ABOVE-AVERAGE SALES CONTINUE IN MARCH DESPITE INVENTORY WOES

In March, Saskatchewan saw 1,183 home sales, marking a slight 2% decline from the previous year but nearly 6% higher than the 10-year average. Despite this dip, year-to-date sales remain robust, standing 10% above last year’s levels. This strong performance was driven by notable gains in regions such as Regina-Moose Mountain, Saskatoon-Biggar, and Swift Current-Moose Jaw.

The province experienced its ninth consecutive month of above-average sales, yet this was paired with a decline in new listings, limiting supply growth in March. Consequently, inventory levels decreased by 15% compared to the previous year and are nearly 40% below the long-term, 10-year trends.

The prevailing tight market conditions across many regions of Saskatchewan are supporting price growth. In March, the provincial benchmark price reached $334,500, up from $330,800 in February and nearly 4% higher than March 2023. While prices increased across all property types, the most significant year-over-year gains were observed in apartment and row/townhouse-style units.

Regina’s real estate market also showed strength, with 312 sales in March, a year-over-year increase of nearly 7% and 23% above long-term trends. Despite strong sales, a decline in new listings limited inventory changes. With just over two months of supply in Regina, persistent inventory challenges and high sales volumes are exerting upward pressure on home prices. The City of Regina reported a benchmark price of $313,100 in March, up from $310,600 in February and nearly 2% above March 2023.