‘Losing our competitive edge’: Housing prices in Sask. continue to set new records, more homes needed: SRA

WATCH: A report from the Saskatchewan Relators’ Association shows that housing prices in the province reached an all-time high last month.

In Saskatoon, April was another month setting another record for home prices. The benchmark cost of a home reached $422,600 in Saskatchewan’s largest city.

The latest market watch report from the Saskatchewan Relators Association (SRA) shows housing prices across the province also reached an all-time high last month, hitting $360,500. A 6 per cent jump in one year.

Meanwhile inventory is nearly 50 per cent below the 10-year average in Saskatchewan.

“When there is so much pressure on inventory, it puts an upward pressure on prices, and then we start losing our competitive edge of being the most affordable province in the country,” SRA CEO Chris Guérette told CTV News.

When comparing benchmark prices amongst cities for the month of March, the price of a home in Saskatoon was only slightly lower than in Edmonton, and roughly $31,000 more than in Winnipeg.

Guérette said housing prices can impact where people choose to live.

“When families and professionals want to set roots here, and they’re considering moving from their province, such as Ontario or BC, they’re going to take a look at the municipalities, and we need to be able to compete so we can welcome that growth,” she said.

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Last month, the benchmark price in Saskatoon was about $87,000 more than in Regina.

Guérette said prices can differ because each housing market is unique. Taxes and fees on homes also vary between municipalities.

She said more homes need to be built to help alleviate upward pressure on prices.

The Saskatoon and Region Home Builders’ Association said there’s a sense of cautious optimism around new homes getting on the market.

“Inventory under construction is nearing record levels. We actually had an all-time high at the end of 2024. These are levels that we haven’t seen since the 2014, 2015 boom. So, there is a lot of construction activity happening right now,” said Nicole Burgess, CEO of the Saskatoon & Region Home Builders’ Association.