January Market Update

Saskatchewan reported 776 sales in January, a year-over-year gain of 24 per cent and nearly 18 per cent above long-term, 10-year averages. The seventh consecutive month of above-average sales in the province was primarily driven by strong detached home sales in January.

 Strong monthly sales were met with declining new listings, resulting in 4,562 available units in inventory in January, the lowest level reported in January since 2010.

 Inventory levels declined by 18 per cent year-over-year and remain over 36 per cent below long-term, 10-year trends. As seen in prior months, much of the inventory decline was driven by homes priced below $400,000, a segment of the market that remains extremely competitive. Alternatively, properties priced above $600,000 experienced inventory relief in January, though more was needed to offset the declines in lower price ranges.

 “Higher lending rates have driven many purchasers to seek out more affordable products, resulting in further inventory declines in the more affordable segment of our market,” noted Association CEO, Chris Guérette. “January failed to bring new listing relief to this area of our market, and prospective buyers can continue to expect tight market conditions when searching for more affordable properties.”

 Prices rose across all property types on a year-over-year basis in January, with the most significant gains occurring in row/townhouse-style properties. Saskatchewan reported a provincial benchmark price of $319,600 in January, up from $319,300 in December and nearly 1 per cent higher than January 2023.

 “While real estate is local and market conditions vary based on property type, price range, and location – our biggest concern is the lack of inventory across many markets in our province,” said Guérette. “Despite persistent inventory challenges, the predicted easing of lending rates and favourable economic conditions should continue to support stable demand for home ownership in Saskatchewan."

City of Saskatoon

The City of Saskatoon reported 245 sales in January, a year-over-year gain of 22 per cent and nearly 16 per cent above long-term, 10-year averages.

 Strong sales relative to new listings prevented a significant change in inventory levels, which decreased by 26 per cent year-over-year and sit nearly 50 per below long-term, 10-year averages.

 The City of Saskatoon reported a benchmark price of $372,800 in January, down from $374,100 in December and over 2 per cent above January 2023.


Listings needed! We have Buyers waiting... and waiting...

To put it simply in Saskatoon and area (Martensville, Warman etc) there isn't alot to choose from if you just started looking for a new home to buy! Listings are selling quickly because of this so it is a great time to think about selling. But for buyers there isn't much to choose from so some are sitting back for weeks and even months waiting for a new listing to pop up in their neighborhood or area of choice. If you are thinking about selling, have me over to evaluate your property and start the process! Ask me about all the options available for listing your home and let me guide you through things stress free. 

Reach out anytime and message me!  

Kevin Leuschen

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December Real Estate Market Stats and Info Saskatchewan


January 3, 2024

Saskatchewan is reporting above-average sales for the sixth consecutive month, with 757 sales across the province in December, a year-over-year gain of 19 per cent and 13 per cent above long-term, 10-year averages.

Year-over-year sales gains in the second half of 2023 failed to offset earlier pullbacks, as the province is reporting a 3 per cent sales decline compared to 2022. While the year-to-date sales decrease was forecasted as the market returns to pre-pandemic sales levels, much of the decline was driven by slowing detached activity. Meanwhile, apartment and semi-detached sales levels improved and continue to contribute to strong monthly sales.

Above-average sales were met with a decline in new listings, resulting in declining inventory levels throughout the year. Inventory levels across the province dipped by over 16 per cent year-over-year in December and remain nearly 35 per cent below the 10-year average.

“Higher lending rates continue to push prospective buyers to seek more affordable options within our market while inventory levels within that market segment remain extremely tight,” said Association CEO Chris Guèrette. “When paired with declining new listings in more affordable properties, there simply isn’t enough inventory in lower price ranges right now.”

The shift toward more affordable products has increased price pressures for apartment, row, and semi-detached property types. Meanwhile, detached homes, which account for the majority of sales activity across the province, reported similar prices compared to last year. Saskatchewan reported a benchmark price of $319,300 in December, down from $324,400 in November and nearly 2 per cent above December 2022.

“Saskatchewan’s housing market continues to benefit from the economic success in our province, including a strong labour market and record population growth,” said Guèrette. “Supply challenges, specifically in the more affordable segment of the market, remain our biggest concern when looking ahead to 2024 and are likely preventing even stronger monthly sales numbers.”


Regional Highlights
Despite a slight dip in year-to-date sales across many regions of the province, year-over-year sales activity increased across all regions except for the Northern Region and remain significantly higher than long-term averages.

The decline in new listings across the regions in 2023 continues to drive inventory levels well below long-term, 10-year trends. The Saskatoon-Biggar Region (4.42 months of supply) and the Regina-Moose Mountain Region (5.43) continue to experience the tightest conditions in the province – while the Swift Current-Moose Jaw Region (8.65), Yorkton-Melville (8.84), and Prince Albert Region (8.43) saw a shift to more balanced conditions.

Price Trends
Benchmark prices varied across the province in December, as the communities of Humboldt (+6.2 per cent), Meadow Lake (+4.2), Melfort (+0.7), Melville (+4.8), Moose Jaw (+1.4), Prince Albert (+2.3), Saskatoon (+5.5), and Yorkton (+1.8) all reported year-over-year price gains.

In contrast, Estevan (-7.5 per cent), Regina (-4.1), Swift Current (-4.9), and Weyburn (-5.3) reported year-over-year price declines.

City of Regina

The City of Regina reported 188 sales in December, a year-over-year gain of nearly 25 per cent and 24 per cent above long-term trends.

Despite significant new listing growth in December, the number of new listings decreased by 12 per cent in 2023. This resulted in further reductions in inventory levels, which remain over 33 per cent below long-term averages in the Queen City.

Strong sales and below-average inventory were not enough to prevent price adjustments in December, as the City of Regina reported a benchmark price of $299,800, down from $308,500 in November and 4 per cent below December 2022.

City of Saskatoon

The City of Saskatoon reported 230 sales in December, a year-over-year gain of 14 per cent and 10 per cent above long-term, 10-year averages.

Strong sales were again met with a pullback in new listings, resulting in further inventory declines, as inventory levels in the Bridge City are nearly 45 per cent below the 10-year average.

Tight market conditions supported modest price growth in December, as the City of Saskatoon reported a benchmark price of $374,100, up over 5 per cent from December 2022.

For more information:

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Mortgages in 2023 a recap ...

A new normal for Canadians: The way of mortgages today


With interest rates and inflation rising high over the last few years, Canadians have gone through some tough times — to the point that many are holding their real estate plans, whether buying or selling.

Although the Bank of Canada announced its final rate hold of 2023 earlier this month, the mortgage industry has already changed with the 10 rate hikes since March 2022. Here’s what’s happened.

Different lender types and loan terms

The market share of non-traditional lenders (non-bank mortgage lenders, mortgage investment entities and other chartered banks) has increased, as the usual big six Canadian banks (TD, Royal Bank, Bank of Montreal, Scotiabank, CIBC and National Bank) experienced a drop of 5.9 per cent of newly extended mortgages in 2023’s first quarter. However, they still hold the largest portion of outstanding mortgages.

Statistics Canada reports that non-bank mortgage lenders enjoyed a 1.9 per cent boost while mortgage investment entities an increase of 2.9 per cent.

New and refinanced mortgages from chartered banks went down by 44 per cent and 34 per cent, respectively, compared to 2022, CMHC reports. This is thanks to declining interest in the real estate market earlier this year from 2022 activity before interest rate hikes began.

To deal with higher monthly mortgage payments, many homeowners re-amortized their loans — to the point that two out of three mortgages in the first half of 2023 had amortization periods over 25 years (in 2022, it was one in two).

Fixed-rate mortgages still favoured

Whether renewing an existing mortgage or starting a new one, homeowners continue to prefer fixed-rate mortgages, which is currently more affordable than their variable-rate counterparts.

It’s thought that homeowners are starting to accept that higher rates aren’t changing anytime soon, which is causing mortgage holders to lock into fixed rates and at least have some certainty, which is important to homeowners. “Bank of Canada officials are helping to ingrain this, telling Canadians to brace for an era of higher borrowing costs,” analysts say, as Zoocasa reports.

CMHC reports that over the first two-thirds of this year, $244.5 billion was lent for new and renewed fixed-rate mortgages — a contrast to the $20.4 billion lent for variable-rate mortgages. 



There were 1,006 sales reported across the province in November, a 10 per cent year-over-year increase, marking the fifth consecutive month of year-over-year sales increases in Saskatchewan. Much of the monthly sales gains were driven by rising activity in the Regina and Saskatoon Regions. As seen in previous months, year-to-date sales remain well above long-term, 10-year trends, as the province continues to report strong sales.

A slight year-over-year increase in new listings was not enough to offset above-average November sales, causing further retractions in inventory levels, specifically in homes priced below $400,000. Inventory levels decreased by over 16 per cent on a year-over-year basis and remain over 30 per cent below long-term, 10-year averages.

“Saskatchewan’s housing market continues to benefit from a strong economy, record employment and population growth,” said Association CEO, Chris Guérette. “These factors, when paired with our relative affordability, continue to support above-average monthly sales and stable demand in home ownership.”

The months of supply rose above five months in November, slightly higher than levels reported earlier this year, but still over 40 per cent below the 10-year average. Despite a slight gain in the months of supply compared to October, nearly all of the growth was in higher-priced products, as the more affordable segment of the market continues to face significant inventory challenges.

In line with typical seasonal factors, Saskatchewan reported a slight decrease in the benchmark price of $324,400 in November, down from $327,300 in October and up nearly 2 per cent from November 2022.

“Our market continues to outperform many regions across the country, as we once again report strong sales levels and prices that are holding relatively steady,” said Guérette. “Where we are similar to other markets, however, is that we are experiencing persistent inventory challenges, specifically in the more affordable segment of our housing continuum.”

As always - reach out with any comments or questions:



Mortgage rates and the Saskatoon real estate market

Fixed Vs. Variable Mortgages: decisions, decisions, decisions!

As a busy real estate agent in Saskatoon, SK we chat with clients all the time about what is best and of course refer them on to a great mortgage broker. There really isn't a "correct" answer ever because everyone's personal circumstances are unique. But consider the following:

Interest Rates: Opt for stability with fixed-rate mortgages, where a consistent interest rate is your financial anchor. On the other hand, variable mortgages may tempt you with initial savings, but brace yourself for the rollercoaster of fluctuating rates.

Payment Flexibility: Simplify your budgeting with fixed mortgages, offering predictability in monthly payments. Conversely, variable mortgages may kick off with lower initial payments, but their ever-changing nature demands adaptability in financial planning.

Risk Tolerance: If stability and predictability are your priorities, fixed mortgages are the route to take. However, for those ready to embrace some risk in pursuit of potential savings, the allure of variable mortgages beckons.

Long-term vs. Short-term Perspectives: Plotting a course for long-term stability? Fixed mortgages are your steadfast companion. On the flip side, if you're eyeing potential short-term gains and navigating market volatility doesn't faze you, variable mortgages may be the strategic choice.

Economic Considerations: Decode the economic landscape by understanding current and forecasted conditions, including interest rate trends and governmental monetary policies. This knowledge is your compass in the decision-making journey.

Personal Financial Goals: Customize your mortgage to harmonize with your unique financial goals. Whether it's homeownership duration, specific investment strategies, or your risk appetite, aligning your mortgage choice ensures a cohesive fit within your broader financial plan.

As always - reach out if you want to chat about the Saskatoon market and I'll get in touch!


Real Estate Market Update: Saskatoon - Oct/23

Market Update for October 2023:

  The City of Saskatoon reported 382 sales in October, a yearover-year gain of 20 per cent and 12 per cent above long-term, 10-year trends. New listings failed to offset a sixth consecutive month of above-average sales, resulting in the lowest October inventory levels reported in the Bridge City since 2007. With just over two months of supply in Saskatoon, we continue to see upward pressure on home prices. The benchmark price reached $382,700 in October, up from $381,900 in September and nearly 4 per cent above October 2022. Year-over-year price gains were reported in all property types, ranging from one per cent in semi-detached properties - to an eight per cent increase in townhouse/row-style properties. (Saskatchewan Realtors Association)

Lower inventory of houses = sellers market + higher prices.

If you are buying a home in Saskatoon right now you will find less homes available than usual, making the decisions quicker and you may be offering above asking price. 

If you are selling a home right now in Saskatoon you are likely getting above your expectations and happy with all the showings.

Stage your home correctly and make sure it presents itself nicely and you will be surprised at what it can fetch in today's market!

As always reach out with questions to me anytime.

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October sales strong despite low inventory

Saskatchewan reported 1,259 sales in October, a year-over-year gain of 11 per cent and nearly 13 per cent above long-term, 10-year trends. Above-average October sales in the province can be attributed to gains in the detached, apartment and townhouse/row-style sectors. Despite year-to-date sales remaining slightly below levels experienced last year, Saskatchewan continues to report sales activity much stronger than the 10-year average.

As seen in prior months, supply challenges continued to persist across many regions of the province in October. Inventory levels fell by over 15 per cent compared to last year and remain over 30 per cent below the 10-year average. Adjustments to sales and inventory levels, paired with declining new listings, resulted in the province reporting below five months of supply in October, a 23 per cent year-over-year decrease and over 40 per cent below long-term, 10-year averages.

“Higher lending rates continue to impact both demand and new listings in our market, which is likely preventing even stronger October sales numbers,” noted Association CEO, Chris Guérette. “Prospective move-up buyers are facing challenges amid higher interest rates and ongoing inflationary pressures, and we’re seeing a trickle-down effect with limited supply growth in the lower price ranges, which remain extremely competitive.”

With 4.5 months of supply, the province is reporting the tightest conditions heading into November since 2007. Despite tight market conditions, home prices remained relatively stable this month. Saskatchewan reported a benchmark price of $327,300 in October, down from $328,000 in September and up nearly 2 per cent from October 2022.

“Our market continues to demonstrate its resilience, as many have predicted, and we’re once again reporting strong sales despite inventory challenges, inflationary pressures, and higher lending rates,” said Guérette. “Saskatchewan is affordable, we’re growing at the fastest pace in over a century, and we’re well positioned for stable demand in home ownership.”

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35% off a new basement suite - new SK grant!

News dropped this week of a new grant I think many people will take advantage of. Here are the details:

"The Saskatchewan Secondary Suite Incentive (SSI) grant program is designed to improve housing affordability by generating supplementary income for homeowners and increase the availability of rental units in our communities. The grant program will provide 35% of the cost to build a new secondary suite at an owner’s primary residence, to a maximum grant of $35,000 per qualifying property.

The SSI is administered by the Ministry of Finance. Participants of this program may also be eligible for the Provincial Sales Tax (PST) Rebate for New Home Construction.

This is great for anyone looking to supplement their monthly mortgage payment with a secondary suite and make it affordable to build one. 

Follow me on Instagram and Facebook for more!



There were 1,736 sales recorded across the province in May, resulting in a four per cent year-over-year decline. However, despite the year-over-year decline, sales levels were 20 per cent above long-term, 10-year averages.

Stronger sales in May were possible due to recent monthly gains in new listings.  While the seasonal boost in new listings also caused inventories to trend up over the last month, inventory levels remain lower than levels reported in the previous year. They are at their lowest level reported in May since 2008.  While year-over-year inventory levels have improved for homes priced above $300,000, more was needed to offset the declines occurring in the lower price ranges.

“Saskatchewan continues to benefit from a strong economy which is helping offset some of the impacts of higher lending rates, keeping sales activity above levels seen before the pandemic,” said Association CEO Chris Guérette. “Despite ongoing inventory challenges, our market is once again showing its resilience as sales remain above long-term averages.”

Adjustments in both sales and inventories in May caused the months of supply to fall below four months. As expected, tightening conditions contributed to monthly gains in the benchmark price. As a result, Saskatchewan’s benchmark price reached $329,600 in May, nearly two per cent higher than the month prior.

“Supply levels do vary across different regions of the province. For example, much of the inventory declines have been driven by the Regina and Saskatoon markets, while other parts of the province are reporting year-over-year gains,” said Guérette. “For any buyer or seller active in this market, it will be important to work with a professional to understand how market conditions can vary depending on property type, price range and location.”

City of Saskatoon

The City of Saskatoon reported 538 sales in May, nearly identical to sales in May 2022 and well above long-term averages. Despite seasonal gains in new listings, inventory levels remain well below the 10-year average.

Higher sales and lower-than-average new listings prevented any significant change in inventory levels, causing the months of supply to fall to two months. As expected, tighter market conditions are placing upward pressure on home prices. Saskatoon’s benchmark price reached $380,100 in May, a monthly gain of nearly two per cent.


There were 854 sales recorded across the province in February, a year-over-year decline of 19 per cent. However, while sales are down year-over-year, sales activity remains stronger than pre-pandemic levels and above long-term, 10-year averages.

As seen in prior months, Saskatchewan continues to report new listings and inventory levels significantly below long-term trends. There were 1,360 new listings in February, down 18 per cent year-over-year and nearly 28 per cent below 10-year averages. While the months of supply did push above six months, inventory levels were down 6 per cent year-over-year and 31 per cent below 10-year averages.

“We continue to see higher lending rates and supply challenges contribute to a pullback in sales,” said Association CEO Chris Guérette. “I’m beginning to sound like a broken record, but our biggest concern is still inventory levels, specifically in the more affordable segment of our housing continuum.”

The provincial benchmark price reached $318,500 in February, slightly higher than the $317,400 recorded the month prior and 0.4 percent higher than February 2022.

“Year-over-year sales declines were to be expected as we returned to a more balanced market where sales activity is more consistent with the historical 10-year averages,” said Guérette. “Saskatchewan remains one of the most affordable jurisdictions in the country with a resilient market that is well-positioned for stable demand in home ownership.”



City of Saskatoon

The City of Saskatoon reported 4,587 sales in 2022, a 15 per cent decline over last year’s record high but over 12 per cent higher than 10-year trends. Supply continues to be a challenge, as new listings have eased significantly and were 14 per cent below long-term averages in 2022. Meanwhile, inventory levels eased even further, resulting in average supply levels 31 per cent below long-term trends.
While a pullback in sales relative to inventory levels in the second half of the year did allow the months of supply to rise, the market remains far tighter than what we would traditionally see in Saskatoon. On an annual basis, benchmark prices rose nearly five per cent over 2021 levels.

Any questions about the market please text or call or email anytime!

Kevin Leuschen


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