Despite inventory woes, Saskatchewan saw strong housing sales in 2024

Last year was Saskatchewan’s second best year on record for resale housing, capped off by 776 sale in December.

According to the Saskatchewan Realtors Association, 2024 saw 16,119 sales across the province, a jump of almost nine per cent over 2023’s numbers.

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The association noted that strong demand throughout the year was regularly met with drops in new listings, which resulted in record low inventory numbers at several points.

“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,” Chris Guérette, the association’s CEO, said in a statement.

“This lack of available inventory, specifically in the more affordable segment of the market, is very likely preventing even stronger 2024 sales figures.”

Inventory levels in the province continue to sit more than 40 per cent below the 10-year average, the association noted, “with even tighter conditions reported in Regina and Saskatoon.”

In December, Saskatchewan’s residential benchmark price stood at $337,800, down from $338,400 in November, which the association said is consistent with seasonal trends. But despite the slight decline in December, the province’s benchmark price rose by nearly seven per cent over the course of 2024.

Guérette said there are several factors behind the strong sales figures reported in 2024, though supply will continue to be an issue in the year ahead.

“Saskatchewan’s resale housing market continues to benefit from record population figures, employment growth, and the recent Bank of Canada interest rate cuts,” Guérette noted.

“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.”

Regina saw 198 sales in December, and 3,917 sales over the entire year, marking the largest number of sales in any year in the city’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,” the association noted.

“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.”

In Saskatoon, there were 256 home sales in December. Over the course of 2024, 5,035 sales were reported in the Bridge City, marking the second-strongest year on record.

“At year-end, there were only 555 available units, as inventory levels declined by 25 percent year over year and are nearly 50 percent 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,” the association explained.

Saskatoon’s benchmark price was $395,300 in December, about seven per cent higher than December of 2023.