The Saskatoon real estate market continues to experience growth in 2024, with increased sales, rising prices, and low inventory levels. Saskatoon has become one of the tightest real estate markets in Saskatchewan, with demand far outstripping supply. Year-to-date sales growth in Saskatoon, along with regions like Regina Moose-Mountain and Swift Current-Moose Jaw, has been a key driver of the provincial real estate market. According to the Saskatchewan Realtors® Association, these regions combined account for 81% of all home sales in Saskatchewan.
Residential Market Overview
Sales
In September 2024, the City of Saskatoon recorded 432 sales, a 16% increase compared to the same month last year. This figure also represents a 24% jump above the long-term 10-year average, highlighting the strength of the local housing market.
Inventory
Inventory levels in Saskatoon remain severely limited. The city reported that inventory levels in September 2024 were over 46% below the 10-year average, the lowest for this month since 2007. This lack of supply has restricted sales growth even further and kept the market highly competitive.
Prices
The benchmark price for homes in Saskatoon reached a record high of $401,800 in September 2024, although slightly down from the August figure of $404,900. Year-over-year, this price reflects a nearly 7% increase from September 2023, underscoring the upward pressure on home values.
Market by Housing Type
Detached Homes
Detached homes in particular saw significant price growth, with a benchmark price of $458,900, up 7% year-over-year. The average price for detached homes also rose 5% to $464,949. There were 272 sales in September 2024, a 24% increase from the previous year. Despite a 10% rise in new listings, inventory for detached homes was down 14% year-over-year, continuing to tighten market conditions. There were 598 detached homes available, with just over two months of supply—a 31% decline from last year—making the market particularly competitive for this property type.
Semi-Detached Homes
The semi-detached home segment faced contrasting trends in September. While new listings increased by 39%, sales dropped by 28% compared to the same time last year, with only 13 sales recorded. The benchmark price for semi-detached homes rose by 6% year-over-year, reaching $495,400, while the average price increased by 15% to $376,826.
Row/Townhouses
Townhouses saw 71 sales in September 2024, a 20% year-over-year increase. Inventory for townhouses was down 9% from last year, and the months of supply fell by 24%, indicating a competitive market. The benchmark price for townhouses rose by 9% to $332,800, while the average price grew 8% to $333,794, driven by limited availability and strong buyer interest.
Apartments
Apartment sales held steady in September 2024, with 73 units sold, similar to last year’s figures. New listings for apartments increased by 16%, but inventory levels fell by 10%, further tightening the market. The benchmark price for apartments increased 15% to $244,100, while the average price surged by 33% to $281,286.
Rental Market
Saskatoon’s rental market continues to experience upward pressure on prices as well. According to Zumper, rental prices in Saskatoon are on the rise.
Source: Zumper
Employment Trends
Saskatoon’s employment landscape has shown positive signs of recovery in 2024. The unemployment rate in September 2024 was 5.4%, a slight increase of 0.1% from the previous month but still below the long-run average. The unemployment rate remains 8.5% lower than its June 2020 levels, and below the national average of 6.5%.
In September, Saskatoon added 2,000 full-time jobs, offsetting a loss of 700 part-time positions and resulting in a net gain of 1,300 jobs. Full-time employment is at a record high.
