Housing sales up across Sask., but inventory levels well below average

Housing sales are up across Saskatchewan, signalling a strong start to 2025, but inventory levels are well below average.

According to data released Thursday by the Saskatchewan Realtors Association, the province saw 782 sales in January, up one per cent over January of 2024, and 17 per cent above the 10-year average. But at the same time inventory levels dropped 19 per cent on a year-over-year basis, and currently sit 44 per cent below the 10-year average.

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“Notably, of the 3,925 available units reported at month’s end, over 700 had already accepted a conditional offer and are set to leave the market once those transactions close,” the association said in a statement.

The tight market conditions have pushed home prices higher across Saskatchewan, with the residential benchmark price sitting at $342,600 in January, up seven per cent since January of 2024.

“While market activity in the coming months will provide a clearer picture of trends for 2025, monthly sales figures continue to outperform expectations,” Chris Guérette, the association’s CEO, said in a statement.

“Until recently, Saskatchewan was braced for another strong year in 2025. That outlook has become less certain given the threat of tariffs, coupled with potential Canadian retaliation and uncertainty with the Bank of Canada.”

Chris Guérette, CEO of the Saskatchewan Realtors Association, says the threat of tariffs could play a role in Saskatchewan’s real estate market in the year ahead. (650 CKOM file photo)

Guérette said realtors will be keeping a close eye on those factors and their potential effect on the housing market in the year ahead.

Moose Jaw led the way in year-over-year price growth for the sixth consecutive month, the association noted, with the average home price jumping more than 15 per cent since the first month of 2024.

In Regina, there were 172 sales in January, which is a four per cent drop from January of 2024, but still 17 per cent higher than the 10-year average.

“There were 279 new listings across the Queen City in January, down 10 percent year-over-year and nearly 22 percent below historical averages,” the association noted. “As a result, inventory levels remain nearly 50 percent below the 10-year average. At month’s end, just 537 were units available on market, down nearly 225 units from this time last year.”

The residential benchmark price in Regina sat at $316,300 in January, up from $313,400 in December.

Saskatoon saw 253 home sales last month, marking the second-strongest January on record for the Bridge City.

“Despite a surge in new listings, Saskatoon’s months of supply remains under 2.5 months, with inventory levels down 15 percent year-over-year and over 50 percent below long-term trends,” the association said. “Notably, less than 450 of the 618 available units at month’s end were not already conditionally sold.”

Saskatoon’s benchmark price sat at $403,400 in January, up from $395,300 in December.