Sask. real estate market once again outperforming expectations

The trends on the Saskatchewan Realtors Association’s market watch for August marked 26 consecutive months of above-average sales, while seven communities, including Prince Albert, Melfort, and Humboldt, reported double-digit price gains last month.

“Saskatchewan’s housing market delivered another strong performance in August – not quite matching the record-breaking numbers from July, but clearly maintaining its momentum,” said association CEO Chris Guérette.

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“Year-to-date sales continue to surpass the near-record levels we saw in 2024, and I expect to close our third quarter statistics next month with the same intensity in sales and shortage of inventory.”

Guérette said she anticipates the momentum will carry through the remainder of the year.

In August, 1,559 transactions were reported across the province, which is up nearly four per cent year-over-year and 15 per cent above the 10-year average.

The provincial residential benchmark price reached $372,200 last month, which was a slight dip from July’s record high of $372,700. The association said the modest month-over-month decline aligns with seasonal trends but is still eight per cent higher than August of 2024.

The Prince Albert, Saskatoon-Biggar, Swift Current-Moose Jaw and Northern economic regions all reported year-over-year sales gains in August, with sales well above long-term, 10-year averages.

While all Saskatchewan communities reported year-over-year price gains for the fourth consecutive month, the realtors’ association said Melfort saw the largest increase, with prices nearly 19 per cent higher than August 2024. The total residential benchmark price in Melfort is $280,100 compared to the 10-year average of $206,810.

Other notable gains included Humboldt (15 per cent), Estevan (13 per cent), and Moose Jaw (12 per cent.)

Battleford had nine sales last month and the benchmark price was up 9.1 per cent year-over-year to $273,000. North Battleford had 19 sales, and the benchmark price was up 5.3 per cent to $225,800.

In Meadow Lake, there were seven sales last month. The total residential benchmark price is $303,700 which is up 8.4 per cent year over year.

Prince Albert went up 12 per cent to $279,800 for its total residential benchmark price year-over-year. There were 46 sales recorded last month. The data shows new listings in Prince Albert decreased by 21 per cent year-to-date, suggesting a reduction in available properties for sale. Guérette said that’s a common issue everywhere.

“The balance of supply for Saskatchewan is still sitting at roughly three months of supply, and when we take a look at other areas it’s hovering more around the two months of supply. So, clear indication still that our inventory is not keeping up with that demand,” she said.

“What we like to see is more of a balanced market, which is between four and six months of supply. That means there is a certain comfort level and people don’t have to rush to look at homes and make a decision.”

Low interest rates have spurred demand, but that low inventory across the province is part of the reason for rising prices. Guérette said the increased activity in the markets is also due to good job numbers which are enticing people to move here.

“So, economically, that’s a great position to be in, and if you’re looking to buy a home, things are very affordable here in Saskatchewan.

“I know we’re still feeling affordability pressures everywhere in this country and Saskatchewan is certainly not immune to that, but when we compare to everybody else, Saskatchewan is still outperforming in terms of affordability relative to salaries. It’s a great place to be and we’re seeing that in the market activity.”

Guérette said in the first six months of 2025, the province saw record building permits being pulled in the residential sector, so eventually more homes will be built and prices may drop.

Overall, the current market conditions are favourable for sellers, with rising prices and decreasing inventory levels contributing to a competitive environment.

Read more:

• Red hot housing market has buyers competing hard across Saskatchewan
• Saskatoon residents hunt for treasures at annual ‘Curbside Swap’
• PHOTOS: Former Canadiens star goaltender Ken Dryden dies of cancer at age 78