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Market Updates


Saskatchewan Real Estate Market October 2020

The Saskatchewan real estate market continues to be strong and outperform last year’s market. Across the province, sales were up 38.4% from last October (and up 20.4% year-to-date, going from 987 to 1,366), new listings were up 1.0% (but down 6.6% year-to-date), going from 2,002 to 2,023, and the median sale price was up 7.8% (up 3.6% year-to-date), going from $255,000 to $275,000. Inventories were also down in 16 of the 19 markets that the SRA tracks.

Regina Real Estate Market October 2020

Sales in Regina were up 42.6%, going from 204 in October 2019 to 291 in October 2020, and up 41.5% in the overall region, going from 253 to 358. In Regina, sales were 26.6% above the 5-year average (and 19.2% above the 10-year average), while in the larger region, sales were 29.2% above the 5-year average (and 24.1% above the 10-year average). Year-to-Date (YTD) sales in Regina rose 12.2% over last year, increasing from 2,309 to 2,590, while YTD sales in the larger region rose 17.1%, going from 2,751 to 3,221.

Sales volume was up 43.9% in the city, going from $61.3M to $88.2M in 2020 (28.1% above the 5-year average, and 16.8% above the 10-year average). YTD sales volume in the city was $797.2M, an increase of 13.5% from last year. In the region, sales volume was up 19.1%, going from $833.4M to $992.7M (31.7% above the 5-year average and 23.5% above the 10-year average). YTD sales volume increased 19.1% in the region, rising from $833.4M in 2019 to $992.7M in 2020.

In Regina, the number of new listings in October 2020 rose 6.0%, going from 383 to 406 (0.1% above the 5-year average and 1.3% above the 10-year average), while in the region, new listings rose 3.0% from 470 last year to 484 this year (0.9% below the 5-year average and 0.2% below the 10-year average). YTD new listings in the city fell 4.1%, going from 4,630 to 4,441, while in the larger region, the number of new listings to date fell 5.4%, going from 5,892 to 5,571. Active listings fell 20.4% in Regina (down from 1,428 to 1,137) and fell 25.7% in the region (down from 2,036 to 1,512).

Inventory in Regina stood at 3.9 months (which is 44.2% below the level last year and 35.7% below the 5-year average), while the sales to listing ratio was 71.7%, suggesting that market conditions favour sellers. Inventory in the larger region stood at 4.2 months (which is 47.5% below the level last year and 40.5% below the 5-year average), while the sales to listing ratio was 74.0%, suggesting that market conditions favour sellers.

Homes in Regina stayed on the market an average of 55 days in October—down 28.6% from 77 days last year (but below the 5-year average of 60 days and above the 10-year average of 49 days). Homes in the region stayed on the market longer than homes in the city at 62 days on average in 2020, but also down from an average of 77 days last year (and 3.1% below the 5-year average).

Median home prices in Regina went from $282,500 to $285,000 (an increase of 0.9%) and were approximately 0.6% below the 5-year and 2.5% below the 10-year average median price. The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—is essentially flat, with the benchmark single-family home price going from $290,700 to $290,600. Year-to-date, the median home price in Regina was $290,532 which is 0.6% above the $288,865 price from the same time last year. Median home prices in the region went from $280,000 to $290,250 (an increase of 3.7%) and were approximately 2.0% above the 5-year and 0.5% above the 10-year average median price. Year-to-date, the median home price in the region was $289,425 which is 1.0% above the $286,550 price from the same time last year.

Information provided by: SRA (Saskatchewan Realtors Assoc.)

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Saskatchewan September Real Estate Market 2020

The Saskatchewan real estate market continues to be quite strong, outperforming the market last year. Across the province, year-over-year sales were up almost 52% from last September (and up over 18.5% year-to-date), new listings were up 10% year-over-year (but down just over 7% year-to-date), and the median sale price was up over 2% (up 0.4% year-to-date). Inventories were also down in 18 of the 19 markets that the SRA (Saskatchewan Realtors Association) tracks.

Although the province continued to see a small uptick in COVID cases in September, this hasn’t deterred people from buying and selling real estate. “While it’s been suggested that the market would suffer due to COVID,” said SRA CEO Jason Yochim, “this really hasn’t happened in Saskatchewan.” Despite a smaller number of new and active listings year-to-date, other numbers are generally better compared with last year. “The fact that sales and prices are up while inventories are down suggests the market has more than recovered and is doing better than last year—despite the pandemic,” said Yochim.

Median sales prices were up in 12 of the 19 markets that the SRA tracks (with Melfort and Weyburn seeing the strongest declines while Swift Current and Yorkton saw the greatest increases), while the number of sales were up (or flat) in 17 of 19 markets.

We’ve seen relatively strong performance throughout the summer this year, and this strength has carried over into September. With provincial and civic elections looming this month and a general sense of activity, October could also see another strong performance despite the market beginning to cool.

“Even though we expect activity to fall off compared with the highs of summer,” said Yochim, “people still seem motivated and interested in real estate.” The safety precautions that the SRA put in place back in April to help reassure the public that real estate is safe has certainly helped to channel pent-up demand and allowed the province to reduce the economic impact of COVID.

Regina & Region September Real Estate Market 2020

Sales in Regina were up 33.5%, going from 254 in September 2019 to 339 in September 2020, and up 43.2% in the overall region, going from 301 to 431. In Regina, sales were 31.6% above the 5-year average (and 30.1% above the 10-year average), while in the larger region, sales were 38.3% above the 5-year average (and 37.1% above the 10-year average). Year-to-Date (YTD) sales in Regina rose 9.2% over last year, increasing from 2,105 to 2,299, while YTD sales in the larger region rose 14.6%, going from 2,498 to 2,863.

Sales volume was up 32.4% in the city, going from $80.5M to $106.6M in 2020 (32.3% above the 5-year average, and 30.4% above the 10-year average). YTD sales volume in the city was $709.1M, an increase of 10.7% from last year. In the region, sales volume was up 16.9%, going from $756.5M to $884.0M (40.9% above the 5-year average and 41.6% above the 10-year average). YTD sales volume increased 16.9% in the region, rising from $756.5M in 2019 to $884.0M in 2020.

In Regina, the number of new listings in September 2020 rose 30.6%, going from 376 to 491 (9.3% above the 5-year average and 6.4% above the 10-year average), while in the region, new listings rose 23.6% from 483 last year to 597 this year (8.6% below the 5-year average and 5.2% above the 10-year average). YTD new listings in Regina fell 5.0%, going from 4,247 to 4,035, while in the larger region, the number of new listings to date fell 6.2%, going from 5,422 to 5,087. Active listings fell 15.6% in Regina (down from 1,511 to 1,276) and fell 21.6% in the region (down from 2,194 to 1,720).

Inventory in Regina stood at 3.8 months (which is 36.7% below the level last year and 35.8% below the 5-year average), while the sales to listing ratio was 69.0%, suggesting that market conditions favour sellers. Inventory in the larger region stood at 4.0 months (which is 45.3% below the level last year and 43.0% below the 5-year average), while the sales to listing ratio was 72.2%, suggesting that market conditions favour sellers.

Homes in Regina stayed on the market an average of 52 days in September—down 17.5% from 63 days last year (but below the 5-year average of 54 days and above the 10-year average of 45 days). Homes in the region stayed on the market longer than homes in the city at 58 days on average in 2020, but also down from an average of 68 days last year (and 2.7% below the 5-year average).

Median home prices in Regina went from $309,200 to $288,000 (a decrease of 6.9%) and were approximately 3.8% below the 5-year and 4.1% below the 10-year average median price. The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—is up 0.8% from $286,900 to $290,700. Year-to-date, the median home price in Regina was $291,147 which is 0.5% above the $289,572 price from the same time last year. Median home prices in the region went from $308,400 to $290,000 (a decrease of 6%) and were approximately 3.4% below the 5-year and 2.6% below the 10-year average median price. Year-to-date, the median home price in the region was $289,333 which is 0.7% above the $287,278 price from the same time last year.

Saskatchewan Market August 2020

Although the August real estate market appears to be slowing down compared with June and July, we still see signs of strength. Across the province, year-over-year sales were up over 46% from August of last year (and up over 14% year-to-date), new listings were up nearly 5% year-over-year (but down just over 9% year-to-date), and the median sale price was up over 7% (up 0.2% year-to-date). Inventories were also down in 18 of the 19 markets that the SRA (Saskatchewan Realtors Assoc.) tracks. This suggests that people are still quite eager to buy and are continuing to find value in real estate.

Regina & Region Markets 2020

Sales in Regina were up 40.5%, going from 247 in August 2019 to 347 in August 2020, and up 39.0% in the overall region, going from 308 to 428. In Regina, sales were 18.8% above the 5-year average (and 20.8% above the 10-year average), while in the larger region, sales were 19.6% above the 5-year average (and 23.0% above the 10-year average). Year-to-Date (YTD) sales in Regina rose 5.9% over last year, increasing from 1,851 to 1,960, while YTD sales in the larger region rose 10.7%, going from 2,197 to 2,432.

Sales volume was up 49.4% in the city, going from $74.2M to $110.8M in 2020 (18.9% above the 5-year average, and 21.4% above the 10-year average). YTD sales volume in the city was $602.5M, an increase of 7.5% from last year. In the region, sales volume was up 12.8%, going from $661.2M to $745.8M (20.3% above the 5-year average and 25.0% above the 10-year average). YTD sales volume increased 12.8% in the region, rising from $661.2M in 2019 to $745.8M in 2020.

In Regina, the number of new listings in August 2020 rose 10.4%, going from 443 to 489 (3.5% below the 5-year average and 0.7% above the 10-year average), while in the region, new listings rose 9.9% from 538 last year to 591 this year (5.5% below the 5-year average and 2.4% below the 10-year average). YTD new listings in the city fell 8.4%, going from 3,871 to 3,544, while in the larger region, the number of new listings to date fell 9.1%, going from 4,939 to 4,491. Active listings fell 18.4% in Regina (down from 1,583 to 1,292) and fell 22.1% in the region (down from 2,276 to 1,772).

Inventory in Regina stood at 3.7 months (which is 41.9% below the level last year and 29.2% below the 5-year average), while the sales to listing ratio was 71.0%, suggesting that market conditions favour sellers. Inventory in the larger region stood at 4.1 months (which is 44.0% below the level last year and 33.1% below the 5-year average), while the sales to listing ratio was 72.4%, suggesting that market conditions favour sellers.

Homes in Regina stayed on the market an average of 51 days in August—down 15.0% from 60 days last year (but below the 5-year average of 54 days and above the 10-year average of 45 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 65 days last year (and 2.4% below the 5-year average).

Median home prices in Regina went from $295,000 to $304,900 (an increase of 3.4%) and were approximately 0.8% above the 5-year and 0.6% above the 10-year average median price. The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—is up 0.8% from $284,500 to $286,900. Year-to-date, the median home price in Regina was $291,541 which is 1.5% above the $287,119 price from the same time last year. Median home prices in the region went from $290,250 to $300,000 (an increase of 3.4%) and were approximately 0.7% above the 5-year and 0.9% above the 10-year average median price. Year-to-date, the median home price in the region was $289,250 which is 1.6% above the $284,638 price from the same time last year.

Information provided by: SRA (Saskatchewan Realtors Assoc.)

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July 2020

We thought you might be interested in seeing how our real estate activity for the 1st seven months of the year has performed compared to previous years. (According to statistics provided by our Saskatchewan Realtors Association) Our June and July activity has been very strong compared to the first five months. Obviously and unfortunately March, April and May were very much affected by the virus/pandemic. On a positive note, that three month period reduced our inventory levels helping to result in a stronger market. August has also started off very strong indicating it is still an excellent time for sellers to get their properties sold. (at the proper Listing Price!) That being said, Property prices/market values are the major motivating factor for buyers as well as extremely low Interest Rates: A perfect time to purchase a home.  

Saskatchewan July 2020

Building off the strong performance seen in June, the real estate sector continues to show signs of resilience. Across the province, year-over-year sales were up over 56% from July of last year (and up over 9% year-to-date), new listings were up over 9% year-over-year (but down 11% year-to-date), and the median sale price was up 2.7% (down 0.9% year-to-date). Inventories were also down in all markets that the SRA tracks, suggesting that people are still eager to buy and take advantage of the opportunities that exist.

Although prices are down in some markets (reflecting the local nature of real estate), the number of sales were up in all markets that the SRA tracks, and the number of new listings were up in all but one. Again, this suggests that the sector is doing quite well despite the impact the pandemic has had on the province, and that the sector has recovered in two to three months.

The strong performance seen in June and July (supported by increasing confidence in the real estate sector) is promising for August as well. “Members are still receiving multiple offers and some properties continue to be sold almost as soon as they’re listed,” says Yochim*, suggesting that there is still pent-up demand. As a result, would-be sellers may be encouraged to list and help ease the declining inventory burden. And with children scheduled to return to school in September, August could see another strong push before life gets back to “normal” and Saskatchewan Real Estate activity begins its cyclical slow down.

*Saskatchewan Realtors Association (SRA) CEO Jason Yochim

Regina July 2020

Below are Regina statistics comparing activity for the month of July.

Sales in Regina were up 51.2%, going from 254 in July 2019 to 384 in July 2020, and up 57.8% in the overall region, going from 308 to 486. In Regina, sales were 40.1% above the 5-year average (and 33.8% above the 10-year average), while in the larger region, sales were 42.8% above the 5-year average (and 38.7% above the 10-year average). Year-to-Date (YTD) sales in Regina rose 0.6% over last year, increasing from 1,604 to 1,613, while YTD sales in the larger region rose 6.1%, going from 1,889 to 2,004.

Sales volume was up 58.4% in the city, going from $76.3M to $120.9M in 2020 (40.0% above the 5-year average, and 33.4% above the 10-year average). YTD sales volume in the city was $491.7M, an increase of 1.1% from last year. In the region, sales volume was up 7.3%, going from $568.0M to $609.5M (40.4% above the 5-year average and 36.1% above the 10-year average). YTD sales volume increased 7.3% in the region, rising from $568.0M in 2019 to $609.5M in 2020.

In Regina, the number of new listings in July 2020 rose 10.6%, going from 502 to 555 (14.3% above the 5-year average and 11.9% above the 10-year average), while in the region, new listings rose 7.6% from 645 last year to 694 this year (12.7% below the 5-year average and 10.7% above the 10-year average). YTD new listings in the city fell 10.9%, going from 3,428 to 3,055, while in the larger region, the number of new listings to date fell 11.4%, going from 4,401 to 3,900. Active listings fell 20.6% in Regina (down from 1,655 to 1,314) and fell 24.3% in the region (down from 2,390 to 1,809).

Inventory in Regina stood at 3 (which is 47.5% below the level last year and 40.4% below the 5-year average), while the sales to listing ratio was 69.2%, suggesting that market conditions favour sellers. Inventory in the larger region stood at 4 (which is 52.0% below the level last year and 44.5% below the 5-year average), while the sales to listing ratio was 70.0%, suggesting that market conditions favour sellers.

Homes in Regina stayed on the market an average of 48 days in July—down 11.1% from 54 days last year (but below the 5-year average of 49 days and above the 10-year average of 41 days). Homes in the region stayed on the market longer than homes in the city at 55 days on average in 2020, but also down from an average of 59 days last year (and 2.2% above the 5-year average).

Median home prices in Regina went from $277,500 to $300,000 (an increase of 8.1%) and were approximately 0.5% above the 5-year and 0.2% below the 10-year average median price. 

The MLS® Home Price Index (HPI) – a more accurate measure of house price trends: is up 3.1% from $276,000 to $284,500. Year-to-date, the median home price in Regina was $289,632 which is 1.3% above the $285,993 price from the same time last year.

Median home prices in the region went from $276,750 to $290,000 (an increase of 4.8%) and were approximately 1.2% below the 5-year and 2.0% below the 10-year average median price. Year-to-date, the median home price in the region was $287,714 which is 1.4% above the $283,836 price from the same time last year.

Information provided by: SRA (Saskatchewan Realtors Assoc.)

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