JUNE 2024 SRA REAL ESTATE MARKET WATCH

PRICE GROWTH CONTINUES AS NUMEROUS COMMUNITIES REPORT RECORD BENCHMARK PRICES IN JUNE

Saskatchewan reported 1,675 sales in June, a one percent year-over-year decrease but nearly 10 percent above long-term, 10-year averages. Sales levels improved in properties priced above $400,000, which nearly offset the pullback in homes priced below $300,000, as inventory challenges continue to prevent even stronger monthly sales.

New listings dipped by 14 per cent year-over-year and 21 per cent compared to 10-year trends, preventing any significant inventory relief, as inventory levels decreased by 19 per cent year-over-year and over 40 per cent versus long-term trends. Despite these persistent inventory challenges, Saskatchewan reported above-average sales for the twelfth consecutive month in June.

“While the recent Bank of Canada rate decision was welcome news, higher lending rates and rising home prices continue to spur demand for more affordable housing options,” said Association CEO, Chris Guérette. “This demand, when paired with falling supply in lower price ranges, limits options for prospective buyers and prevents even stronger monthly sales figures. There simply isn’t enough inventory to service this segment of our market right now.”

Saskatchewan reported a residential benchmark price of $343,300 in June, up from $340,400 in May and nearly five per cent higher than June 2023. Meanwhile, the communities of Humboldt ($272,500), Martensville ($398,800), Melfort ($250,100), Prince Albert ($251,700), Saskatoon ($403,500), and Warman ($463,500) reported record benchmark prices in June, with Saskatoon eclipsing the $400,000 mark for the first time.

“Housing demand remains strong in Saskatchewan, despite ongoing supply challenges placing significant stress on the more affordable segment of our market, especially in our two largest centres,” said Guérette. “While real estate is local and market conditions vary by region, it can be incredibly challenging for prospective buyers right now.”

City of Regina
The City of Regina reported 380 sales in June, up four per cent year-over-year and 14 per cent above long-term, 10-year trends.

While conditions remain tight in the Queen City, month-over-month inventory levels improved slightly, resulting in 2.06 months of supply, up from 1.69 in May. Despite some relief, inventory levels were down 30 per cent year-over-year and remain nearly 50 per cent below long-term trends.

The City of Regina reported a benchmark price of $318,100 in June, down from $320,000 in May, and 0.5 percent above June 2023.