Market Updates


AUGUST 2021: SHIFT TO MORE BALANCED CONDITIONS WILL HELP SUPPORT MORE STABILITY IN PRICES 

For the second month in a row, sales in the province slowed relative to activity recorded earlier in the year and sales last August. While sales declined by nearly 12 per cent compared to last August, levels remain above long-term trends.

“Last year, August sales hit a new record high for the month, so while the year-over-year decline this month seems significant, it is important to note that sales are still at levels that are far better then what were seen in August prior to the pandemic.  Sales have been far stronger than anyone expected throughout the pandemic, and recent shifts are likely a reflection of the market returning to more normal levels as the rest of the economy starts to recover,” Comments Chris Guérette, Saskatchewan REALTORS® Association CEO.

While there have been some signs of shifting conditions over the past several months, it has not erased the gains that were seen throughout the year.  Thanks to gains across all property types on a year-to-date basis, sales in the province are currently sitting at a new record high.

Easing sales in August were also met with a reduction in new listings.  This helped prevent any significant changes to inventory levels which at 9,461 units is far lower than levels recorded since 2014.  Nonetheless, slower sales relative to the inventory in the market caused the months of supply to increase to just below 7 months in August.  This is the first time since February that levels have risen this high.

The shift to more balanced conditions will help support more stability in prices.  As of August, the benchmark price across Saskatchewan was $287,900, similar to levels reported last month but nearly seven per cent higher than levels reported last year.  Prices gains in the detached sector of the market have narrowed the gap nearly recovering from previous highs.

“Activity can vary significantly depending on the location and property type.  For instance, when considering the two largest cities in the province, home prices have recovered in Saskatoon while there remains a significant spread from 2012 levels in Regina.  For both buyers and sellers in this market, it is important to understand the local conditions,” Comments Guérette. 

Saskatchewan Real Estate Market July 2021

Pace of price growth slows with a shift to more balanced conditions

Following exceptionally strong sales over the last three months, July sales in the province trended down to 1,528 units. Last July sales hit a new record high for the month, so while sales did record a year-over-year decline of 15 per cent, levels are still well above typical levels seen in July. Nonetheless, year-to-date sales are at record high levels thanks to the strong start to the year.

Prior to the start of the pandemic, active listings were high in comparison to sales and prices were trending down.  “While covid likely caused many to re-evaluate their housing needs, reductions in lending rates combined with earlier price declines supported much of the growth in sales,” comments Chris Guérette, Saskatchewan Realtors® Association CEO. “At the same time supply levels could not keep pace, which means the market shifted to favour the sellers as the months of supply hit levels not seen in nearly a decade.”

Recent price gains have brought more sellers back to the market as active listings trended up in July relative to last month. Slowing sales combined with monthly supply gains cause the months of supply to rise relative to the low levels experience over the previous four months. This has helped ease some of the upward pressure on prices recorded earlier in the year.

In July, the total residential benchmark prices remained relatively stable compared to last month but was still nearly eight per cent higher than last year’s levels. While price gains have been significant this year, they have not offset earlier declines and remain below peak prices achieved in 2014. Prices have generally trended up across most regions in the province, however activity does vary by location, property type and price range. “At the end of the day, consulting an expert on your next move in real estate helps to better position yourself with understanding the local reality in comparison to provincial trends,” comments Guérette.

The housing market has seen incredible demand growth throughout the pandemic despite job loss and rising unemployment levels. While low interest rates are expected to continue to fuel demand growth, higher prices are cooling some of that growth, helping shift the market back to more balanced conditions. “Even with some recent price gains, Saskatchewan is still one of the most affordable and attractive places in which to invest and call home.”

Regina & Region July 2021

Sales in Regina were down 10.1% going from 385 in July 2020 to 346 in July 2021, and down 11.5% in the overall region, going from 479 to 424. In Regina, sales were 30.5% above the 5-year average (and 25.1% above the 10-year average), while in the larger region, sales were 28.8% above the 5-year average (and 25.1% above the 10-year average). Year-to-Date (YTD) sales in Regina rose 42.9% over last year, increasing from 1,642 to 2,347, while YTD sales in the larger region rose 41.5%, going from 2,031 to 2,873.

Sales volume was down 9.9% in the city, going from $120.9M to $108.8M in 2021 (30.1% above the 5-year average, and 24.5% above the 10-year average). In the region, sales volume was down 7.0%, going from $146.1M to $135.8M (33.9% above the 5-year average, and 29.0% above the 10-year average). YTD sales volume in the city was $755.4M, an increase of 51.1% from last year, while in the region, YTD sales volume was $939.0M, an increase of 51.8% from last year.

In Regina, the number of new listings in July 2021 declined 1.1%, going from 555 to 549 (13.0% above the 5-year average and 10.2% above the 10-year average), while in the region, new listings declined 6.6%, going from 693 last year to 647 this year (5.1% above the 5-year average and 2.9% above the 10-year average). YTD new listings in the city rose 26.9%, going from 3,057 to 3,878, while in the larger region, the number of new listings to date rose 20.0%, going from 3,902 to 4,683. Active listings rose 7% in Regina (up from 1,432 to 1,532) and fell 2.3% in the region (down from 1,996 to 1,951).

Months of supply in Regina stood at 4.4 months (which is 19.0% above the level last year and 33.7% below the 5-year average), while the sales to listing ratio was 63.0%, suggesting that market conditions favour sellers. Months of supply in the larger region stood at 4.6 months (which is 10.4% above the level last year and 41.2% below the 5-year average), while the sales to listing ratio was 65.5%, suggesting that market conditions favour sellers.

Homes in Regina stayed on the market an average of 43 days in July, down 11.8% from 49 days last year (but below the 5-year average of 51 days and below the 10-year average of 43 days). Homes in the region stayed on the market longer than homes in the city at 45 days on average in 2021, also down from an average of 54 days last year (and 19.2% below the 5-year average).

The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—saw the residential benchmark price in Regina rise nearly 6% year-over-year, going from $252,900 to $268,000.

Saskatchewan Real Estate Market June 2021

The Saskatchewan real estate market remains strong. Across the province, there were 1,914 homes sold (up over almost 12% from last June and up 65.7% year-to-date, going from 5,690 to 9,427), new listings were down 2.6% (but up 20.0% year-to-date, going from 2,174 to 2,608) and the MLS® Home Price Index (HPI) composite was up 9.8% (up 8.9% year-to-date, going from $262,700 to $288,500). Inventories—a measure of how many months until there are no active listings given current sales levels— were also down in 23 of the 24 markets that the SRA tracks. “The market continues to level off from the highs seen earlier this year,” said Chris Guérette, SRA’s CEO. This month-over-month leveling off in activity is expected and is being seen across the country. “As more people get their COVID vaccines and the economy continues to open up, people’s spending decisions are going to include things other than housing,” said Guérette, “and that’s going to temper demand somewhat. But so far, market activity remains positive.” Some policy makers had hoped that the new mortgage rules that came into effect June 1 would help to moderate demand; “It’s still too early to tell what the full impact of the tighter mortgage rules will be, but they don’t seem to have had any real impact on Saskatchewan markets,” said Guérette. Across the province, sales were still up nearly 18% and prices were up almost 10%, while the changes introduced in 2018 saw both sales and prices fall. According to Guérette, ”the jump in sales and drop in inventory despite efforts to cool the market suggests that the market is still quite strong and that if we want to see prices moderate, policy efforts should be aimed at increasing supply rather than trying stifle demand.”

Regina and Region June 2021

Sales in Regina were up 9.6% going from 374 in June 2020 to 410 in June 2021, and up 3.7% in the overall region, going from 482 to 500. In Regina, sales were 27.3% above the 5-year average (and 27.3% above the 10-year average), while in the larger region, sales were 25.5% above the 5-year average (and 26.8% above the 10-year average). Year-to-Date (YTD) sales in Regina rose 61.4% over last year, increasing from 1,229 to 1,983, while YTD sales in the larger region rose 60.1%, going from 1,518 to 2,430. Sales volume was up 17.3% in the city, going from $116.9M to $137.0M in 2021 (33.2% above the 5-year average, and 31.8% above the 10-year average). In the region, sales volume was up 11.2%, going from $150.8M to $167.7M (32.0% above the 5-year average, and 32.9% above the 10-year average). YTD sales volume in the city was $639.8M, an increase of 72.6% from last year, while in the region, YTD sales volume was $794.8M, an increase of 72.7% from last year. In Regina, the number of new listings in June 2021 rose 6.0%, going from 599 to 635 (6.9% above the 5-year average and 11.5% above the 10-year average), while in the region, new listings rose 2.7%, going from 745 last year to 765 this year (3.1% above the 5-year average and 5.7% above the 10-year average). YTD new listings in the city rose 33.1%, going from 417 to 554, while in the larger region, the number of new listings to date rose 25.8%, going from 534 to 672. Active listings rose 5.4% in Regina (up from 1,335 to 1,407) and fell 4.6% in the region (down from 1,853 to 1,767). Inventory in Regina stood at 3.4 months (which is 3.9% below the level last year and 28.4% below the 5-year average), while the sales to listing ratio was 64.6%, suggesting that market conditions favour sellers. Inventory in the larger region stood at 3.5 months (which is 8.1% below the level last year and 34.9% below the 5-year average), while the sales to listing ratio was 65.4%, suggesting that market conditions favour sellers. Homes in Regina stayed on the market an average of 38 days in June, down 34.5% from 58 days last year (but below the 5-year average of 48 days and below the 10-year average of 39 days). Homes in the region stayed on the market longer than homes in the city at 43 days on average in 2021, also down from an average of 62 days last year (and 19.2% below the 5-year average). The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—saw the price of the benchmark single family home in Regina rise 7.3% year-over-year, going from $249,600 to $267,800.

Saskatchewan Real Estate Statistics May 2021

The Saskatchewan real estate market remains strong. Across the province, there were 1,853 homes sold (up over 67% from last May and up 88.9% year-to-date, going from 3,978 to 7,513), new listings were up over 14% (and up 26.7% year-to-date, going from 2,019 to 2,556,) and the MLS® Home Price Index composite was up 11.2% (up 8.4% year-to-date, going from $265,800 to $288,300). Inventories—a measure of how many months until there are no active listings given current sales levels— were also down in all 24 markets that the SRA tracks. “May was about as strong April,” said Chris Gbekorbu, SRA’s Economic Analyst. This month-over-month leveling off in activity is expected. “Markets have been gaining momentum since last May when some pandemic restrictions were lifted. And at some point, things need to start to steady,” said Gbekorbu. But market indicators suggest that the current pace should hold.  Strong demand combined with falling inventory levels continues to put upward pressure on prices. The MLS® Home Price Index (HPI) composite was up in 13 of the 15 markets where these data are available (with Estevan and Weyburn showing declines of 5.9% and 1.8% respectively, while Swift Current and Meadow Lake saw the greatest increases), while the number of sales were up in 23 of 24 markets.  It’s still too early to tell what kind of an impact the new mortgage rules will have on markets.  According to Gbekorbu, “When new regulations were introduced in 2018, we saw a jump in sales right before the new rules came into effect followed by a drop in sales after.” While sales and prices may fall a little in the coming months as buyers reevaluate their finances, the drop is likely to be temporary. “The rules introduced in 2018 saw prices fall just over 1% across the province, but they’ve continued climbing,” said Gbekorbu.

Regina and Region May 2021

Sales in Regina were up 65.4% going from 234 in May 2020 to 387 in May 2021, and up 66.6% in the overall region, going from 293 to 488. In Regina, sales were 27.6% above the 5-year average (and 22.7% above the 10-year average), while in the larger region, sales were 31.5% above the 5-year average (and 29.3% above the 10-year average). Year-to-Date (YTD) sales in Regina rose 84.0% over last year, increasing from 855 to 1,573, while YTD sales in the larger region rose 86.3%, going from 1,036 to 1,930.  Sales volume was up 84.2% in the city, going from $69.4M to $127.9M in 2021 (31.6% above the 5-year average, and 25.2% above the 10-year average). In the region, sales volume was up 89.7%, going from $86.3M to $163.6M (37.9% above the 5-year average, and 34.7% above the 10-year average). YTD sales volume in the city was $502.8M, an increase of 98.1% from last year, while in the region, YTD sales volume was $627.0M, an increase of 102.6% from last year.  In Regina, the number of new listings in May 2021 rose 33.2%, going from 485 to 646 (3.0% above the 5-year average and 3.5% above the 10-year average), while in the region, new listings rose 24.3%, going from 642 last year to 798 this year (3.3% below the 5-year average and 1.8% below the 10-year average). YTD new listings in the city rose 41.6%, going from 380 to 538, while in the larger region, the number of new listings to date rose 32.8%, going from 492 to 654. Active listings rose 5.2% in Regina (up from 1,242 to 1,307) and fell 6.6% in the region (down from 1,769 to 1,653).  Inventory in Regina stood at 3.4 months (which is 36.4% below the level last year and 31.0% below the 5-year average), while the sales to listing ratio was 59.9%, suggesting balanced market conditions. Inventory in the larger region stood at 3.4 months (which is 43.9% below the level last year and 39.7% below the 5-year average), while the sales to listing ratio was 61.2%, suggesting that market conditions favour sellers.  Homes in Regina stayed on the market an average of 42 days in May, down 31.1% from 61 days last year (but below the 5-year average of 49 days and above the 10-year average of 40 days).  Homes in the region stayed on the market longer than homes in the city at 43 days on average in 2021, also down from an average of 65 days last year (and 16.7% below the 5-year average).  The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—saw the price of the benchmark single family home in Regina rise 8.1% year-over-year, going from $246,000 to $266,000.

April Saskatchewan Real Estate Sets Another Record

The Saskatchewan real estate market continues to build momentum and set another sales record in April. Across the province, there were 1,865 homes sold (up nearly 182% from last April and up 97.2% year-to-date, going from 2,208 to 3,795), new listings were up over 41% (and up 13.9% year-to-date, going from 2,870 to 5,660,) and the MLS® Home Price Index composite was up 10.5% (up 8.2% year-to-date, going from $256,900 to $283,900). Inventories were also down in all 24 markets that the SRA tracks. 

“It’s not really fair to compare this April to last April since pandemic restrictions halted activity for part of April last year,” said Chris Gbekorbu, SRA’s Economic Analyst. “But it is fair to compare April with other years, and just like last month, we set another record with 1,865 sales. We saw sales hit a high of 1,801 last July as the economy reopened, but before then, our record was 1,609 sales in May of 2014.” 

This strong demand combined with falling inventory levels is putting upward pressure on prices. The MLS® Home Price Index (HPI) composite was up in 14 of the 15 markets where these data are available (with Estevan showing a 0.1% decline while Swift Current and Meadow Lake saw the greatest increases), while the number of sales were up in all 24 markets. 

With supply shrinking and demand continuing to outpace supply, there was the potential for new listings to dry up and further reduce the supply of homes for sale. But even in smaller markets across the province, this hasn’t been the case and there seems to be a steady supply of homes becoming available. 

According to Gbekorbu, “new listings were up significantly in 23 of 24 markets, suggesting that people are still quite motivated to sell and helping to ease supply concerns.” As a result, the market remains strong and isn’t showing any signs of slowing down. 

The increased market activity has also allowed the SRA to partner with the Canadian Real Estate Association (CREA) to expand its coverage of the MLS® HPI tool to 15 markets across the province. The MLS® HPI gives a better indicator of price trends than average or median prices and gives REALTORS® an extra tool to help them develop more accurate pricing information for clients.

Regina & Region

Sales in Regina were up 172.2% going from 144 in April 2020 to 392 in April 2021, and up 189.4% in the overall region, going from 170 to 492. In Regina, sales were 51.0% above the 5-year average (and 42.2% above the 10-year average), while in the larger region, sales were 57.0% above the 5-year average (and 49.6% above the 10-year average). Year-to-Date (YTD) sales in Regina rose 91.0% over last year, increasing from 621 to 1,186, while YTD sales in the larger region rose 94.1%, going from 743 to 1,442. 

Sales volume was up 207.3% in the city, going from $43.9M to $135.0M in 2021 (62.3% above the 5-year average, and 51.2% above the 10-year average). In the region, sales volume was up 240.2%, going from $50.4M to $171.5M (70.6% above the 5-year average, and 60.9% above the 10-year average). YTD sales volume in the city was $374.9M, an increase of 103.4% from last year, while in the region, YTD sales volume was $463.4M, an increase of 107.6% from last year. 

In Regina, the number of new listings in April 2021 rose 129.8%, going from 285 to 655 (23.6% above the 5-year average and 23.1% above the 10-year average), while in the region, new listings rose 111.4%, going from 376 last year to 795 this year (15.3% above the 5-year average and 14.5% above the 10-year average). YTD new listings in the city rose 44.5%, going from 354 to 512, while in the larger region, the number of new listings to date rose 35.8%, going from 455 to 618. Active listings fell 1.9% in Regina (down from 1,224 to 1,201) and fell 10.6% in the region (down from 1,716 to 1,534). 

Inventory in Regina stood at 3.1 months (which is 64.0% below the level last year and 41.5% below the 5-year average), while the sales to listing ratio was 59.8%, suggesting balanced market conditions. Inventory in the larger region stood at 3.1 months (which is 69.1% below the level last year and 48.1% below the 5-year average), while the sales to listing ratio was 61.9%, suggesting that market conditions favour sellers. 

Homes in Regina stayed on the market an average of 40 days in April, down 35.5% from 62 days last year (but below the 5-year average of 52 days and below the 10-year average of 42 days). Homes in the region stayed on the market longer than homes in the city at 44 days on average in 2021, also down from an average of 70 days last year (and 21.7% below the 5-year average). 

The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—saw the price of the benchmark single family home in Regina rise 8.5% year-over-year, going from $241,300 to $261,800. 

REAL ESTATE MARKET March 2021

The Saskatchewan real estate market is steadily building on the momentum from January and continues to outperform the market from last March. Across the province, there were 1,719 homes sold (up over 85% from last March and up 71.9% year-to-date, going from 2,208 to 3,795), new listings were up over 41% (and up 13.9% year-to-date, going from 1,936 to 2,205,) and the MLS® Home Price Index composite was up close to 9% (up 7.3% year-to-date, going from $255,800 to $278,400). Inventories were also down in 23 of the 24 markets that the SRA tracks.

“We’ve never seen a March like this before” said Chris Gbekorbu, Economic Analyst. “In fact, we typically don’t see this level of sales until at least May, and until June of last year, we hadn’t seen this level of sales since May of 2014.”

Strong demand combined with a shrinking number of homes for sale has helped place upward pressure on prices in most markets. The MLS® Home Price Index (HPI) composite was up in 13 of the 15 markets where these data are available (with Estevan and Weyburn declining while Meadow Lake and North Battleford saw the greatest increases), while the number of sales were up in 22 of 24 markets.

“Although we continue to see supply shrink as inventory levels keep falling, the increase in new listings across most markets is very promising,” said Gbekorbu. With supply shrinking and demand continuing to outpace supply, new listings are important to keep the market growing. And as new listings kept falling in January and February, there was the potential for new listings to dry up and further reduce the supply of homes for sale.

According to Gbekorbu, however, “people are still listing homes on the market and they still want to buy—sometimes leading to homes being sold within days of being listed.” As a result, the market remains strong and isn’t showing any signs of slowing down yet.

The increased market activity has also allowed the SRA to partner with the Canadian Real Estate Association (CREA) to expand its coverage of the MLS® HPI tool to 15 markets across the province. The MLS® HPI gives a better indicator of price trends than average or median prices and gives REALTORS® an extra tool to help them develop more accurate pricing information for clients.

Regina and Region

Sales in Regina were up 70.0% going from 213 in March 2020 to 362 in March 2021, and up 71.5% in the overall region, going from 260 to 446. In Regina, sales were 50.2% above the 5-year average (and 48.7% above the 10-year average), while in the larger region, sales were 55.3% above the 5-year average (and 56.2% above the 10-year average). Year-to-Date (YTD) sales in Regina rose 66.5% over last year, increasing from 477 to 794, while YTD sales in the larger region rose 65.8%, going from 573 to 950.

Sales volume was up 76.6% in the city, going from $65.5M to $115.6M in 2021 (53.8% above the 5-year average, and 50.8% above the 10-year average). In the region, sales volume was up 80.7%, going from $81.0M to $146.4M (62.3% above the 5-year average, and 62.5% above the 10-year average). YTD sales volume in the city was $239.9M, an increase of 70.9% from last year, while in the region, YTD sales volume was $291.9M, an increase of 68.9% from last year.

In Regina, the number of new listings in March 2021 rose 58.1%, going from 430 to 680 (22.8% above the 5-year average and 30.4% above the 10-year average), while in the region, new listings rose 49.1%, going from 562 last year to 838 this year (19.6% above the 5-year average and 26.3% above the 10-year average). YTD new listings in the city rose 23.0%, going from 377 to 464, while in the larger region, the number of new listings to date rose 16.1%, going from 481 to 558. Active listings fell 16.5% in Regina (down from 1,281 to 1,069) and fell 21.4% in the region (down from 1,760 to 1,383).

Inventory in Regina stood at 3.0 months (which is 50.9% below the level last year and 43.8% below the 5-year average), while the sales to listing ratio was 53.2%, suggesting balanced market conditions. Inventory in the larger region stood at 3.1 months (which is 54.2% below the level last year and 48.4% below the 5-year average), while the sales to listing ratio was 53.2%, suggesting balanced market conditions.

Homes in Regina stayed on the market an average of 41 days in March, down 39.7% from 68 days last year (but below the 5-year average of 57 days and below the 10-year average of 46 days). Homes in the region stayed on the market longer than homes in the city at 44 days on average in 2021, also down from an average of 74 days last year (and 29.9% below the 5-year average).

The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—saw the price of the benchmark composite home in Regina rise 9.5% year-over-year, going from $236,300 to $258,800.

SASKATCHEWAN REAL ESTATE REMAINS STRONG February 2021

The Saskatchewan real estate market continues to build on January’s momentum and outperformed last February. Across the province, sales were up over 74% from last February (and up 62.3% year-to-date, going from 663 to 1,157), new listings were essentially flat (and down 2.1% year-to-date, going from 1,775 to 1,773,) and the median sale price was up close to 3% (up 1.9% year-to-date, going from $265,000 to $272,000. Inventories were also down in all 19 of the markets that the SRA tracks.

Median sales prices were up in 13 of the 19 markets that the SRA tracks (with Moose Jaw and Yorkton seeing the strongest declines while Estevan and Weyburn saw the greatest increases), while the number of sales were up in 18 of 19 markets.

“We’re seeing inventories dry up as people keep buying. At the same time, the number of new listings continues to fall in several markets, suggesting that supply is shrinking,” said Chris Gbekorbu, Economic Analyst. This suggests that prices will continue to rise as fewer homes are available and buyers are forced to increase their bids to secure what’s available.

As prices continue to rise, however, we also see the number of new listings rise in certain markets. “Rising prices could help to encourage would-be sellers, who having seen homes jump in value last year, don’t want to miss out on rising prices this year,” said Gbekorbu. The safety precautions that the SRA put in place last April to help reassure the public that real estate is safe has certainly helped to channel pent-up demand from COVID and allowed the real estate market to continue its boom.

Regina February 2021

Sales in Regina were up 55.2%, going from 154 in February 2020 to 239 in February 2021, and up 55.2% in the overall region, going from 181 to 281. In Regina, sales were 39.6% above the 5-year average (and 32.3% above the 10-year average), while in the larger region, sales were 40.9% above the 5-year average (and 35.4% above the 10-year average). Year-to-Date (YTD) sales in Regina rose 63.6% over last year, increasing from 264 to 432, while YTD sales in the larger region rose 61.0%, going from 313 to 504.

Sales volume was up 55.7% in the city, going from $45.9M to $71.5M in 2021 (37.2% above the 5-year average, and 29.4% above the 10-year average). YTD sales volume in the city was $124.4M, an increase of 65.9% from last year. In the region, sales volume was up 58.5%, going from $91.8M to $145.5M (38.3% above the 5-year average and 32.4% above the 10-year average). YTD sales volume increased 58.5% in the region, rising from $91.8M in 2020 to $145.5M in 2021.

In Regina, the number of new listings in February 2021 rose 4.5%, going from 357 to 373 (1.7% above the 5-year average and 3.6% below the 10-year average), while in the region, new listings rose 1.6% from 445 last year to 452 this year (0.6% below the 5-year average and 4.2% below the 10-year average). YTD new listings in the city rose 1.4%, going from 701 to 711, while in the larger region, the number of new listings to date fell 5.0%, going from 881 to 837. Active listings fell 27.1% in Regina (down from 1,212 to 884) and fell 29.9% in the region (down from 1,647 to 1,154).

Inventory in Regina stood at 3.7 months (which is 53.0% below the level last year and 47.3% below the 5-year average), while the sales to listing ratio was 64.1%, suggesting that market conditions favour sellers. Inventory in the larger region stood at 4.1 months (which is 54.9% below the level last year and 50.0% below the 5-year average), while the sales to listing ratio was 62.2%, suggesting that market conditions favour sellers.

Homes in Regina stayed on the market an average of 53 days in February—down 32.1% from 78 days last year (but below the 5-year average of 61 days and above the 10-year average of 50 days). Homes in the region stayed on the market longer than homes in the city at 58 days on average in 2021, but also down from an average of 78 days last year (and 10.8% below the 5-year average).

In Regina, the MLS® Home Price Index (HPI)—a more accurate measure of house price trends—was up 6.7%, going from $264,300 to $282,100.

Saskatoon February 2021

Sales in Saskatoon were up 53.0%, going from 230 in February 2020 to 352 in February 2021, and up 59.9% in the overall region, going from 314 to 502. In Saskatoon, sales were 42.7% above the 5-year average (and 35.1% above the 10-year average), while in the larger region, sales were 50% above the 5-year average (and 43.1% above the 10-year average). Year-to-Date (YTD) sales in Saskatoon rose 40.3% over last year, increasing from 449 to 630, while YTD sales in the larger region rose 43.4%, going from 604 to 866.

Sales volume was up 69.0% in the city, going from $73.7M to $124.4M in 2021 (49.6% above the 5-year average, and 42.2% above the 10-year average). YTD sales volume in the city was $221.3M, an increase of 52.5% from last year. In the region, sales volume was up 57.4%, going from $183.7M to $289.1M (57.9% above the 5-year average and 51.3% above the 10-year average). YTD sales volume increased 57.4% in the region, rising from $183.7M in 2020 to $289.1M in 2021.

In Saskatoon, the number of new listings in February 2021 rose 15.8%, going from 468 to 542 (3.3% above the 5-year average and 5.0% below the 10-year average), while in the region, new listings rose 6.1% from 685 last year to 727 this year (3.5% below the 5-year average and 10.4% below the 10-year average). YTD new listings in the city rose 5.8%, going from 1,039 to 1,099, while in the larger region, the number of new listings to date rose 0.5%, going from 1,496 to 1,504. Active listings fell 21.6% in Saskatoon (down from 1,392 to 1,091) and fell 28.7% in the region (down from 2,618 to 1,867).

Inventory in Saskatoon stood at 3.1 months (which is 48.8% below the level last year and 50.8% below the 5-year average), while the sales to listing ratio was 64.9%, suggesting that market conditions favour sellers. Inventory in the larger region stood at 3.7 months (which is 55.4% below the level last year and 55.6% below the 5-year average), while the sales to listing ratio was 69.1%, suggesting that market conditions favour sellers.

Homes in Saskatoon stayed on the market an average of 43 days in February—down 40.3% from 72 days last year (but below the 5-year average of 56 days and below the 10-year average of 51 days). Homes in the region stayed on the market longer than homes in the city at 53 days on average in 2021, but also down from an average of 81 days last year (and 18.2% below the 5-year average).

In Saskatoon, the MLS® Home Price Index (HPI)—a more accurate measure of house price trends—was up 10.1%, going from $299,800 to $330,100.

Moose Jaw February 2021

Sales in Moose Jaw were up 56.0%, going from 25 in February 2020 to 39 in February 2021, and up 71.9% in the overall region, going from 32 to 55. In Moose Jaw, sales were 36.4% above the 5-year average (and 23.0% above the 10-year average), while in the larger region, sales were 48.6% above the 5-year average (and 35.5% above the 10-year average). Year-to-Date (YTD) sales in Moose Jaw rose 51.0% over last year, increasing from 49 to 74, while YTD sales in the larger region rose 43.3%, going from 67 to 96. Sales volume was up 27.5% in the city, going from $5.9M to $7.5M in 2021 (25.1% above the 5- year average, and 8.6% above the 10-year average). YTD sales volume in the city was $15.2M, an increase of 40.2% from last year. In the region, sales volume was up 54.2%, going from $13.0M to $20.0M (55.6% above the 5-year average and 39.7% above the 10-year average). YTD sales volume increased 54.2% in the region, rising from $13.0M in 2020 to $20.0M in 2021. In Moose Jaw, the number of new listings in February 2021 rose 18.0%, going from 61 to 72 (2.0% above the 5-year average and 1.4% above the 10-year average), while in the region, new listings fell 7.7% from 104 last year to 96 this year (the same as the 5-year average and 0.7% below the 10-year average). YTD new listings in the city fell 8.0%, going from 138 to 127, while in the larger region, the number of new listings to date fell 13.2%, going from 212 to 184. Active listings fell 23.2% in Moose Jaw (down from 233 to 179) and fell 22.1% in the region (down from 462 to 360). Inventory in Moose Jaw stood at 4.6 months (which is 50.8% below the level last year and 49.4% below the 5-year average), while the sales to listing ratio was 54.2%, suggesting balanced market conditions. Inventory in the larger region stood at 6.5 months (which is 54.7% below the level last year and 48.2% below the 5-year average), while the sales to listing ratio was 57.3%, suggesting balanced market conditions. Homes in Moose Jaw stayed on the market an average of 57 days in February—down 29.6% from 81 days last year (but below the 5-year average of 82 days and below the 10-year average of 72 days). Homes in the region stayed on the market longer than homes in the city at 80 days on average in 2021, but also down from an average of 95 days last year (and 18.2% below the 5-year average).

Canadian Real Estate Market January 2021. Home Sales up 35.2%, New Listings down 2.9% & Average prices up 22.8% to $621,525.00.

SASKATCHEWAN REAL ESTATE STARTS 2021 OFF STRONGER THAN IT HAS IN NINE YEARS

Building off the momentum seen in 2020, the Saskatchewan real estate market started 2021 off strong. Across the province, sales were up over 49% from last January (going from 616 to 919), new listings were down just over 5% (going from 1,855 to 1,758). Inventories were also down in 18 of the 19 markets that the SRA tracks.

“We haven’t seen a January like this since 2012,” said SRA Economic Analyst Chris Gbekorbu. With new listings down 10% from their historical averages, there are fewer houses being put on the market. At the same time, the rising number of sales combined with falling inventory suggests strong demand for what housing is available. This could put upward pressure on prices and help to encourage potential sellers. “Although it is only one month and another COVID-like event could slow things down again like it did last March and April, this strong start should help us be optimistic for 2021,” said Gbekorbu.

While some analysts have suggested that national housing numbers could suffer significantly this year, most analysts project that home prices will rise and that the economy will see strong growth as we continue to recover from the effects of COVID. Most consumers are also optimistic about real estate, expecting the market to continue to grow and be a good investment opportunity.

Regina

Sales in Regina were up 75.5%, going from 110 in January 2020 to 193 in January 2021, and up 68.9% in the overall region, going from 132 to 223. In Regina, sales were 32.4% above the 5-year average (and 29.2% above the 10-year average), while in the larger region, sales were 31% above the 5-year average (and 30.2% above the 10-year average).

Sales volume was up 82.1% in the city, going from $29.1M to $52.9M in 2021 (27.9% above the 5-year average, and 20.3% above the 10-year average). In the region, sales volume was up 64.9%, going from $37.0M to $61.1M (25.3% above the 5-year average and 20.5% above the 10-year average).

In Regina, the number of new listings in January 2021 fell 1.7%, going from 344 to 338 (11.4% below the 5-year average and 9.5% below the 10-year average), while in the region, new listings fell 11.7% from 436 last year to 385 this year (17.4% below the 5-year average and 15.5% below the 10-year average). Active listings fell 30.2% in Regina (down from 1,202 to 839) and fell 32.7% in the region (down from 1,622 to 1,092).

Inventory in Regina stood at 4.3 months (which is 60.2% below the level last year and 44.6% below the 5-year average), while the sales to listing ratio was 57.1%, suggesting balanced market conditions. Inventory in the larger region stood at 4.9 months (which is 60.1% below the level last year and 46.1% below the 5-year average), while the sales to listing ratio was 57.9%, suggesting balanced market conditions.

Homes in Regina stayed on the market an average of 57 days in January—down 32.1% from 84 days last year (but below the 5-year average of 67 days and below the 10-year average of 57 days). Homes in the region stayed on the market longer than homes in the city at 64 days on average in 2021, but also down from an average of 87 days last year (and 11.6% below the 5-year average).

In Regina, the MLS® Home Price Index (HPI)—which provides a more accurate measure of house price trends—was up 4.7% year-over-year, going from $266,100 to $278,600.

Saskatoon

Sales in Saskatoon were up 26.9%, going from 219 in January 2020 to 278 in January 2021, and up 25.5% in the overall region, going from 290 to 364. In Saskatoon, sales were 28.2% above the 5-year average (and 30.1% above the 10-year average), while in the larger region, sales were 24.1% above the 5-year average (and 26.9% above the 10-year average).

Sales volume was up 35.6% in the city, going from $71.5M to $96.9M in 2021 (33.7% above the 5-year average, and 33.7% above the 10-year average). In the region, sales volume was up 33.8%, going from $90.2M to $120.7M (29.0% above the 5-year average and 30.6% above the 10-year average).

In Saskatoon, the number of new listings in January 2021 fell 2.5%, going from 571 to 557 (7.9% below the 5-year average and 10.6% below the 10-year average), while in the region, new listings fell 4.2% from 811 last year to 777 this year (9.3% below the 5-year average and 11.4% below the 10-year average). Active listings fell 24.5% in Saskatoon (down from 1,373 to 1,037) and fell 28.0% in the region (down from 2,584 to 1,860).

Inventory in Saskatoon stood at 3.7 months (which is 40.5% below the level last year and 45.0% below the 5-year average), while the sales to listing ratio was 49.9%, suggesting balanced market conditions. Inventory in the larger region stood at 5.1 months (which is 42.7% below the level last year and 42.1% below the 5-year average), while the sales to listing ratio was 46.8%, suggesting balanced market conditions.

Homes in Saskatoon stayed on the market an average of 55 days in January—down 14.1% from 64 days last year (but below the 5-year average of 60 days and above the 10-year average of 55 days). Homes in the region stayed on the market longer than homes in the city at 63 days on average in 2021, but also down from an average of 73 days last year (and 11.3% below the 5-year average).

In Saskatoon, the MLS® Home Price Index (HPI)—which provides a more accurate measure of house price trends—was up 4.7% year-over-year, going from $305,800 to $320,300.

Saskatchewan Real Estate Finishes 2020 on a High

The Saskatchewan real estate market had another strong month (December) and ended 2020 at levels not seen since 2014. Across the province, sales were up over 58% from last December, going from 590 to 935, new listings were up close to 13%, going from 1,005 to 1,132, and the median sale price was up over 1%, going from $253,750 to $257,500. Inventories were also down in all 19 markets that the SRA tracks.

For the year, sales were up an average of 24.5% across the province and up in all markets that the SRA tracks except for Melfort (a drop of 19.0%) and the Melfort region (a drop of 1.7%). Weyburn saw the smallest increase in yearly sales at 6.7%, while Estevan saw the largest increase in sales at 62.4%. New listings were down an average of 5.8% across the province in 2020, with Swift Current seeing a modest drop of 0.7%, and Weyburn seeing the largest drop at 13.6%.

Although median prices increased an average of 1.2% across the province over the year, there was considerably more variability in prices. Only nine markets saw a price increase, with Moose Jaw seeing the largest yearly price increase at 7.7%, while Melfort saw the largest yearly price drop at 14.1%. The variation in price changes that we’ve seen across the province reflect the fact that real estate is highly local.

Regina & Region

Sales in Regina were up 44.9%, going from 138 in December 2019 to 200 in December 2020, and up 48.2% in the overall region, going from 164 to 243. In Regina, sales were 43.9% above the 5-year average (and 32.0% above the 10-year average), while in the larger region, sales were 47.1% above the 5-year average (and 38.7% above the 10-year average). Year-to-Date (YTD) sales in Regina rose 17.0% over last year, increasing from 2,594 to 3,036, while YTD sales in the larger region rose 22.0%, going from 3,081 to 3,758.

Sales volume was up 45.7% in the city, going from $38.2M to $55.6M in 2020 (36.7% above the 5-year average, and 23.4% above the 10-year average). YTD sales volume in the city was $926.8M, an increase of 18.5% from last year. In the region, sales volume was up 23.7%, going from $925.2M to $1,144.3M (42.9% above the 5-year average and 32.6% above the 10-year average). YTD sales volume increased 23.7% in the region, rising from $925.2M in 2019 to $1,144.3M in 2020.

In Regina, the number of new listings in December 2020 rose 48.4%, going from 157 to 233 (17.8% above the 5-year average and 17.6% above the 10-year average), while in the region, new listings rose 42.6% from 195 last year to 278 this year (13.7% below the 5-year average and 14.5% above the 10-year average). YTD new listings in the city fell 1.6%, going from 5,080 to 4,997, while in the larger region, the number of new listings to date fell 3.1%, going from 6,428 to 6,227. Active listings fell 23.2% in Regina (down from 1,179 to 905) and fell 27.5% in the region (down from 1,624 to 1,177).

Inventory in Regina stood at 4.5 months (which is 47.0% below the level last year and 46.5% below the 5-year average), while the sales to listing ratio was 85.8%, suggesting that market conditions favour sellers. Inventory in the larger region stood at 4.8 months (which is 51.1% below the level last year and 50.9% below the 5-year average), while the sales to listing ratio was 87.4%, suggesting that market conditions favour sellers.

Homes in Regina stayed on the market an average of 58 days in December—down 18.3% from 71 days last year (but below the 5-year average of 62 days and above the 10-year average of 53 days). Homes in the region stayed on the market longer than homes in the city at 64 days on average in 2020, but also down from an average of 76 days last year (and 5.3% below the 5-year average).

Median home prices in Regina went from $266,104 to $271,000 (an increase of 1.8%) and were approximately 5.5% below the 5-year and 6.3% below the 10-year average median price. The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—is up 6.5% from $267,300 to $284,700. Year-to-date, the median home price in Regina was $289,340 which is 1.1% above the $286,230 price from the same time last year. Median home prices in the region went from $265,000 to $274,900 (an increase of 3.7%) and were approximately 3.4% below the 5-year and 3.7% below the 10-year average median price. Year-to-date, the median home price in the region was $287,575 which is 1.2% above the $284,208 price from the same time last year.

Saskatoon & Region

Sales in Saskatoon were up 35.0%, going from 203 in December 2019 to 274 in December 2020, and up 41.5% in the overall region, going from 258 to 365. In Saskatoon, sales were 32.1% above the 5-year average (and 33.5% above the 10-year average), while in the larger region, sales were 33.8% above the 5-year average (and 32.3% above the 10-year average). Year-to-Date (YTD) sales in Saskatoon rose 18.2% over last year, increasing from 3,614 to 4,272, while YTD sales in the larger region rose 23.0%, going from 4,833 to 5,945.

Sales volume was up 39.6% in the city, going from $67.8M to $94.6M in 2020 (34.5% above the 5-year average, and 35.0% above the 10-year average). YTD sales volume in the city was $1,471.2M, an increase of 22.8% from last year. In the region, sales volume was up 28.4%, going from $1,523.0M to $1,955.5M (34.5% above the 5-year average and 33.5% above the 10-year average). YTD sales volume increased 28.4% in the region, rising from $1,523.0M in 2019 to $1,955.5M in 2020.

In Saskatoon, the number of new listings in December 2020 rose 14.9%, going from 302 to 347 (3.6% above the 5-year average and 5.9% above the 10-year average), while in the region, new listings rose 10.6% from 435 last year to 481 this year (1.4% below the 5-year average and 2.6% above the 10-year average). YTD new listings in the city fell 3.0%, going from 7,745 to 7,514, while in the larger region, the number of new listings to date fell 5.7%, going from 11,309 to 10,660. Active listings fell 24.0% in Saskatoon (down from 1,329 to 1,010) and fell 27.9% in the region (down from 2,538 to 1,831).

Inventory in Saskatoon stood at 3.7 months (which is 43.7% below the level last year and 47.7% below the 5-year average), while the sales to listing ratio was 79.0%, suggesting that market conditions favour sellers. Inventory in the larger region stood at 5.0 months (which is 49.0% below the level last year and 47.7% below the 5-year average), while the sales to listing ratio was 75.9%, suggesting that market conditions favour sellers.

Homes in Saskatoon stayed on the market an average of 48 days in December—down 26.2% from 65 days last year (but below the 5-year average of 55 days and below the 10-year average of 52 days). Homes in the region stayed on the market longer than homes in the city at 57 days on average in 2020, but also down from an average of 67 days last year (and 10.7% below the 5-year average).

Median home prices in Saskatoon went from $316,635 to $333,000 (an increase of 5.2%) and were approximately 2.3% above the 5-year and 2.1% above the 10-year average median price. The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—is up 6.4% from $303,100 to $322,400. Year-to-date, the median home price in Saskatoon was $329,846 which is 3.2% above the $319,720 price from the same time last year. Median home prices in the region went from $309,450 to $318,000 (an increase of 2.8%) and were approximately 1.3% above the 5-year and 1.5% above the 10-year average median price. Year-to-date, the median home price in the region was $313,956 which is 3.8% above the $302,462 price from the same time last year.

 Information provided by: SRA (Saskatchewan Realtors Assoc.)

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