Saskatoon, Regina home prices rising in Q1 of 2024: Royal LePage

Home prices in Saskatchewan’s largest cities are trending upward, with no sign of slowing down.

According to Royal LePage, the median price for a single-family detached home in Saskatoon was $435,800 in the fourth quarter of 2023, and jumped by 3.6 per cent to $451,400 in Q1 of this year.

In Regina, the median price was $395,800 in Q4 of last year, rising by 4 per cent to $411,600 in Q1 of 2024.

When it comes to condos, the situation was similar, with prices going up. But in Regina, the increase was less than a full percentage point.

According to Royal LePage, the median standard condo price in Saskatoon increased by three per cent from $207,300 to $213,500 between Q4 and Q1. In Regina, the median price for a standard condo went up by just 0.3 per cent between the last quarter of 2023 and Q1, rising from $207,300 to $213,500.

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“Building upon the rising levels of demand we saw at the end of 2023, Regina’s housing market has seen a boost in activity as we enter the spring market. All property segments have been getting attention as of late, from entry-level condos, to luxury homes,” Shaheen Zareh, a sales representative for Royal LePage Regina Realty, explained in a statement.

“A big driver of this activity is rising rental prices, which are pushing more first-time buyers out of tenancy and into home ownership. With rental costs and mortgage payments roughly equal in many cases, homebuyer hopefuls feel a desire to jump into the market. Clients also feel an increasing fear of missing out and want to snap up what little supply is making it onto the market.”

Between both houses and condos, the average home jumped by 3.3 per cent in Regina and 3.4 per cent in Saskatoon between the Q4 and Q1.

Prices across Canada are expected to rise significantly as the year progresses.

“Royal LePage is forecasting that the aggregate price of a home in Canada will increase 9.0 per cent in the fourth quarter of 2024, compared to the same period last year,” the real estate company noted.

While Royal LePage doesn’t complete a forecast for Saskatoon, Regina’s median home price is expected to jump from $367,600 in Q4 of 2023 up to $385,980 by the final quarter of 2024, a five per cent increase.

“Given the strong start to 2024, the cadence of the market for the balance of the year points to a normally busy spring market that will lead into an uncomfortably busy fall,” Phil Soper, Royal LePage’s president and CEO, said in a statement.

“It is clear we are rapidly transitioning away from a buyers’ market and back to an environment where the seller has the upper hand.”