Saskatchewan’s real estate market continued its upward trend in July, with the province reporting 1,667 home sales according to the Saskatchewan Realtors Association’s monthly report.
This figure represents a seven per cent increase from last year and is over 20 per cent above the long-term, 10-year average. This marks the thirteenth consecutive month of above-average sales, contributing to a year-to-date sales figure that is 10 per cent higher than July 2023 and 19 per cent above the 10-year average.
Despite a modest gain in new listings, inventory levels dropped by 20 per cent year-over-year and are more than 40 per cent below long-term trends. “Strong housing demand continues to support above-average monthly sales levels, preventing any significant inventory relief in many markets across the province,” said Association CEO, Chris Guérette in a media release. Limited supply, especially in more affordable segments, is likely preventing even stronger sales activity.
The residential benchmark price in Saskatchewan reached $344,800 in July, up from $343,300 in June and nearly five per cent higher than July 2023. Home prices increased across all property types, with detached homes seeing over four per cent gains and row/townhouse-style properties rising by 11 per cent year-over-year.
In the City of Regina, July saw 381 home sales, a 10 per cent increase from last year and 26 per cent above the 10-year average. Year-to-date sales are up 16 per cent, one of the highest levels ever recorded in Regina for this time of year. The benchmark price in Regina rose to $318,400 in July.
The City of Saskatoon reported 520 home sales in July, a five per cent increase from last year and over 20 per cent above the 10-year average. Inventory levels in Saskatoon remain over 50 per cent below long-term trends, leading to tight market conditions with just 1.60 months of supply. The benchmark price in Saskatoon hit a record $406,500 in July, up from $403,500 in June and over seven per cent higher than last year.
Overall, the strong demand and limited supply continue to drive up prices, making it a challenging market for prospective buyers.
