STRONG DECEMBER SALES WRAP UP SASKATCHEWAN’S SECOND-BEST YEAR ON RECORD
Saskatchewan reported 776 sales in December, up three percent year-over-year and nearly 15 percent above long-term, 10-year averages. Above-average December sales capped off the second-strongest year on record for resale housing activity in Saskatchewan, with 16,119 sales across the province in 2024, up nearly nine percent from 2023.
Strong demand throughout 2024 was consistently met with declining new listings, resulting in record inventory lows at various points throughout the year. In December, new listings decreased by 16 percent year-over-year, down nearly 30 percent from 10-year averages and two percent below 2023.
“Our province closed 2024 with an eighteenth consecutive month of above-average sales, an incredible statistic when you consider the significant inventory challenges we’ve faced throughout the year,” noted Association CEO, Chris Guérette. “This lack of available inventory, specifically in the more affordable segment of the market, is very likely preventing even stronger 2024 sales figures.”
Seasonal sales trends allowed the provincial months of supply to reach nearly five months in December, up from below four months in November. However, inventory levels decreased by 20 percent compared to December 2023 and continue to sit over 40 percent below the 10-year average – with even tighter conditions reported in Regina and Saskatoon.
The province’s residential benchmark price stood at $337,800 in December, down slightly from 338,400 in November, consistent with seasonal trends. Despite the slight month-over-month decrease, Saskatchewan’s residential benchmark price grew by nearly seven percent compared to December 2023.
“Saskatchewan’s resale housing market continues to benefit from record population figures, employment growth, and the recent Bank of Canada interest rate cuts,” said Guérette. “As we look ahead to 2025, we expect supply challenges to continue as a dominant theme. If this increased demand continues in the new year, we will likely see prices continue to trend upward across the province.”
City of Regina
The City of Regina reported 198 sales in December, a five percent year-over-year increase and over 28 percent above long-term trends. Above-average monthly sales were a consistent theme for the Queen City throughout the year, with 3,917 sales in 2024 – the largest number of yearly sales in Regina’s history.
Despite modest new listing growth compared to 2023, record demand continues to impact Regina’s inventory levels, which declined by 32 percent year-over-year and are currently over 40 percent below historical averages.
Regina’s residential benchmark price was $313,400 in December, down slightly from $313,700 in November and over five percent higher than December 2023.
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