Demand for real estate remains high in Saskatchewan, but the lack of supply continues to pose a persistent challenge. According to a report by the Saskatchewan Realtors Association, new listings fell by 7% in February compared to last year and were 31% below the ten-year average. Out of 3,519 listed properties, only 2,792 remained available by the end of the month.
The issue is more pronounced in Regina and Saskatoon, where five of the six economic regions recorded inventory declines exceeding 45% compared to the past decade’s average. The limited supply continues to impact both buyers and sellers, according to the association’s CEO. Despite a slight increase in supply, the market remains well below historical levels.
In Regina, 198 properties were sold in February, down 21% from last year, alongside a 14% drop in new listings. Only 347 properties remained active entering March after some conditional sales out of 494 available listings. The city’s benchmark property price rose to $336,400 compared to $330,600 in January.
Saskatoon also experienced a 16% decline in sales, with 271 homes sold in February, alongside a decrease in new listings. Nevertheless, the benchmark property price reached $421,600 compared to $417,800 in January, marking a 5% increase from the previous February.
As spring approaches, the focus remains on new listings. Areas that saw slight increases in supply experienced stronger sales activity, highlighting the market’s sensitivity to inventory levels. Achieving balance by 2026 will depend on the ability of supply to keep pace with growing demand.
