Saskatchewan’s real estate market demonstrated resilience in March despite facing ongoing inventory challenges, according to numbers from the Saskatchewan Realtors Association.
With 1,183 sales reported, the province experienced a slight two per cent year-over-year decline but remained nearly six per cent above the 10-year average. The Regina-Moose Mountain, Saskatoon-Biggar, and Swift Current-Moose Jaw regions spearheaded the strong start to the year, showcasing robust sales figures.
However, the buoyant market was met with declining new listings, contributing to a 15 percent decrease in inventory levels compared to the previous year. This shortage of available properties posed significant challenges, particularly for prospective buyers seeking homes priced below $400,000. Association CEO Chris Guérette in a media release emphasized the pressing need for more supply to meet the demand, highlighting the difficulty faced by homebuyers in finding affordable options.
Despite the inventory constraints, tight market conditions persisted across many regions, driving price growth. The provincial benchmark price surged to $334,500 in March, marking a nearly four per cent increase from the previous year. Notably, prices rose across all property types, with apartments and row/townhouse-style units experiencing the most substantial year-over-year gains.
In the Regina-Moose Mountain region, first-quarter sales surged by an impressive 14 per cent year-over-year, surpassing the 10-year average by 26 per cent. Similarly, the Saskatoon-Biggar region witnessed a decline in new listings, leading to tighter market conditions and steeper inventory declines.
City-specific data revealed contrasting trends. Regina reported 312 sales in March, a nearly seven per cent increase from the previous year, while Saskatoon saw a decline of eight per cent with 364 sales. Despite variations in sales figures, both cities experienced low inventory levels, exerting upward pressure on prices. Regina’s benchmark price reached $313,100, while Saskatoon’s rose to $394,300 in March, indicating steady growth from the previous year.
