Saskatchewan’s real estate market showed resilience throughout 2024, with a rise in sales in November, tightening inventory, and year-over-year price gains.
Sales and Market Activity
In November 2024, Saskatchewan recorded 1,179 home sales, representing an 18% increase compared to November 2023 and a notable 27% above the 10-year average for the month. This marked the second-highest November sales volume on record and extended the province’s streak to 17 consecutive months of above-average sales. Nearly all regions contributed to a 9% year-to-date sales increase.
The Saskatoon-Biggar and Regina-Moose Mountain regions were among the leaders in sales growth. The City of Saskatoon saw 21% higher year-over-year sales in November – 32% above the 10-year average. Regina followed with a 14% year-over-year increase, exceeding the long-term average by 28%.
Source: Saskatchewan Realtors® Association
Inventory
The sustained demand, coupled with a decline in new listings, continued to tighten inventory levels. November’s inventory dropped 23% year-over-year, placing the figure nearly 45% below the long-term, 10-year average, reaching a level not seen since 2007. Across Saskatchewan, 3.6 months of supply were available, slightly up from October but still well below typical seasonal norms.
In Saskatoon, the inventory provided less than two months of supply. Similarly, Regina’s inventory levels declined 34% year-over-year, with availability sitting at roughly half the 10-year average. The Saskatoon-Biggar region reported the tightest conditions at 2.42 months of supply, closely followed by the Regina-Moose Mountain region at 3.21 months.
Population Growth
Saskatchewan’s population growth was notable. By October 1, 2024, the province’s population increased by 26,989 people over the past year and 6,826 people over the past quarter. Its quarterly growth rate of 0.55% was the second highest among Canadian provinces, sitting above the national average.
Price Trends
Price growth was experienced across Saskatchewan, with all regions reporting year-over-year increases in November. The provincial residential benchmark price was $338,400 in November, down slightly from $343,400 in October due to seasonal trends, but still over 5% higher than in November 2023.
The Prince Albert Region led with a 7.2% year-over-year benchmark price increase, followed by Saskatoon-Biggar (6.3%) and Swift Current-Moose Jaw (5.9%). Moose Jaw experienced the most significant monthly gains, with prices surging nearly 11% compared to the previous year.
Regional Highlights
Regina
Regina’s housing market achieved record-high year-to-date sales of 3,720 through November, boosted by robust activity in the month. Despite a rise in new listings, inventory levels dropped significantly, down 34% from the previous year and nearly 50% below the 10-year average. Regina’s benchmark price stood at $313,700 in November, a seasonal dip from October but nearly 4% higher than November 2023.
Saskatoon
Saskatoon also experienced strong sales momentum, achieving 380 sales in November. The city’s benchmark price of $398,800 marked a slight seasonal decline from October but remained 6% above November 2023. The city recorded less than two months of supply.
Strong Year for Saskatchewan
CEO Chris Guérette of the Saskatchewan Realtors® Association notes that 2024 was one of the province’s strongest years, and comments that: “Given the ongoing inventory challenges in many Saskatchewan markets, the fact that we’re reporting above-average sales for 17 consecutive months is unprecedented.”
