Key Takeaways:
Saskatchewan sales remain above historical averages for the 14th consecutive month.
Regina sales in August increased by 8% year-over-year, outpacing long-term trends.
Provincial inventory levels are down 17% year-over-year, contributing to rising prices.
Regina's benchmark home price increased to $319,700, up 3% from last year.
Regina Market Update
In August 2024, Regina experienced strong housing demand with 387 homes sold, marking an 8% year-over-year increase and 29% above the 10-year average. Year-to-date sales in the city reached 2,765 units, up 15% compared to 2023, despite ongoing challenges with inventory shortages.
The supply of homes in Regina remains tight, with inventory levels down 22% from last year and over 40% below long-term trends. These conditions have driven home prices upward, as the city reported a benchmark price of $319,700, a slight increase from July and a 3% gain compared to August 2023.
Saskatchewan Real Estate Overview
Provincial sales continue to exceed historical averages for the 14th consecutive month, although August saw a 7% year-over-year decrease in total sales, with 1,507 units sold. This decline is offset by long-term strength, as year-to-date sales remain 7% higher than last year. The province’s inventory levels dropped by 17% year-over-year, remaining 40% below 10-year averages, which continues to fuel price increases.
Across Saskatchewan, the benchmark price for a residential home reached $344,700 in August, representing a 6% year-over-year increase. The combination of tight inventory and robust demand continues to place upward pressure on prices, particularly in lower price ranges.
