Saskatchewan's housing market continues to sizzle with record sales and prices

CTV News

3 days ago

Saskatchewan's housing market is showing no signs of slowing down with communities across the province breaking pricing and sales records last month.
'We have eight communities that reported double-digit [sales] gains compared to July last year,' Saskatchewan Realtors' Association CEO Chris Guérette said.
According to the association's monthly market watch report, 25 consecutive months of above-average sales and consistent supply challenges have kept prices climbing.
In July, the provincial residential benchmark price hit an all-time high of $372,700 in July up last month's $370,200, and over eight per cent higher than July 2024.
Humboldt, Meadow Lake, Melville, Regina, Saskatoon, Swift Current, and Yorkton achieved record benchmark prices in July.
'This is not an urban issue,' Guérette said. 'We are seeing really, throughout Saskatchewan, pressure on prices.'
Mortgage broker Conrad Neufeldt said this has been the busiest year he's had, and he's receiving more calls than ever from out-of-province buyers looking to move to Saskatchewan. Those buyers are adding to the pressure on prices and driving up bids.
'The running theme with my conversations is, 'Man, how does anybody afford this?'' Neufeldt said. 'So, there's a growing number of population in Saskatchewan that's wondering if they're ever going to own a home, which historically is something that you would expect to see in B.C. on Ontario.'
Across the province, there were a record 1,851 sales in July — up 11 per cent year-over-year and over 30 per cent above long-term, 10-year trends.
Saskatoon and Regina accounted for a combined 1,022 of those sales last month, a record for each city. In Regina, the benchmark price is $343,300.
In Saskatoon, the benchmark price is at $435,100, up from $432,700 in June and seven percent higher than in July 2024.
Both markets are struggling with inventory levels.
According to the market watch report, over one-third of the 895 units available in Saskatoon at the end of July were conditionally sold, leaving 594 active units heading into August.
Regina is facing a similar lack of selection with 607 active units at the beginning of the month.
Guérette said there has been a record number of permits pulled for housing construction for six months so far this year. While that is promising, she said more homes of all kinds are needed to meet Saskatchewan's population boom over the last two years.
'How much runway do we have until we are no longer the most affordable place to live?' she said. 'And that runway is getting shorter and shorter.'
Neufeldt said the pressures Saskatchewan's housing market is experiencing could be part of a longer trend. Outside of seasonal dips, he expects housing prices to continue to rise.
'I think at least for the next couple of years, it is conceivable that we will see a continued rise in house prices. I don't think we're going to see significant rises. I think we're going to see more moderate increases,' he said.