Real Estate Blog

In September 2024, the Saskatoon real estate market showed positive growth, with a total of 432 sales, marking a 16% increase year-over-year and a notable 24% increase compared to the 10-year average. The city's residential benchmark price was $401,800, which represents a 6.5% rise from the previous year. However, despite the rise in sales, inventory levels were significantly low, with available listings down by 47.9% year-to-date compared to the 10-year average, resulting in constrained supply that has limited further potential growth in sales.

The number of new listings reached 654 in September 2024, reflecting a 14% increase from the previous year. However, the overall inventory remained low at 918, which is 11% below last year’s levels and substantially below historical trends. This persistent inventory shortage has created tight market conditions, pushing prices upward. The months of supply—an indicator of market balance—was recorded at 2.13 months, further highlighting the limited availability of homes for sale in the Saskatoon market.

The various housing categories showed a mixed performance in terms of sales and pricing. Detached homes remained a significant contributor to the overall market, with steady sales and pricing increases. The benchmark price for detached homes was up by 7%, standing at $458,900. Apartments and row/townhouses also saw strong price appreciation, with benchmark prices up 8% and 6%, respectively. However, semi-detached homes faced a slight decline in sales, although prices in this segment remained stable.

The overall market continued to be supported by high demand and limited supply, factors that have maintained upward pressure on home prices across all segments. Affordability concerns may emerge as prices continue to rise, especially in the detached and apartment markets. However, the demand for housing remains robust, reflecting strong buyer interest despite inventory challenges.

In summary, Saskatoon's real estate market in September 2024 experienced strong price growth and increased sales despite ongoing inventory shortages. The market remains tight, with limited supply contributing to rising prices across various housing types. This environment is expected to persist, continuing to challenge affordability while maintaining strong market activity.