March 2024 Real Estate Market Update: Insights for Investors

For those looking to expand their investment portfolio in the Saskatchewan real estate market, understanding the current trends and how they impact potential rental property investments is crucial. GoodDoors provides a comprehensive analysis for March 2024, focusing on the promising opportunities in Regina, Saskatoon, and across the province despite challenges in inventory levels.

Key Takeaways:

  • Saskatchewan's Market Resilience: The region continues to outperform with a sales activity just slightly below last year's, yet well above the decade's average, signaling robust demand.
  • Inventory Challenges Persist: A noticeable decline in new listings has resulted in tightened inventory, particularly affecting the affordable housing segment.
  • Price Growth Across the Board: The province, Regina, and Saskatoon all report upward price trends, creating advantageous conditions for property investors.
  • Regional Spotlight: Regina and Saskatoon experience varying degrees of sales activity and inventory pressures, reflecting unique investment opportunities.

Saskatchewan Market Update

In March 2024, Saskatchewan's real estate landscape showcased its resilience with 1,183 properties exchanged, marking a modest year-over-year decrease of 2% but remaining 6% above the ten-year average. This performance underlines a continuous demand in key economic areas, notably Regina-Moose Mountain and Saskatoon-Biggar, despite a significant 15% drop in inventory levels compared to the previous year.

Chris Guérette, the CEO of the Saskatchewan Real Estate Association, emphasized the ongoing challenges posed by low inventory levels, particularly in the affordable housing sector, underscoring the province's nine months of above-average sales. The benchmark price in Saskatchewan has seen a near 4% increase from last year, standing at $334,500 in March, with notable growth in apartment and row/townhouse segments.

Regina Market Update

Regina's real estate market in March presented a dynamic scene for investors, with 312 sales representing a nearly 7% increase over the previous year and 23% above the long-term average. This robust activity comes despite a reduction in new listings, maintaining tight inventory levels. With a market leaning heavily towards sellers, Regina's benchmark home price rose to $313,100 in March, up nearly 2% from February and indicating a favorable market for investment properties.

Saskatoon Market Update

The Saskatoon market displayed a slightly different dynamic, with 364 properties sold in March, marking an 8% decrease year-over-year but still maintaining a 2% increase over the decade average. The city's inventory levels saw a substantial 21% decline from last year, exacerbating the already tight market conditions and pushing the benchmark price to $394,300 in March, a 5% increase from the previous year. This scenario presents a unique opportunity for investors, especially in the face of increasing prices and high demand.