Here’s the Saskatoon Real Estate update for April, 2024. Saskatchewan reported 1,642 sales in April, up 32 percent year over year and compared to long-term, 10-year averages. April marked the fourth consecutive month of above-average sales to open 2024, resulting in year-to-date sales nearly 17 percent above last year. Sales levels improved across all larger regions of the province, with the most significant gains being reported in the Regina-Moose Mountain and Swift Current-Moose Jaw regions.
Despite a slight uptick in new listings, which supported a modest monthly gain in inventory across the province, inventory levels are down 16 per cent year-over-year and 40 per cent below long-term, 10-year trends. As seen in prior months, the sharpest decline in inventory is reported in products priced below $300,000, with some supply relief in homes priced above $500,000.
“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,” said Association CEO, Chris Guérette. “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 reported a residential benchmark price of $339,800 in April, up from $334,500 in March and nearly five per cent higher than April 2023. 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.
“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,” said Guérette. “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.”
The City of Saskatoon reported 364 sales in March, a year-over-year decline of 8 per cent and 2 per cent above long-term, 10-year averages.
Inventory levels decreased by 21 per cent year-over-year and continue to sit nearly 50 per cent below long-term, 10-year trends. As a result, market conditions remain extremely tight in the City of Saskatoon, which is placing upward pressure on prices and likely preventing even stronger sales numbers.
The City of Saskatoon reported a benchmark price of $394,300 in March, up from $388,300 in February and over 5 per cent above March 2023.
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