Saskatchewan Housing Market Report: December 2024 Marks Record-Setting Year

The Saskatchewan real estate market wrapped up 2024 with a strong performance, reporting 776 sales in December—a 3% increase year-over-year and nearly 15% above the 10-year average. These impressive numbers contributed to the second-strongest year on record for resale housing activity in the province. A total of 16,119 homes were sold in 2024, reflecting an 8.9% increase compared to 2023.

 

Record Demand Meets Declining Supply

Throughout 2024, strong buyer demand consistently outpaced new listings, leading to historically low inventory levels. December saw new listings drop 16% year-over-year, nearly 30% below the 10-year average, and 2% below December 2023 levels.

“This marks the 18th consecutive month of above-average sales in Saskatchewan,” said Chris Guérette, CEO of the Saskatchewan Realtors® Association. “This achievement is remarkable given the inventory challenges we’ve faced, especially in the more affordable housing segments. Limited availability is likely holding back even stronger sales growth.”

While seasonal trends pushed Saskatchewan’s months of supply to nearly five months in December (up from less than four months in November), inventory levels remain constrained. Compared to December 2023, inventory is down 20% and sits over 40% below the 10-year average. Conditions are even tighter in key markets like Regina and Saskatoon.

Residential Prices on the Rise

Saskatchewan’s residential benchmark price in December stood at $337,800, reflecting a slight dip from $338,400 in November due to seasonal trends. Despite this, prices have surged by 7% year-over-year.

“Saskatchewan’s housing market is benefitting from record population growth, strong employment numbers, and the recent Bank of Canada interest rate cuts,” Guérette explained. “Heading into 2025, supply shortages will likely continue to shape the market. If demand persists, we could see further price increases across the province.”

 

Regional Market Highlights

All regions in Saskatchewan reported higher sales in 2024 compared to both 2023 and the 10-year averages. Key highlights include:
– **Regina-Moose Mountain:** Sales surged 28% above the 10-year average.
– **Saskatoon-Biggar:** Sales increased by 18% over long-term trends.
– **Swift Current-Moose Jaw:** Reported a 17% boost compared to historical averages.

The Saskatoon-Biggar (3.23 months of supply) and Regina-Moose Mountain (4.11 months) regions remained the tightest markets in the province, with supply levels more than 50% below historical averages despite seasonal improvements in December.

 

City of Regina

Regina closed 2024 on a high note, with 198 December sales—a 5% year-over-year increase and 28% above long-term trends. The city recorded 3,917 annual sales, setting a new record for yearly transactions.

However, soaring demand has strained inventory levels. Listings in Regina dropped 32% year-over-year and remain 40% below the 10-year average. Despite this, the city’s benchmark price in December stood at $313,400—down slightly from $313,700 in November but 5% higher than December 2023.

 

Looking Ahead

With record-breaking population growth, robust employment numbers, and favorable interest rate cuts driving demand, Saskatchewan’s housing market is poised for another dynamic year in 2025. However, the province’s ongoing supply challenges will remain a critical factor shaping market trends and pricing.