Supply crunch pushes Saskatchewan benchmark price to new record: SRA

Saskatchewan’s housing market keeps hitting new price records as demand continues to outpace supply.

The province recorded 1,571 residential sales in May, down 10 per cent from the same month last year. Meanwhile, 2,600 new listings came to market — the highest monthly total of the year so far — pushing total inventory to 4,399 units at month-end. But, according to the Saskatchewan Realtors Association (SRA), more than 1,000 of those units were already conditionally sold. Accounting for those, available units sits at roughly 3,397 units, or just 2.2 months of supply heading into June — up from April but nearly 50 per cent below the 10-year average.

“We’re adding listings, but demand continues to absorb them almost as quickly as they come online,” said SRA CEO Chris Guérette. “That’s why we’re seeing a third consecutive month of record benchmark prices and why housing availability is becoming one of the most important conversations for Saskatchewan’s future.”

Records falling across the province

The provincial residential benchmark price reached $381,100 in May, surpassing April’s record of $374,300. Seven communities set new benchmark price records during the month, and all but one community reported year-over-year price growth.

In Regina, 350 sales were recorded in May, down 17 per cent year-over-year, though still above the 10-year average. The city set a new benchmark price record of $350,200, up from $345,700 in April. 

Saskatoon, the province’s tightest market, recorded 519 sales and hit its own record benchmark of $444,400 — well above both last month’s $433,200 and the previous high of $435,200. With just 560 active units available after conditional sales are removed.

“The conversation today isn’t simply about home prices. When supply remains this far below historical levels month after month, the impacts extend well beyond the housing market. Housing availability affects labour mobility, economic growth and our province’s ability to attract and retain people,” said Guérette. 

“If Saskatchewan wants to continue growing, we need to make sure there are enough homes for that growth to occur.”

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