Demand continues to outpace housing supply in Regina, Saskatoon

A for sale sign is seen in Regina in this undated file image. (David Prisciak/CTV News)

Saskatchewan is continuing to face housing supply pressures as new listings struggle to keep up with demand.

According to the latest report from the Saskatchewan Realtors Association (SRA), the province recorded 1,571 residential home sales in May – marking a 10 per cent decrease year over year.

There were 2,600 new listings added across the province last month, which was the highest monthly total so far this year. While inventory also improved, with 4,399 units by the end of May added, over 1,000 of those were already conditionally sold and expected to leave the market.

• Saskatchewan home prices continue to rise amid supply shortage: Realtors association

“We’re adding listings, but demand continues to absorb them almost as quickly as they come online,” Chris Guérette, CEO of the SRA said in an update on Wednesday. “That’s why we’re seeing a third consecutive month of record benchmark prices.”

In May, the provincial residential benchmark price reached $381,000, surpassing April’s record of $374,300 and March’s record of $374,100.

Regina

Regina set a record benchmark of $350,200 in May, which was up from April’s record of $345,700 and almost four per cent higher when compared to May of last year.

There were 553 new listings and 350 sales in Regina in May, down nearly 17 per cent for sales year-over-year, according to the report.

At the end of May, 187 of the 687 available units were conditionally sold, leaving 500 properties available.

Saskatoon

Saskatoon set a record benchmark of $444,400 in May, which was up from April’s record of $433,200 and above the previous record of $435,200.

There were 821 new listings and 519 sales in Saskatoon in May, down four per cent for sales year-over-year.

At the end of May, over 250 of the 837 available units in inventory were conditionally sold, leaving 560 units available heading into June, the report said.

The full report can be read here.