(file photo/The Canadian Press)

By Susan McNeil

Real estate

Low supply continues to plague Sask. real estate markets

Jul 8, 2024 | 8:00 AM

The latest numbers from the Saskatchewan Real Estate Association shows the continual increase of the cost of buying a home in Saskatchewan, accompanied by a continuing drop in the amount of homes for sale.

The number of new listings was down 14 per cent compared to June 2023 and 21 per cent compared to a decade ago. The biggest supply challenge is homes in the $300,000 and lower range.

“This demand, when paired with falling supply in lower price ranges, limits options for prospective buyers and prevents even stronger monthly sales figures. There simply isn’t enough inventory to service this segment of our market right now,” said SRA CEO, Chris Guérette.

The SRA pointed out in a news release that the properties priced over $400,000 saw improved levels of sales, which counter-balanced a drop in houses selling for below $300,000, where sales would be stronger if there was more supply.

The increases are not a one-off, as the trend of above average sales has continued for the 12th consecutive month.

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The provincial benchmark price rose to $343,000 in June, an increase of $3,000 from the previous month and five percent higher than the same time in 2023.

The communities of Humboldt ($272,500), Martensville ($398,800), Melfort ($250,100), Prince Albert ($251,700), Saskatoon ($403,500), and Warman ($463,500) reported record benchmark prices in June, with Saskatoon eclipsing the $400,000 mark for the first time.

“Housing demand remains strong in Saskatchewan, despite ongoing supply challenges placing significant stress on the more affordable segment of our market, especially in our two largest centres,” said Guérette. “While real estate is local and market conditions vary by region, it can be incredibly challenging for prospective buyers right now.”

Regional Highlights

Regina-Moose Mountain and Prince Albert were the only regions to report year-over-year sales gains, while year-to-date sales remained above average in all regions outside of the Northern Region.

Saskatchewan’s two largest regions continue to report the tightest market conditions in the province, with 3.09 months of supply in the Regina-Moose Mountain region and 2.09 months in the Saskatoon-Biggar region.

With prices over 12 percent higher than last year, the City of Melfort reported the highest year-over-year price gain for the second consecutive month.

Meanwhile Humboldt, Meadow Lake, North Battleford and Prince Albert reported year-over-year price gains in June. Saskatoon, Regina, Estevan, Weyburn, Moose Jaw and Swift Current also saw gains.

Number snapshot June 2024

Prince Albert:

Benchmark price – $246,600 an increase of 1.4 per cent year over year

Inventory – 149, down 14.9%, year over year.

Melfort:

Benchmark price $250,100 up 12.1%

Inventory – 22, down 33 %

Meadow Lake:

Benchmark price – $273,900 up 2/3%

Inventory – 46, up 17.9%

Humboldt:

Benchmark price – $272,500 up 4.7 per cent

Inventory – 25, down 54.5%

Jansen region:

Benchmark price – $235,720, up 37.1 per cent

Inventory – 170, down 26.4%

Battleford:

Benchmark price – $247,500 up 2.9%

Inventory – 35, down 12.5 per cent

North Battleford:

Benchmark price – $209,200, up 2.5%

Inventory – 107, up 1.9%

susan.mcneil@pattisonmedia.com