Saskatchewan Real Estate Market Update - September 2024
Key Takeaways:
- Saskatchewan saw 1,398 sales in September, 8% higher year-over-year.
- Detached homes made up 73% of total sales, showing strong demand.
- Provincial benchmark price: $343,800, up nearly 6% from last year.
- Limited listings continue to push inventory to record lows, down 17% from 2023.
- Moose Jaw led the province with a 13% price increase, reflecting a strong market in the region.
Saskatchewan Market Update
The Saskatchewan real estate market continued its upward momentum in September 2024, with 1,398 sales, marking an 8% year-over-year increase. Detached properties dominated the sales mix, making up nearly 73% of total transactions. This robust activity puts the province on track for its second-highest year-to-date sales, despite a continued decline in new listings, which fell 2% year-over-year and sit 16% below the 10-year average.
With record population growth, a strong labour market, and easing lending rates, Saskatchewan's housing market is benefiting from favorable conditions. However, the significant drop in inventory, now 17% lower than last year and 40% below the 10-year average, continues to drive up prices. The provincial benchmark price for September was $343,800, a nearly 6% increase from September 2023.
For investors considering rental properties, the persistent demand for housing, combined with low inventory levels, creates an environment where well-managed properties are likely to see strong rental performance and appreciation.
Regina Market Update
Regina remains one of the key contributors to Saskatchewan’s real estate growth. In September, Regina reported 320 sales, a 5% increase from last year and 19% above the 10-year trend. The limited supply of new listings, down 23% year-over-year, has caused inventory to fall 40% below the long-term average.
The benchmark price in Regina rose to $320,700 in September, nearly 5% higher than last year. For investors, the combination of high demand and limited supply signals strong potential for rental income and property appreciation in the Regina market.
Saskatoon Market Update
Saskatoon continues to outperform expectations, with 432 sales in September, reflecting a 16% year-over-year increase. This strong performance sits 24% above the 10-year average. However, inventory remains tight, with available listings down 46% from long-term trends, the lowest September inventory level reported since 2007.
Despite this, Saskatoon’s benchmark price reached $401,800 in September, a nearly 7% increase from last year. For property investors, Saskatoon presents opportunities for both capital growth and rental income, particularly as the demand for housing continues to outstrip supply.
