Saskatchewan is reporting above-average sales for the sixth consecutive month, with 757 sales across the province in December, a year-over-year gain of 19 per cent and 13 per cent above long-term, 10-year averages.

Year-over-year sales gains in the second half of 2023 failed to offset earlier pullbacks, as the province is reporting a 3 per cent sales decline compared to 2022. While the year-to-date sales decrease was forecasted as the market returns to pre-pandemic sales levels, much of the decline was driven by slowing detached activity. Meanwhile, apartment and semi-detached sales levels improved and continue to contribute to strong monthly sales.

Above-average sales were met with a decline in new listings, resulting in declining inventory levels throughout the year. Inventory levels across the province dipped by over 16 per cent year-over-year in December and remain nearly 35 per cent below the 10-year average.

“Higher lending rates continue to push prospective buyers to seek more affordable options within our market, while inventory levels within that market segment remain extremely tight,” said Association CEO, Chris Guèrette. “When paired with declining new listings in more affordable properties, there simply isn’t enough inventory in lower price ranges right now.”

The shift toward more affordable products has increased price pressures for apartment, row, and semi-detached property types. Meanwhile, detached homes, which account for the majority of sales activity across the province, reported similar prices compared to last year. Saskatchewan reported a benchmark price of $319,300 in December, down from $324,400 in November and nearly 2 per cent above December 2022.

“Saskatchewan’s housing market continues to benefit from the economic success in our province, including a strong labour market and record population growth,” said Guèrette. “Supply challenges, specifically in the more affordable segment of the market, remain our biggest concern when looking ahead to 2024 and are likely preventing even stronger monthly sales numbers.”

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Regional Highlights

Despite a slight dip in year-to-date sales across many regions of the province, year-over-year sales activity increased across all regions except for the Northern Region and remain significantly higher than long-term averages.

The decline in new listings across the regions in 2023 continues to drive inventory levels well below long-term, 10-year trends. The Saskatoon-Biggar Region (4.42 months of supply) and the Regina-Moose Mountain Region (5.43) continue to experience the tightest conditions in the province – while the Swift Current-Moose Jaw Region (8.65), Yorkton-Melville (8.84), and Prince Albert Region (8.43) saw a shift to more balanced conditions.

Price Trends

Benchmark prices varied across the province in December, as the communities of Humboldt (+6.2 per cent), Meadow Lake (+4.2), Melfort (+0.7), Melville (+4.8), Moose Jaw (+1.4), Prince Albert (+2.3), Saskatoon (+5.5), and Yorkton (+1.8) all reported year-over-year price gains.

In contrast, Estevan (-7.5 per cent), Regina (-4.1), Swift Current (-4.9), and Weyburn (-5.3) reported year-over-year price declines.

City of Regina

The City of Regina reported 188 sales in December, a year-over-year gain of nearly 25 per cent and 24 per cent above long-term trends.

Despite significant new listing growth in December, the number of new listings decreased by 12 per cent in 2023. This resulted in further reductions in inventory levels, which remain over 33 per cent below long-term averages in the Queen City.

Strong sales and below-average inventory were not enough to prevent price adjustments in December, as the City of Regina reported a benchmark price of $299,800, down from $308,500 in November and 4 per cent below December 2022.

City of Saskatoon

The City of Saskatoon reported 230 sales in December, a year-over-year gain of 14 per cent and 10 per cent above long-term, 10-year averages.

Strong sales were again met with a pullback in new listings, resulting in further inventory declines, as inventory levels in the Bridge City are nearly 45 per cent below the 10-year average.

Tight market conditions supported modest price growth in December, as the City of Saskatoon reported a benchmark price of $374,100, up over 5 per cent from December 2022.

Imagine your coffee maker switching on by itself, staying on for hours, overheating and becoming a fire hazard. That’s not science fiction. As more and more appliances incorporate Wi-Fi, the opportunities for hackers to play havoc with your home gadgets increase.

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If your gadget uses a password to access the settings, change that password frequently. Ideally, change it once every 3 months.

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Don’t leave an internet-connected appliance or other gadget on constantly unless it’s required. For example, you don’t need your home speaker system connected to your digital music providers all the time.

Baby monitors with video are a common target for hackers. Use a password unique to that device and change it often. Never leave the monitor on when not in use.

Never share passwords with anyone unless it is absolutely necessary. Most home Wi-Fi systems have a “guest” feature with a separate password and limited access. Use it.

In this age of internet connectivity — from coffee makers to stereos and even washing machines — it’s smart to play it safe. Know what’s connected and protect yourself.

There were 1,006 sales reported across the province in November, a 10 per cent year-over-year increase, marking the fifth consecutive month of year-over-year sales increases in Saskatchewan. Much of the monthly sales gains were driven by rising activity in the Regina and Saskatoon Regions. As seen in previous months, year-to-date sales remain well above long-term, 10-year trends, as the province continues to report strong sales.

A slight year-over-year increase in new listings was not enough to offset above-average November sales, causing further retractions in inventory levels, specifically in homes priced below $400,000. Inventory levels decreased by over 16 per cent on a year-over-year basis and remain over 30 per cent below long-term, 10-year averages.

“Saskatchewan’s housing market continues to benefit from a strong economy, record employment and population growth,” said Association CEO, Chris Guérette. “These factors, when paired with our relative affordability, continue to support above-average monthly sales and stable demand in home ownership.”

The months of supply rose above five months in November, slightly higher than levels reported earlier this year, but still over 40 per cent below the 10-year average. Despite a slight gain in the months of supply compared to October, nearly all of the growth was in higher-priced products, as the more affordable segment of the market continues to face significant inventory challenges.

In line with typical seasonal factors, Saskatchewan reported a slight decrease in the benchmark price of $324,400 in November, down from $327,300 in October and up nearly 2 per cent from November 2022.

“Our market continues to outperform many regions across the country, as we once again report strong sales levels and prices that are holding relatively steady,” said Guérette. “Where we are similar to other markets, however, is that we are experiencing persistent inventory challenges, specifically in the more affordable segment of our housing continuum.”

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Regional Highlights
Despite monthly fluctuations, year-to-date sales activity eased across all regions in the province in November, with the steepest decline occurring in the Swift Current-Moose Jaw Region. While year-to-date sales have decreased, the Regina-Moose Mountain, Saskatoon-Biggar, Swift Current-Moose Jaw, and Yorkton-Melville Regions are reporting sales well above long-term, 10-year trends.

The Saskatoon-Biggar Region continues to experience the tightest conditions across the province, with just over 3.5 months of supply reported in November.

Price Trends
Benchmark prices varied across the province in November, as the communities of Estevan, Humboldt, Melville, Moose Jaw, Prince Albert, Saskatoon, Weyburn, and Yorkton reported year-over-year price gains. Meanwhile, Meadow Lake, Melfort, North Battleford, Regina, and Swift Current reported year-over-year price declines.

City of Regina

The City of Regina reported 240 sales in November, up nearly 16 per cent year-over-year and 14 per cent above long-term, 10-year trends.

Strong sales and a decline in new listings failed to offer any supply relief in November, as inventory levels were down 21 per cent on a year-over-year basis and remain over 30 per cent below long-term, 10-year trends.

With only 3.5 months of supply, Regina continues to experience significant supply challenges in the more affordable segment of the market. Despite strong sales and relatively tight market conditions, the Queen City reported a benchmark price of $305,000 in November, down from $308,500 in October and nearly 3 per cent below November 2022.

City of Saskatoon

The City of Saskatoon reported 314 sales in November, a year-over-year increase of 18 per cent and nearly 10 per cent above the 10-year average.

Despite a slight year-over-year gain in new listings, strong November sales prevented significant supply growth, as inventory levels were nearly 50 per cent below long-term trends.

Tight market conditions continue to support price growth, as the City of Saskatoon reported a benchmark price of $380,000 in November, down from $382,700 in October but over 5 per cent higher than November 2022.

What’s that old saying? The early bird gets the worm! In this case, by starting the process this month, you’ll be in excellent shape when you’re ready to list in the spring.

Here are just a few examples of what you can do in December to get the process started:

• Walk your property and note any maintenance issues that need attention.

• Decide which items to stow or sell to declutter your home.

• Determine what improvements you’ll need to make in order for your home to look great to buyers.

• Find out approximately how much your property will likely sell for in the spring market.

• Clarify the kind of new home you’d like to move into, including ideal neighbourhoods.

• Look into your financing options, so you’ll know the price range you can afford.

• Connect with any professionals you may need, such as contractors, a mover, and a real estate lawyer.

• Take advantage of any December shopping deals for products you may need, such as home improvement project materials, packing supplies, etc.

When you’re selling your property, you want buyers to see it at its best. But, a percentage of potential buyers will only be able to see your home in the evening. If it’s getting dark by the time they arrive, your home may not look as good as it does during the day.

Fortunately, there’s a lot you can do to compensate.

Start with lighting. Make sure your home is well lit during an evening viewing. It doesn’t need to be so bright that it’s blinding! You’re looking for pleasant lighting throughout the home, including in traditionally darker spaces such as closets. Professional stagers say turning the light on above the stove is a good idea too.

Also, make sure the curtains are open, especially if there’s an appealing evening view. Open curtains add to the sense of spaciousness.

People tend to equate evenings with relaxation. Put on soft background music during a viewing and avoid anything loud or energetic, such as the television.

Finally, buyers are particularly sensitive to seeing clutter when viewing a home after dusk. As much as possible, try to make your home “guest ready.”

If you’re making an offer on a property, obviously the price you go in at plays a big role in whether or not you get that home. That’s especially true when there are other competing offers. However, while the price is important, it’s not the only factor. There are other ways to make your offer more appealing.

For example, the closing date may be important to the seller. They may be relocating out-of-town and need to move on a specific date. If you can accommodate the closing date, that’s likely to be an attractive benefit to the seller.

Having your financing in order and being able to attach a pre-arranged mortgage certificate to your offer will also sweeten the deal. Knowing there is unlikely to be financing issues will make the seller feel more comfortable selling to you — as opposed to someone whose financing is less certain.

Saskatchewan reported 1,259 sales in October, a year-over-year gain of 11 per cent and nearly 13 per cent above long-term, 10-year trends. Above-average October sales in the province can be attributed to gains in the detached, apartment and townhouse/row-style sectors. Despite year-to-date sales remaining slightly below levels experienced last year, Saskatchewan continues to report sales activity much stronger than the 10-year average.

As seen in prior months, supply challenges continued to persist across many regions of the province in October. Inventory levels fell by over 15 per cent compared to last year and remain over 30 per cent below the 10-year average. Adjustments to sales and inventory levels, paired with declining new listings, resulted in the province reporting below five months of supply in October, a 23 per cent year-over-year decrease and over 40 per cent below long-term, 10-year averages.

“Higher lending rates continue to impact both demand and new listings in our market, which is likely preventing even stronger October sales numbers,” noted Association CEO, Chris Guérette. “Prospective move-up buyers are facing challenges amid higher interest rates and ongoing inflationary pressures, and we’re seeing a trickle-down effect with limited supply growth in the lower price ranges, which remain extremely competitive.”

With 4.5 months of supply, the province is reporting the tightest conditions heading into November since 2007. Despite tight market conditions, home prices remained relatively stable this month. Saskatchewan reported a benchmark price of $327,300 in October, down from $328,000 in September and up nearly 2 per cent from October 2022.

“Our market continues to demonstrate its resilience, as many have predicted, and we’re once again reporting strong sales despite inventory challenges, inflationary pressures, and higher lending rates,” said Guérette. “Saskatchewan is affordable, we’re growing at the fastest pace in over a century, and we’re well positioned for stable demand in home ownership.”

Regional Highlights
Apart from the Melville-Yorkton Region, all regions across the province continues to report year-over-year sales activity above long-term, 10-year trends. Additionally, on a year-to-date basis, the Northern Region of the province is the only region not reporting an increase in sales.

With just over three months of supply reported in October, the Saskatoon-Biggar region continues to experience the tightest conditions in the province, along with the highest year-to-date growth in benchmark price.

Price Trends
Benchmark prices continued to vary across Saskatchewan communities in October, as Humboldt, Meadow Lake, Melfort, Melville, Moose Jaw, Prince Albert, and Saskatoon reported year-over-year price gains. Meanwhile, the cities of Estevan, North Battleford, Regina, Swift Current, Weyburn, and Yorkton reported year-over-year price declines.

Despite some monthly variations, year-to-date price movements have ranged from a decline of over five per cent in North Battleford – to a five per cent gain in Humboldt.

City of Regina

The City of Regina reported a record high 312 sales in October, a year-over-year increase of 24 per cent and 29 per cent above long-term, 10-year trends. While the Queen City experienced a year-over-year gain in new listings, record October sales prevented inventory gains, as Regina continues to report inventory levels nearly 30 per cent below the 10-year average.

Regina is once again reporting below three months of supply, and the more affordable segment of the market continues to be extremely competitive. Despite record sales and tight market conditions, Regina reported a benchmark price of $308,500 in October, down slightly from $308,700 in September and 1.2 per cent below October 2022.

City of Saskatoon

The City of Saskatoon reported 382 sales in October, a year-over-year gain of 20 per cent and 12 per cent above long-term, 10-year trends. New listings failed to offset a sixth consecutive month of above-average sales, resulting in the lowest October inventory levels reported in the Bridge City since 2007.

With just over two months of supply in Saskatoon, we continue to see upward pressure on home prices. The benchmark price reached $382,700 in October, up from $381,900 in September and nearly 4 per cent above October 2022. Year-over-year price gains were reported in all property types, ranging from one per cent in semi-detached properties – to an eight per cent increase in townhouse/row-style properties.