Key Takeaways
Market Resilience: Saskatchewan’s housing market remained strong in February, despite broader economic uncertainties.
Inventory Shortage: Listings dropped by nearly 14% year-over-year, intensifying supply challenges.
Price Growth Continues: The provincial benchmark home price rose to $344,700, up nearly 5% from February 2024.
Regina Market: Sales in Regina remained well above historical averages, driving home prices up over 2% year-over-year.
Saskatchewan Market Overview
Saskatchewan’s housing market demonstrated continued strength in February, recording 986 home sales. While this represented a slight 1% decrease year-over-year, sales remained well above the 10-year average, marking 20 consecutive months of above-average activity.
The supply shortage remains a key challenge, with new listings down nearly 14% compared to last year and 29% below long-term trends. This ongoing decline, coupled with high demand, has kept inventory levels low. By the end of February, only 3,851 units were available across the province—a 21% drop from last year and nearly 50% below the typical first-quarter levels.
Saskatchewan’s housing prices continue to rise, with the residential benchmark price climbing to $344,700 in February, up from $342,600 in January and nearly 5% higher than February 2024.
Regina Market Update
Regina’s housing market remained competitive in February, with 253 home sales. Although sales were down 7% year-over-year, they were still 30% higher than the 10-year average, demonstrating the city's sustained demand despite limited inventory.
New listings in Regina declined by 5% compared to February 2024, with only 304 properties hitting the market. This reduction, combined with above-average sales, pushed inventory levels down to just 514 units at month’s end. Of those, 124 were already conditionally sold, leaving even fewer options for buyers. Regina now has just over two months of supply, marking the lowest level for February in nearly two decades.
With inventory tightening, Regina’s benchmark home price rose to $317,700 in February, an increase from $316,300 in January and 2% higher than the same time last year.
Looking Ahead
Despite economic uncertainties, Saskatchewan’s housing market continues to show resilience. With supply constraints persisting, prices are expected to remain elevated. Buyers and sellers in Regina should stay informed and work with an experienced realtor to navigate these dynamic market conditions.
For expert real estate advice in Regina, reach out to Jennica George with RE/MAX Realty today.
