SASKATOON — Saskatchewan reported 776 real estate sales in December, up three per cent year-over-year and nearly 15 per cent above long-term, 10-year averages, according to the Saskatchewan Realtors Association Market Watch.
According to the report, 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 per cent 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 per cent year-over-year, down nearly 30 per cent from 10-year averages and two per cent 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 per cent compared to December 2023 and continue to sit over 40 per cent 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 per cent 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.”
Regional Highlights
All regions of the province reported yearly sales that outpaced both 2023 sales levels and long-term, 10-year averages. The Regina-Moose Mountain (up 28 per cent compared to 10-year trends), Saskatoon-Biggar (18 per cent) and Swift Current-Moose Jaw (17 per cent) regions significantly outperformed historical trends in 2024.
As seen throughout much of 2024, the Saskatoon-Biggar (3.23 months of supply) and Regina-Moose Mountain (4.11) regions continue to report the tightest market conditions in the province. Despite seasonal sales trends allowing the months of supply to improve in December, both regions are reporting months of supply over 50 per cent below historical averages.
Price Trends
Strong demand paired with low inventory drove price gains throughout much of 2024 – with nearly all areas of the province reporting year-over-year sales gains in December.
For the fifth consecutive month, the City of Moose Jaw led the way with year-over-year price gains of over 14 per cent. Additionally, the cities of Humboldt (13.5 per cent), Melfort (12.5), and Melville (10.9) all reported double-digit price gains in December.
City of Regina
The City of Regina reported 198 sales in December, a five per cent year-over-year increase and over 28 per cent 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 per cent year-over-year and are currently over 40 per cent below historical averages.
Regina's residential benchmark price was $313,400 in December, down slightly from $313,700 in November and over five per cent higher than December 2023.
City of Saskatoon
The City of Saskatoon reported 256 home sales in December, a year-over-year increase of over 12 per cent and nearly 20 per cent above the 10-year average. With 5,035 annual sales, 2024 marked the second-strongest year on record in the Bridge City, up over eight per cent compared to 2023.
At year-end, there were only 555 available units, as inventory levels declined by 25 per cent year over year and are nearly 50 per cent below historical averages. With only 2.17 months of supply to end the year, Saskatoon’s inventory levels are near record lows for this time of year.
Saskatoon reported a benchmark price of $395,300 in December, down slightly from $398,800 in November, reflecting typical seasonal trends. However, the benchmark price remains over seven per cent higher than in December 2023, as tight market conditions continue to drive price gains in Saskatchewan’s largest urban centre.
