Regina, Saskatchewan, Regina Realtor

Intense sales and supply difficulties have driven inventory levels to their lowest point since April 2008

Saskatchewan recorded 1,642 sales in April, a 32 percent increase year-over-year and compared to the 10-year averages. April marked the fourth consecutive month of above-average sales in 2024, leading to year-to-date sales nearly 17 percent higher than last year. Sales levels rose across all major regions of the province, with the most significant increases in the Regina-Moose Mountain and Swift Current-Moose Jaw regions.

Despite a slight increase in new listings, resulting in a modest monthly inventory gain across the province, inventory levels are down 16 percent year-over-year and 40 percent below the 10-year trends. The most substantial decline in inventory is in properties priced below $300,000, with some relief in supply for homes priced above $500,000.

“Economic growth, employment gains, and record population numbers continue to drive strong housing demand in Saskatchewan, leading to a tenth consecutive month of above-average sales in April,” said the SRA. “These factors are undeniably boosting housing demand, as seen in the 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 percent higher than in April 2023. Prices increased across all property types in April, ranging from a five percent gain in detached and semi-detached properties to a 13 percent gain in apartment-style properties.

“With just over three months of supply provincially, our market continues to face significant supply challenges. However, conditions are much tighter in Saskatoon and Regina, with both markets reporting under two months of supply in April,” said the SRA. “We are entering uncharted territory in our two largest markets right now—it’s an incredibly challenging time for prospective buyers. If supply challenges persist, as expected, we will likely see further price increases in these markets.”

 

City of Regina

The City of Regina reported 424 sales in April, a year-over-year gain of over 50 per cent and 52 per cent above long-term trends.

Despite an increase in new listings, surging sales prevented any significant inventory relief. Regina reported a 30 per cent year-over-year decline, with inventory levels over 46 per cent below long-term, 10-year trends.

The City of Regina reported a benchmark price of $319,800 in April, up from $313,100 in March and nearly three per cent higher than April 2023.