long-term, 10-year averages. Sales levels remain strong across many regions of the province, with the largest year-over-year gains occurring in the Swift Current-Moose Jaw and Northern regions.
In line with seasonal expectations, the province reported a month-over-month gain in new listings. However, strong sales continue to prevent significant inventory relief, with inventory levels remaining at their lowest point since 2008. The sharpest decline in inventory continues to be experienced in homes priced below $300,000, as the more affordable segment of the market remains extremely competitive.
“Our housing market continues to report strong monthly sales figures despite persistent inventory challenges,” said Association CEO Chris Guérette. “An eleventh consecutive month of above-average sales is quite impressive when you consider how challenging it can be for prospective buyers in some markets in our province right now.”
Saskatchewan reported a residential benchmark price of $340,400 in May, up from $339,800 in April and over four per cent higher than May 2023. Prices rose across all property types in May, with the most significant gains occurring in apartment and row/townhouse-style properties.
“While the provincial months of supply fell below three months in May, conditions remain much tighter in our two largest centres – as Regina and Saskatoon are again reporting less than two months of supply,” said Guérette. “With further rate cuts on the horizon likely to spur additional demand – and no immediate inventory relief in sight – we expect tight conditions to continue to place upward pressure on prices across the province.”
Regional Highlights
Year-to-date sales levels improved across all regions of the province in May, with significant gains being reported in the Regina-Moose Mountain, Saskatoon-Bigger, and Swift Current-Moose Jaw regions.
The province’s two largest regions saw further inventory declines due to strong monthly sales in May. As a result, the Regina-Moose Mountain (2.59 months of supply) and Saskatoon-Bigger (2.04) regions continue to report the tightest market conditions in the province.
Price Trends
Home prices trended up across many regions of the province in May, with the largest monthly gains occurring in the Saskatoon-Biggar and Swift Current-Moose Jaw regions.
With prices over 13 percent higher than last year, the City of Melfort reported the highest year-over-year price gain in May. Meanwhile, Saskatoon, Regina, Estevan, Weyburn, Moose Jaw, Swift Current, Humboldt, and Prince Albert reported year-over-year price gains in May.
City of Regina
The City of Regina reported 440 sales in May, a five per cent year-over-year gain and 32 per cent above long-term trends.
A slight uptick in new listings was met with another month of strong sales, resulting in inventory levels remaining nearly 50 per cent below long-term trends, and 1.69 months of supply in the Queen City.
The City of Regina reported a benchmark price of $320,000 in May, up from 319,800 in April and two per cent higher than May 2023.
City of Saskatoon
The City of Saskatoon reported 573 sales in May, up seven per cent year-over-year and 28 per cent above long-term, 10-year averages.
Inventory levels decreased by 21 per cent year-over-year and continue to sit nearly 50 per cent below long-term, 10-year trends. Market conditions remain extremely tight, as the Bridge City is again reporting the lowest inventory levels in the province.
The City of Saskatoon reported a benchmark price of $397,200 in May, down slightly from 398,600 in April and nearly six per cent higher than May 2023.