If you’ve been wondering what’s going on with the Saskatoon real estate market lately, here’s the quick rundown.
The market is still tight.
In February, Saskatoon had 271 home sales, which is about 16% lower than last year and just a little below the 10-year average. But that doesn’t necessarily mean the market is slowing down. What’s really happening is that there just aren’t a lot of homes available for buyers to choose from.
That supply issue has been the big story for a while now.
Inventory Is Still Very Low
At the end of February, Saskatoon had 614 homes showing as available, but here’s the important detail.
164 of those were already conditionally sold, meaning they’re basically spoken for and will likely be leaving the market soon.
So when you take those out, there were really only about 450 active homes available across the entire city heading into March.
For a city the size of Saskatoon, that’s not much inventory at all.
And when supply stays tight like this, it tends to keep pressure on prices.
Prices Continue to Climb
The benchmark price in Saskatoon reached $421,600 in February.
That’s:
up from $417,800 in January
about 5% higher than February last year
So prices are still moving upward, but not in a crazy spike. It’s more of a steady climb driven mostly by the lack of homes available.
What This Means for Buyers
If you’re a buyer right now, the biggest challenge isn’t necessarily price.
It’s finding the right home before someone else does.
Good properties are still attracting strong interest, especially if they’re priced well and in desirable neighbourhoods.
That doesn’t mean every house sells instantly, but the good ones definitely don’t sit long.
What This Means for Sellers
For sellers, the tight inventory is good news.
With fewer homes competing for attention, well-presented properties are still seeing strong activity. Pricing strategy still matters, but the lack of supply is helping keep things moving.
Heading Into the Spring Market
Spring is usually when we see a wave of new listings hit the market.
The big question this year will be whether enough homes come up for sale to give buyers more options.
If listings stay low, we’ll likely keep seeing the same pattern:
steady demand
limited inventory
gradual price growth
And honestly, that’s pretty much been the story of the Saskatoon market for the past couple years.
If you’re thinking about buying or selling this spring and want to talk through the market, feel free to reach out anytime. I’m always happy to chat about what’s happening out there.
-Kevin Leuschen