Market Outlook: Spring 2025
Spring Market Outlook: What’s Ahead for Saskatoon and Saskatchewan Real Estate
It may not feel liek it, but Spring will soon be on the horizon, bringing with it a sense of renewal and activity in the real estate market. Traditionally, this season sees a surge of new listings, increased buyer interest, and an energized pace of transactions. However, recent market trends suggest that this spring may be anything but typical, setting the stage for a dynamic and competitive season ahead.
The year 2024 closed on a high note for Saskatchewan’s housing market. Over 16,000 homes changed hands—the second-highest annual total in the province’s history—highlighting both resilience and growing demand. Yet, a persistent challenge looms: inventory. With listings at just half of historical averages, buyers face one of the tightest markets in memory. In Saskatoon, relentless demand left the city with only two months of supply by year’s end, signaling intense competition.
A Market in Transition
Spring usually signals a rejuvenation in real estate, as warmer days bring more homes to market and create opportunities for buyers and sellers alike. But this year’s script looks different. Inventory constraints that shaped 2024 haven’t eased, and demand shows no signs of slowing.
Saskatoon’s story illustrates the dynamic: over 5,000 homes were sold in 2024—an 8% increase from the previous year—despite the number of active listings dwindling to just 555 by December. Regina mirrors this trend, pairing record-breaking sales with inventory levels 40% below long-term norms.
Unsurprisingly, tight supply has pushed prices upward. Saskatoon’s benchmark price rose over 7% year-over-year to $395,300 by December, while Moose Jaw achieved double-digit price gains for five consecutive months. These shifts are testing the accessibility that has long been a hallmark of Saskatchewan’s housing market.
Positioning Yourself in a Competitive Market
For sellers, the early months of the year present an excellent window of opportunity. With inventory still constrained and demand high, listing now could position your home to stand out before the market becomes even busier. Well-priced, well-presented homes—particularly in the mid-range—are likely to draw significant attention. Even the luxury market is seeing growing interest from buyers relocating from larger cities like Toronto and Vancouver, seeking Saskatchewan’s affordability and lifestyle.
For buyers, preparation is key. Starting your search early allows you to better navigate a competitive landscape, where properties can move quickly. Working with an agent to identify opportunities now can give you a leg up before spring’s market activity peaks. Expanding your criteria—considering a broader range of neighborhoods or homes that need a little work—can also open doors to possibilities in this tight market.
What to Watch This Spring
The pace of the market this spring will depend on how quickly new listings emerge. While the season traditionally brings an influx of homes, the persistent challenges of 2024 suggest inventory may remain limited. Buyers should stay patient yet ready to act when opportunities arise, while sellers can leverage the high-demand environment to their advantage.
Interest rates will continue to play a pivotal role in shaping the market’s dynamics. Recent rate cuts by the Bank of Canada have already boosted activity, and further adjustments could accelerate demand. Keeping an eye on these shifts will be crucial for both buyers and sellers looking to optimize their timing.
The Bigger Picture
Saskatchewan’s real estate market isn’t just about transactions—it’s a reflection of the province’s growth, resilience, and evolving opportunities. Saskatoon remains a magnet for new residents, fueled by its thriving job market and strong community appeal. Meanwhile, smaller centers like Moose Jaw and Melfort are stepping into the spotlight with impressive growth and affordability.
Whether you’re considering buying, selling, or simply observing, the early months of 2025 are shaping up to be dynamic and full of promise. Understanding the current trends and positioning yourself now can make all the difference as the market gains momentum.
Let’s Connect
If you’re looking for deeper insights into the market or simply want to chat about homes and design, I’d love to hear from you. Whether it’s brainstorming ideas for your dream space or exploring your next real estate move, let’s connect and make your vision a reality.
