Regina reports strong home sales in March, further straining housing supply: report

Challenging spring and summer housing market WATCH: The Saskatchewan Realtor Association says all points point to a challenging housing market for spring and summer.

Housing supply in the city of Regina continues to be below long term averages – as the Saskatchewan Realtors Association (SRA) reported strong home sales in the month of March.

Regina saw 312 home sales in March. The figure represents a seven per cent increase from the same time last year and 23 per cent above long-term trends, a report from the SRA said.

The report says the Regina-Moose Mountain region saw the largest sales increases in the province during the first quarter of 2024 with a 14 per cent year-over-year gain.

The benchmark price for a home in the Queen City in March was $313,100, up slightly from $310,600 in February.

“Strong monthly sales were met with a year-over-year decline in new listings, preventing any significant change in inventory levels. With just over two months of supply in the Queen City, persistent inventory challenges and above-average sales continue to place upward pressure on home prices,” the report said.

Provincially, inventory levels are 15 per cent lower than March of 2023, according to the report.

Home prices trended up across most regions of Saskatchewan in March – with the largest increase seen in the Swift Current-Moose Jaw region, according to the report.

Provincially, Saskatchewan reported 1,183 home sales in March, a two per cent year-over-year decline, the report said.

Despite the dip in March, the report said that year-to-date sales remain 10 per cent above levels seen last year.

The provincial benchmark price was $332,500 in March, up from $330,800 in February and almost four percent higher than in March of 2023.

“While prices rose across all property types, the largest year-over-year gains occurred in apartment and row/townhouse-style units,” the report said.

The full report can be read here.