Key Takeaways
Strong Sales: Saskatchewan recorded its second-best year on record for home sales, with 16,119 transactions in 2024.
Low Inventory: December listings dropped 16% year-over-year, with inventory 40% below the 10-year average.
Price Growth: Saskatchewan's benchmark price rose nearly 7% from December 2023 to $337,800.
Regina Highlights: Regina achieved a record-breaking 3,917 annual sales, with inventory down 32% year-over-year.
Saskatchewan Market Overview
December 2024 capped off a remarkable year for Saskatchewan's real estate market, with 776 sales recorded for the month—a 3% year-over-year increase and 15% above the 10-year average. This momentum contributed to 16,119 total sales in 2024, up nearly 9% from 2023, making it the second-best year on record.
However, declining new listings remain a challenge. December saw a 16% year-over-year drop in new listings, nearly 30% below the 10-year average. Inventory shortages, particularly in the affordable housing segment, constrained even higher sales figures.
The province’s residential benchmark price stood at $337,800 in December, reflecting a 7% increase from December 2023 despite seasonal price adjustments. With demand fueled by population growth, strong employment, and lower interest rates, prices are expected to trend upward in 2025.
Regina Market Update
Regina’s housing market experienced a record-breaking year, with 3,917 annual sales in 2024, a 5% year-over-year increase and 28% above long-term averages. December alone accounted for 198 sales, highlighting continued demand despite seasonal trends.
Inventory Challenges:
Despite modest growth in new listings compared to 2023, Regina’s inventory levels fell 32% year-over-year, with current figures over 40% below historical averages. The lack of available homes continues to drive competitive market conditions.
Price Trends:
Regina’s benchmark residential price in December was $313,400, down slightly from November but up 5% compared to December 2023. This sustained price growth reflects ongoing demand and inventory constraints.
Outlook for 2025:
With population increases and favorable economic conditions, Regina’s real estate market is poised for further growth. However, inventory shortages will remain a critical factor, influencing both sales activity and price trends.
