Key Takeaways:
Saskatchewan’s November sales nearly set a new record, with demand consistently outpacing supply.
Inventory remains exceptionally tight, hovering at levels not seen in over a decade.
Regina’s real estate market continues to thrive, with stronger-than-expected sales and steady price growth.
Regina Market Update
In November, Regina recorded a notable surge in home sales, surpassing seasonal norms and even edging past historical trends. Total sales in the city reached 273 units, a 14% uptick from the previous year and over 28% above the ten-year average, indicating that buyers remained active despite typical year-end slowdowns. Year-to-date figures climbed to 3,720, marking the highest number of sales on record through November.
However, while more properties changed hands, inventory tightened further. New listings edged up slightly but were still no match for robust buyer activity. As a result, available housing stock dropped by roughly one-third from the previous year, resting nearly 50% below the decade-long norm. With fewer homes to meet persistent demand, Regina’s market conditions are becoming increasingly competitive.
Regina’s benchmark price settled at $313,700 in November, easing off October’s figure—an expected seasonal shift—yet still standing almost 4% higher than the same time last year. This moderate price growth signals that even as the year wraps up, the city’s property market maintains a steady upward trajectory.
Saskatchewan’s Housing Market Conditions Tighten
Across the province, Saskatchewan’s housing demand continued to show remarkable resilience. Nearly 1,179 homes sold in November, just shy of setting a new record for the month and reflecting an 18% rise over last year. This momentum, sustained for 17 consecutive months of above-average sales, underscores a deeply rooted buyer interest in Saskatchewan’s real estate.
This ongoing demand, combined with fewer new listings, drove inventory down to levels not witnessed since 2007. With only 3.6 months of supply available, the market remained firmly in the seller’s corner. Tight conditions persistently nudged prices upward, and most regions are reporting year-over-year increases.
Although the provincial benchmark price dipped slightly from the previous month—a typical seasonal pattern—it remains over 5% higher than November of the previous year. This long-term upward trend suggests that Saskatchewan’s housing market is poised to remain strong, reinforcing the province’s reputation as a solid place to own property as 2024 nears its end.
