The Saskatchewan real estate market underwent significant changes in the third quarter of 2024
The second quarter of 2024 showed powerful activity in the Saskatchewan real estate market with sales prices increasing, according to a recent Edge Realty Analytics report
Although there was a small increase in new registrations, this was balanced by a significant decrease in active listings.
Construction remains strong, indicating confidence in future demand, and population growth drives housing needs.
Overall Market Performance: Saskatchewan Real Estate Market Update
Here’s a simple breakdown of Saskatchewan’s real estate market for the second quarter of 2024.
1. Residential Sales
The real estate market in Saskatchewan stayed steady in Q2 2024. There were 5,750 residential Saskatoon homes for sale, which is a 3% increase from the first quarter. It shows that people are still keen to buy homes in the area.
2. Home Prices
Home prices in Saskatchewan kept rising this quarter. The average price for a home reached $315,000, which is up by 4% from Q1. In Saskatoon, the average price climbed to $385,000, a 5% increase. Regina saw its average home price go up to $340,000, a 3% rise.
3. Market Supply
There were fewer homes available this quarter. The number of active listings dropped to 8,300, a 2% decrease from the previous quarter. Well, this fast supply made it harder for buyers to find homes, leading to higher prices and more competition.
4. New Construction
Building new homes picked up in Q2 2024. There were 1,900 new housing starts, which is a 6% increase from the first quarter. Builders were busy, especially in Saskatoon and Regina. Many new projects were for condos and townhouses, which are popular with first-time buyers and young families.
5. Mortgage Rates
Mortgage rates stayed fairly stable. The average five-year fixed mortgage rate was around 5.25%. Even though this is slightly higher than last year, it still allowed many buyers to get loans. Also, affordable mortgage rates helped keep the market active despite rising home prices.
6. Rental Market
Renting a home remained in demand. In Saskatoon, the average rent for a two-bedroom apartment went up to $1,250, a 3% increase. In Regina, the average rent for a similar apartment rose to $1,200, up by 2.5%. The rental market was competitive with low vacancy rates in the major cities.
7. Commercial Real Estate
Saskatchewan’s commercial real estate showed positive signs. Office space in Saskatoon saw more leasing activity, with vacancy rates dropping to 11%, down from 12.5% in Q1. Retail and industrial spaces also grew due to the province’s economic recovery and local business demand.
8. Economic Outlook
Saskatchewan’s economy improved in Q2 2024. The unemployment rate dropped to 5.7%, down from 6.2% in the first quarter. Key sectors like agriculture, mining, and energy continued to drive the economy. This economic boost helped the real estate market by increasing consumer confidence and attracting new residents.
Strong Sales and Rising Prices: Q2 2024
In Q2 2024, Saskatchewan’s real estate market saw strong activity. Home sales picked up significantly compared to the previous quarter. This uptick in sales is a clear sign that buyers are active and eager.
The average home price also rose. This increase reflects a growing demand for properties across the province.
In simple words, more people are looking to buy homes, and they are willing to pay more for them. This trend suggests that the market is healthy and vibrant.
New Listings vs. Active Listings
When it comes to new listings, there was a slight rise this quarter. More homes hit the market, which is a good sign for buyers. However, the number of active listings saw a substantial drop. This means that while new homes were listed, many were quickly taken off the market.
The decrease in active listings indicates that homes are selling faster. If you want to buy, you might need to act fast. Properties are not waiting on the market for a long time.
Ongoing Construction and Future Confidence
Construction activity in Saskatchewan remains strong. Builders are busy working on new projects. This high level of construction shows confidence in future demand. Developers are investing in new properties because they believe the market will continue to grow.
This ongoing construction helps to meet the demand for new homes. It also adds variety to the types of homes available. Whether you’re looking for a new house or an apartment, more options are becoming available.
Population Growth and Housing Demand
Population growth is another key factor supporting housing demand. More people moving into Saskatchewan means more demand for homes. This steady population increase is a positive sign for the real estate market.
As more people settle in the province, the need for housing continues to rise. This trend puts pressure on the market to keep up. It also means that the real estate market is likely to stay strong in the coming months.
As we look forward, the Saskatchewan real estate market seems poised for continued growth. With strong homes for sale, rising prices, and ongoing construction, the market is in a good place.
Buyers: It means a competitive market with many choices.
Sellers: it is a great time to list your home, as properties are selling quickly.
Investors: the strong market and growing population offer promising opportunities.
What This Means for You?
If you’re thinking about buying a home in Saskatchewan, now is a good time to start. The market is active, and homes are selling fast. Working with the best real estate agency can help you navigate this competitive environment.
If you’re selling, you can benefit from the high demand and quick sales. Pricing your home correctly and preparing it for showings can help you get the best possible deal.
For those interested in investing, the strong market and rising population make this a promising time. Investing in new construction or rental properties can offer good returns.
Final Thoughts
The second quarter of 2024 has been a dynamic period for Saskatchewan’s real estate market. With increased sales, rising prices, and ongoing construction, the market is thriving.
Population growth continues to drive demand, making this an exciting time for buyers, sellers, and investors alike.
Also, you can connect with the best real estate brokerage Vaughan to know these trends. Whether you’re looking to buy, sell, or invest, understanding these market dynamics can help you make informed decisions.
