Saskatchewan’s residential real estate market in Q4 2024 showed modest growth in sales and rising home prices amid a tightening inventory, while rental markets in Saskatoon and Regina continue to follow different paths, reflecting their respective local economic conditions and tenant demand.
Residential Summary for Q4 2024
An Edge Realty Analytics report on Saskatchewan’s residential market in March revealed several key trends.
Sales
Residential sales increased by 5.4% quarter-over-quarter and by 11.8% year-over-year, reflecting a modest improvement in buyer demand.
Listings
New listings declined by 3.5% from the previous quarter and dropped by 4.1% compared to the same period last year. Active listings fell sharply by 11.5% sequentially and 24.4% year-over-year, indicating a significant contraction in available inventory. This tightening is further reflected in the sales-to-new listings ratio, which increased from 68.2% in Q3 to 74.3% in Q4, indicating that a larger share of new listings is being absorbed.
With months of inventory, or how long it would take to sell existing homes on the market given the current pace of sales, falling from 3.7 in Q3 to 3.4 in Q4, the market appears to be becoming increasingly competitive.
Prices
Home prices appreciated by 1.1% from Q3 2024 and climbed 6.8% year-over-year, underscoring a gradual upward trend in property values.
Construction
Development activity remains a positive sign for future supply, as under-construction units increased by 4.4% quarter-over-quarter and surged 16.8% over the past year.
Economic Factors
Meanwhile, economic fundamentals show modest growth; the province’s population expanded by 0.6% quarter-over-quarter and 2.2% year-over-year.
The unemployment rate edged upward slightly from 5.5% in Q3 to 5.8% in Q4, and mortgage arrears experienced a minimal rise from 0.57% to 0.58%.
Rental Market
According to Rentals.ca, in February 2025, in Saskatoon, the average rent for a one-bedroom apartment is reported at $1,262, reflecting a 3.8% increase month-over-month and a 6.7% rise year-over-year. Two-bedroom apartments in Saskatoon average $1,524, with rents growing by 2.5% month-over-month and 9.8% year-over-year, underscoring robust demand in this market.
In contrast, Regina shows a more subdued rental market. The average rent for a one-bedroom apartment stands at $1,239, experiencing a slight month-over-month decline of 0.1% and a 0.4% decrease year-over-year. Two-bedroom apartments in Regina average $1,473, with a marginal month-over-month increase of 0.4% and a 3.0% gain year-over-year.
While Saskatoon continues to see healthy rental growth, Regina’s rental market remains relatively steady with only modest fluctuations.