Key Takeaways:
Record Sales: Saskatchewan saw the highest-ever October sales, with Regina reporting notable year-over-year growth.
Inventory Decline: Inventory levels continue to drop, especially in homes priced below $300,000.
Price Growth: Regina's benchmark price increased by 5% compared to last year, reflecting tight market conditions.
Limited Supply: Months of supply in Regina is under two, marking one of the lowest October supplies recorded.
Saskatchewan Market Overview
Saskatchewan’s real estate market continues to heat up, setting new records for October with 1,520 sales across the province—21% higher than last year and 36% above the 10-year average. Demand for housing remains strong across Saskatchewan, despite challenges like low inventory, which is at its lowest October level since 2007. Inventory declines are particularly noticeable in homes priced under $300,000, while properties above $600,000 saw slight gains.
Price Trends: Saskatchewan reported a slight month-over-month decrease in the benchmark price to $343,400 from September’s $343,800. However, prices remain nearly 6% higher than October 2023. Tight market conditions are supporting steady year-over-year price gains across all property types.
CEO Insight: “The record October sales emphasize Saskatchewan’s unique market dynamics,” says Chris Guérette, CEO of the Saskatchewan Real Estate Association. “With rate cuts anticipated to drive even more demand, buyers face fierce competition amid historically low inventory levels.”
Regina Market Update
Regina’s real estate market mirrored the province’s growth, recording an 18% increase in sales from last year with 364 transactions in October. This brings Regina’s year-to-date total to 3,447 sales, the highest level recorded through October in the city’s history. Inventory struggles to keep pace with rising demand, down 31% year-over-year and with less than two months of available supply.
Benchmark Price: Regina’s benchmark price edged up to $321,000 in October, a slight increase from $320,700 in September and 5% above October 2023 levels. The steady price gains reflect Regina's tight market conditions as demand continues to outstrip supply.
Conclusion: Regina’s market conditions remain favorable for sellers, with low supply and strong buyer interest. Prospective buyers should prepare for a competitive environment, especially as recent rate cuts could further fuel demand in the coming months.
