Saskatchewan Market Watch - February 2024

As reported by Saskatchewan Realtors Association (SRA) “Strong Sales and Rising Demand Push Inventory to Lowest Point Since February 2006” I have directly quoted their media release from March 6, 2024 below as it is very interesting. This week also saw the Bank of Canada hold interest rates. In general, there is concern that lowering rates will again drive up the housing prices and over heat the market. Given the historically low housing inventories in Saskatchewan this shape into a very competitive and hot spring market. If you are looking at buying any time soon you need to get pre-approved and ready to act quickly.

SRA Media Release Highlights - March 6, 2024

While there was a slight year-over-year increase in new listings, an eighth consecutive month of above-average sales prevented any supply growth – resulting in a 17 per cent year-over-year decline in inventory, with inventory levels sitting nearly 38 per cent below 10-year trends.

“Despite inventory levels being at their lowest point reported in February since 2006, strong detached sales are again leading another month of above-average sales in our province,” said Association CEO, Chris Guérette. “Buyers are acting swiftly when new supply comes onto the market, preventing any inventory growth – even more so in our larger centres. This strong demand is driving price gains in many markets across the province.”

City of Saskatoon
The City of Saskatoon reported 309 sales in February, a year-over-year gain of 22 per cent and 20 per cent above long-term, 10-year averages.

Despite some new listing relief in February, strong sales prevented any inventory gains as the Bridge City reported a year-over-year inventory decline of 26 per cent, nearly 50 per cent below long-term trends.

The City of Saskatoon reported a benchmark price of $388,300 in February, up significantly from $372,800 in January and nearly 6 per cent above February 2023.