Saskatchewan’s real estate market for Q3 2024 reflects a mix of activity in the residential and rental markets. Saskatchewan’s growing population and an unemployment level below the national average continue to drive demand; meanwhile, construction activity remains strong.
Residential Summary for Q3 2024
Sales
In Q3 2024, according to an Edge Realty Analytics report, Saskatchewan’s residential market showed a minor decline in sales, dropping by 0.3% from Q2. However, year-over-year figures reveal stronger performance, with sales up by 7.9% compared to Q3 2023.
Listings
New listings increased by 5.0% from the previous quarter, although they dropped by 1.1% compared to the same period last year. Active listings, on the other hand, followed a downward trend, decreasing by 2.7% quarter-over-quarter and a substantial 16.7% year-over-year.
Prices
The average home price in Saskatchewan increased by 1.9% from Q2, while year-over-year prices rose by 5.7%, underscoring a steady rise in property values as demand holds across the province.
Months of Inventory
The months of inventory, an indicator of how long it would take to clear the current supply of homes, fell slightly from 3.8 months in Q2 to 3.6 months in Q3. This decline reflects a faster rate of sales relative to available properties, with inventory diminishing.
Sales-to-New Listings Ratio
The sales-to-new listings ratio declined from 71.4% in Q2 to 67.9% in Q3, indicating a slightly slower pace of absorption.
Construction
Saskatchewan’s new residential construction activity remained high in the third quarter, with a 15.1% increase quarter-over-quarter and a 21.7% rise year-over-year.
Economic Indicators
Population Growth
The population in Saskatchewan increased by 0.6% from Q2 2024, with a year-over-year growth rate of 2.5%, helping support ongoing demand.
Unemployment Rate
The unemployment rate rose slightly from 5.5% in Q2 to 5.7% in Q3; however, it remains lower than the national unemployment rate. As of October, the overall unemployment rate for Canada was 6.5%.
Mortgage Arrears
Mortgage arrears saw a minor increase, rising from 0.56% in Q2 to 0.57% in Q3 2024, which may hint at some financial pressure on homeowners, although the increase is slight.
Rental Market in November 2024
According to Rentals.ca, Saskatchewan’s rental market showed slight declines in rent prices quarter-over-quarter, which were more than compensated by larger year-over-year increases.
In Regina, the average rent for a one-bedroom apartment dropped by 2.5% month-over-month to $1,296, though it still shows an 8.9% year-over-year increase. Two-bedroom units in Regina saw a larger monthly decline of 4.7% and a 4.4% year-over-year increase.
In Saskatoon, the average one-bedroom rent decreased by 1.5% month-over-month to $1,293, but still experienced a significant year-over-year increase of 16.6%. Two-bedroom units experienced a smaller monthly decline of 0.4%, with the average rent reaching $1,511, with a notable 12.8% rise from the previous year.
