Saskatchewan Real Estate Market Update – December 2024
Key Takeaways for Investors
- Record Sales: Saskatchewan achieved its second-best year for home sales, with 16,119 transactions in 2024.
- Low Inventory: December listings dropped 16%, driving competitive conditions across rental and resale markets.
- Price Growth: Benchmark prices in Saskatchewan grew by nearly 7% year-over-year, reaching $337,800 in December.
- Investor Opportunity: Tight inventory and high demand create prime conditions for rental property investments.
Saskatchewan Market Update
December 2024 capped an exceptional year for Saskatchewan’s real estate market, recording 776 sales for the month—a 3% year-over-year increase and 15% above the 10-year average. The province saw 16,119 total sales in 2024, an impressive 9% increase over 2023.
Despite strong demand, inventory challenges persisted throughout the year. December listings were down 16% compared to 2023 and nearly 30% below the 10-year average, with residential inventory sitting 40% lower than historical norms.
The province’s benchmark residential price was $337,800 in December, reflecting a 7% increase from December 2023. Continued population growth, employment gains, and interest rate cuts are expected to sustain upward price trends into 2025, making Saskatchewan an attractive market for investors seeking strong rental income potential.
Regina Market Update
Regina experienced a record-breaking year in 2024, with 3,917 home sales, marking the highest annual total in the city’s history. December alone accounted for 198 sales, up 5% year-over-year and 28% above long-term averages.
Tight Inventory:
Inventory shortages remain a significant challenge, with listings declining 32% compared to December 2023 and over 40% below historical averages. This lack of available housing continues to create favorable conditions for rental property owners, as demand outpaces supply.
Rising Prices:
Regina’s benchmark residential price reached $313,400 in December, reflecting a 5% year-over-year increase. This consistent price growth highlights the city’s strong market fundamentals, making it a prime location for long-term rental investments.
Saskatoon Market Update
Saskatoon’s real estate market delivered its second-best year on record in 2024, with 5,035 annual sales, up 8% from 2023. December alone saw 256 sales, a 12% year-over-year increase and nearly 20% above the 10-year average.
Inventory Shortages:
At year-end, Saskatoon had only 555 available listings, a 25% decline compared to December 2023 and nearly 50% below historical norms. With just 2.17 months of supply, the city’s tight inventory creates strong opportunities for rental property investors to capitalize on high tenant demand.
Steady Price Growth:
Saskatoon’s benchmark price stood at $395,300 in December, a 7% increase from December 2023. Tight supply conditions and robust demand continue to support price appreciation, reinforcing the city’s appeal for investors seeking stable returns.
