Home prices hit new record in Saskatoon with supply at historic lows

File photo.

Home prices in Saskatoon continue to hit new records due to strong demand and low inventory levels, according to the latest report from the Saskatchewan Realtors Association (SRA).

The City of Saskatoon reported a record benchmark price of $404,900 in August, a year-over-year jump of more than eight per cent. And that’s even with the number of sales decreasing compared to the previous year.

Saskatoon saw 457 home sales in August, which was 13 per cent lower than the same month in 2023, but still 14 per cent above the 10-year average.

“Limited supply options continue to prevent stronger sales figures in Saskatoon, as inventory levels remain over 48 per cent below long-term trends. While a monthly gain in new listings did support modest inventory relief, Saskatoon continues to report the tightest market conditions in the province,” the SRA said in a news release.

In Regina, the benchmark price of a home reached $319,700 in August, up slightly from $318,400 in July and a three percent jump year-over-year.

Province wide, sales decreased seven percent year-over-year, but still 12 percent above long-term, 10 year averages.

“Despite a slight pullback in sales, August marked the fourteenth consecutive month of above-average sales, and year-to-date sales remain seven per cent higher than levels reported last year” the SRA said.