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Buying a home in Saskatchewan is getting more and more difficult due to above-average sales and very low inventory numbers.
According to the Saskatchewan Realtors Association, inventory levels are at their lowest level since April of 2008, and currently sit 40 per cent below the 10-year trend. The result is an “incredibly challenging” market for prospective buyers.
Chris Guérette, the association’s CEO, said housing demand is growing.
“Economic growth, employment gains, and record population numbers continue to support strong housing demand in Saskatchewan, resulting in a tenth consecutive month of above-average sales in April,” Guérette explained in a statement.
“These factors are, without question, boosting housing demand – as evidenced through rising sales in the resale market and falling vacancy rates in the rental market.”
Saskatchewan saw 1,642 sales in April, up 32 per cent year-over-year with the biggest gains seen in the Regina-Moose Mountain and Swift Current-Moose Jaw areas.
“Prices rose across all property types in April, ranging from a five per cent gain in detached and semi-detached property types, to a 13 per cent gain in apartment-style properties,” the association reported.
The residential benchmark price for the province was $339,800, up slightly from $334,500 in March. In Regina, the benchmark price was $319,800, while Saskatoon’s benchmark was $398,600. The average price in Regina has risen by about three per cent since April of 2023, while Saskatoon’s average has jumped by almost seven per cent in the same period.
“With just over three months of supply provincially, our market continues to experience significant supply challenges. However, the conditions are far tighter in Saskatoon and Regina, with both markets reporting under two months of supply in April,” Guérette said.
“We’re approaching uncharted territory in our two largest markets right now – it’s an incredibly challenging time for prospective buyers out there. If supply challenges persist, as expected, we will likely see further price gains in these markets.”