Saskatchewan Monthly Housing Report - Aug 2024

Saskatchewan reported 1,507 sales in August, a seven per cent year-over-year decrease but over 12 per cent above long-term, 10-year averages. Despite a slight pullback in sales, August marked the fourteenth consecutive month of above-average sales, and year-to-date sales remain seven per cent higher than levels reported last year.

 “Unlike many other parts of the country, sales in our province continue to outperform historical averages for a fourteenth consecutive month,” noted Association CEO, Chris Guérette.   Easing supply levels, especially in the lower price ranges, are again placing upward pressure on home prices. In August, Saskatchewan reported a residential benchmark price of $344,700, a six-percent year-over-year gain.  “Inventory levels remain over 40 per cent below average province-wide and in our two largest centres – and we’re seeing the impact that can have on prices,” said Guérette.

The City of Saskatoon reported 457 sales in August, a 13 per cent year-over-year decrease. Despite the slight sales dip, August sales levels were 14 per cent above the 10-year average.  Limited supply options continue to prevent stronger sales figures in Saskatoon, as inventory levels remain over 48 per cent below long-term trends. While a monthly gain in new listings did support modest inventory relief, Saskatoon continues to report the tightest market conditions in the province.

Tight market conditions continue to place upward pressure on home prices as the City of Saskatoon reported a record benchmark price of $404,900 in August, a year-over-year increase of over eight per cent.

https://saskatchewanrealtorsassociation.ca/market-watch-august-2024/