Market Update

SK Real Estate Markets Rebound as Province Re-Opens

June 4,  2020

Across the province, year-over-year sales were down nearly 14% from May of last year (nearly 13% year-to-date), new listings were down almost 20% (both year-over-year and year-to-date), and the median sale price was down 5.7% (down 2.2% year-to-date). Despite this negative performance, and considering a pandemic that has led to a global recession, Saskatchewan’s real estate market is performing quite well and will likely get better as the province continues to re-open.

New listings and sales closely tracked last year’s numbers until the province declared a state of emergency in midMarch. Based on previous epidemics and the restrictions put in place to limit the spread of the outbreak, “we expected transactions to fall dramatically in April,” said SRA CEO Jason Yochim. “But we also expect transactions to return to normal levels once restrictions are lifted,” and we see that happening with new listings and sales up significantly from where they were this April.

And while sales prices have fallen (also consistent with evidence from previous pandemics), part of this decline is related to the higher levels of inventory due to reduced sales which, combined with weaker demand due to COVID restrictions, puts downward pressure on prices. As pent-up demand subsides and people begin to buy again, we should expect to see prices begin to return to normal as well.

Saskatchewan’s market strength calls into question CMHC’s recent projections about the province’s real estate market, and CMHC’s Housing Market Outlook ignores the local nature of real estate.  For instance, Saskatoon and Regina account for over 50% of the sales in the province, and these two markets alone can have a significant impact on the province’s overall performance.  In addition, even at the height of the province’s state of emergency, year-to-date (YTD) sales in North Battleford, Estevan, and Yorkton were up more than 10% from last year, and YTD prices in several markets were also up.

“I hear more frequently that our members are receiving multiple offers”. So while the real estate sector in the province has been hit by COVID and continues to feel its effects, the outlook isn’t nearly as grim as some are making it out to be, and we’re already starting to see signs of recovery going into summer. “As the province continues to open up and our members take action to protect public safety,” says Yochim, “I expect markets to make a strong recovery.”

Saskatoon - 

Saskatoon Sales in Saskatoon were down 22.7%, going from 422 in May 2019 to 326 in May 2020, and down 14.0% in the overall region, going from 515 to 443. In Saskatoon, sales were 15.5% below the 5-year average (and 21.6% below the 10-year average), while in the larger region, sales were 14.3% below the 5-year average (and 22.3% below the 10-year average). Year-to-Date (YTD) sales in Saskatoon fell 14.2% over last year, decreasing from 1,470 to 1,261, while YTD sales in the larger region fell 10.8%, going from 1,843 to 1,644.

Sales volume was down 16.7% in the city, going from $140.6M to $117.1M in 2020 (12.4% below the 5-year average, and 18.7% below the 10-year average). YTD sales volume in the city was $429.3M, a decrease of 11.2% from last year. In the region, sales volume was down 9.1%, going from $578.0M to $525.6M (13.8% below the 5year average and 21.7% below the 10-year average). YTD sales volume decreased 9.1% in the region, falling from $578.0M in 2019 to $525.6M in 2020.

In Saskatoon, the number of new listings in May 2020 fell 17.0%, going from 911 to 756 (18.1% below the 5-year average and 16.2% below the 10-year average), while in the region, new listings fell 14.2% from 1,253 last year to 1,075 this year (19.7% below the 5-year average and 19.1% below the 10-year average). YTD new listings in the city fell 15.6%, going from 3,420 to 2,885, while in the larger region, the number of new listings to date fell 17.4%, going from 4,735 to 3,913. Active listings fell 20.1% in Saskatoon (down from 1,944 to 1,553) and fell 21.2% in the region (down from 3,254 to 2,564).

Inventory in Saskatoon stood at 5 (which is 3.4% above the level last year and 7.8% below the 5-year average), while the sales to listing ratio was 43.1%, suggesting balanced market conditions. Inventory in the larger region stood at 6 (which is 8.4% below the level last year and 11.4% below the 5-year average), while the sales to listing ratio was 41.2%, suggesting balanced market conditions.

Homes in Saskatoon stayed on the market an average of 48 days in May—up 2.1% from 47 days last year (and above the 5-year average of 46 days and above the 10-year average of 40 days). Homes in the region stayed on the market longer than homes in the city at 60 days on average in 2020, but also up from an average of 54 days last year (and 11.1% above the 5-year average).

Median home prices in Saskatoon went from $326,000 to $338,000 (an increase of 3.7%) and were approximately 1.7% above the 5-year and 1.9% above the 10-year average median price. The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—is up 2.2% from $303,400 to $306,500. Year-to-date, the median home price in Saskatoon was $326,250 which is 1.0% above the $323,120 price from the same time last year. Median home prices in the region went from $312,500 to $307,000 (a decrease of 1.8%) and were approximately 1.8% below the 5-year and 1.9% below the 10-year average median price. Year-to-date, the median home price in the region was $305,700 which is 2.1% above the $299,280 price from the same time last year.

Prince Albert - 

Prince Albert Sales in Prince Albert were up 2.8%, going from 36 in May 2019 to 37 in May 2020, and up 3.0% in the overall region, going from 66 to 68. In Prince Albert, sales were 17.4% below the 5-year average (and 22.6% below the 10year average), while in the larger region, sales were 4.8% below the 5-year average (and 9.3% below the 10-year average). Year-to-Date (YTD) sales in Prince Albert fell 5.6% over last year, decreasing from 125 to 118, while YTD sales in the larger region fell 14.4%, going from 229 to 196.

Sales volume was down 1.3% in the city, going from $8.4M to $8.3M in 2020 (21.4% below the 5-year average, and 28.0% below the 10-year average). YTD sales volume in the city was $24.0M, a decrease of 9.9% from last year. In the region, sales volume was down 10.5%, going from $46.9M to $41.9M (1.1% below the 5-year average and 5.1% below the 10-year average). YTD sales volume decreased 10.5% in the region, falling from $46.9M in 2019 to $41.9M in 2020.

In Prince Albert, the number of new listings in May 2020 fell 40.2%, going from 102 to 61 (40.0% below the 5-year average and 39.8% below the 10-year average), while in the region, new listings fell 22.7% from 203 last year to 157 this year (25.8% below the 5-year average and 25.2% below the 10-year average). YTD new listings in the city fell 17.3%, going from 330 to 273, while in the larger region, the number of new listings to date fell 19.2%, going from 688 to 556. Active listings fell 12.7% in Prince Albert (down from 306 to 267) and fell 16.5% in the region (down from 727 to 607).

Inventory in Prince Albert stood at 7 (which is 15.1% below the level last year and 1.2% below the 5-year average), while the sales to listing ratio was 60.7%, suggesting that market conditions favour sellers. Inventory in the larger region stood at 9 (which is 19.0% below the level last year and 13.3% below the 5-year average), while the sales to listing ratio was 43.3%, suggesting balanced market conditions.


Homes in Prince Albert stayed on the market an average of 82 days in May—up 7.9% from 76 days last year (and above the 5-year average of 80 days and above the 10-year average of 75 days). Homes in the region stayed on the market longer than homes in the city at 95 days on average in 2020, but also down from an average of 98 days last year (and 2.6% above the 5-year average).


Median home prices in Prince Albert went from $226,500 to $229,000 (an increase of 1.1%) and were approximately 0.8% above the 5-year and 1.6% below the 10-year average median price. Year-to-date, the median home price in Prince Albert was $196,517 which is 4.1% above the $188,780 price from the same time last year. Median home prices in the region went from $189,500 to $230,950 (an increase of 21.9%) and were approximately 6.5% above the 5-year and 4.3% above the 10-year average median price. Year-to-date, the median home price in the region was $203,890 which is 11.4% above the $183,000 price from the same time last year.

North Battleford - 

North Battleford Sales in North Battleford were down 40.7%, going from 27 in May 2019 to 16 in May 2020, and down 15.6% in the overall region, going from 64 to 54. In North Battleford, sales were 38.5% below the 5-year average (and 47.5% below the 10-year average), while in the larger region, sales were 17.9% below the 5-year average (and 28.5% below the 10-year average). Year-to-Date (YTD) sales in North Battleford rose 17.4% over last year, increasing from 69 to 81, while YTD sales in the larger region rose 10.7%, going from 187 to 207.

Sales volume was down 48.8% in the city, going from $6.3M to $3.2M in 2020 (45.6% below the 5-year average, and 53.6% below the 10-year average). YTD sales volume in the city was $14.0M, a decrease of 4.7% from last year. In the region, sales volume was up 5.1%, going from $36.4M to $38.2M (26.1% below the 5-year average and 31.9% below the 10-year average). YTD sales volume increased 5.1% in the region, rising from $36.4M in 2019 to $38.2M in 2020.

In North Battleford, the number of new listings in May 2020 fell 34.4%, going from 61 to 40 (33.3% below the 5year average and 33.8% below the 10-year average), while in the region, new listings fell 27.1% from 203 last year to 148 this year (23.9% above the 5-year average and 26.3% below the 10-year average). YTD new listings in the city fell 17.6%, going from 233 to 192, while in the larger region, the number of new listings to date fell 18.2%, going from 693 to 567. Active listings fell 14.4% in North Battleford (down from 229 to 196) and fell 7.0% in the region (down from 820 to 763).

Inventory in North Battleford stood at 12 (which is 44.4% above the level last year and 35.9% above the 5-year average), while the sales to listing ratio was 40.0%, suggesting balanced market conditions. Inventory in the larger region stood at 14 (which is 10.3% above the level last year and 12.0% above the 5-year average), while the sales to listing ratio was 36.5%, suggesting that market conditions favour buyers.

Homes in North Battleford stayed on the market an average of 130 days in May—up 30.0% from 100 days last year (and above the 5-year average of 86 days and above the 10-year average of 67 days). Homes in the region stayed on the market for less time than homes in the city at 118 days on average in 2020, but also up from an average of 88 days last year (and 19.7% above the 5-year average).


Median home prices in North Battleford went from $228,000 to $195,000 (a decrease of 14.5%) and were approximately 9.4% below the 5-year and 8.8% below the 10-year average median price. Year-to-date, the median home price in North Battleford was $160,390 which is 18.6% below the $196,950 price from the same time last year.

Median home prices in the region went from $229,000 to $175,000 (a decrease of 23.6%) and were approximately 12.5% below the 5-year and 10.7% below the 10-year average median price. Year-to-date, the median home price in the region was $162,980 which is 2.9% below the $167,800 price from the same time last year.

Jason Yochim, Chief Executive Officer

Saskatchewan REALTORS® Association

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