MediaRelease-2021-02-02

February 03, 2021

For immediate release:

Building off the momentum seen in 2020, the Saskatchewan real estate market started 2021 off strong. Across the province, sales were up over 49% from last January (going from 616 to 919), new listings were down just over 5% (going from 1,855 to 1,758). Inventories were also down in 18 of the 19 markets that the SRA tracks.

“We haven’t seen a January like this since 2012,” said SRA Economic Analyst Chris Gbekorbu. With new listings down 10% from their historical averages, there are fewer houses being put on the market. At the same time, the rising number of sales combined with falling inventory suggests strong demand for what housing is available. This could put upward pressure on prices and help to encourage potential sellers. “Although it is only one month and another COVID-like event could slow things down again like it did last March and April, this strong start should help us be optimistic for 2021,” said Gbekorbu.

While some analysts have suggested that national housing numbers could suffer significantly this year, most analysts project that home prices will rise and that the economy will see strong growth as we continue to recover from the effects of COVID. Most consumers are also optimistic about real estate, expecting the market to continue to grow and be a good investment opportunity.

 Saskatoon

Sales in Saskatoon were up 26.9%, going from 219 in January 2020 to 278 in January 2021, and up 25.5% in the overall region, going from 290 to 364. In Saskatoon, sales were 28.2% above the 5-year average (and 30.1% above the 10-year average), while in the larger region, sales were 24.1% above the 5-year average (and 26.9% above the 10-year average).

Sales volume was up 35.6% in the city, going from $71.5M to $96.9M in 2021 (33.7% above the 5-year average, and 33.7% above the 10-year average). In the region, sales volume was up 33.8%, going from $90.2M to $120.7M (29.0% above the 5-year average and 30.6% above the 10-year average).

In Saskatoon, the number of new listings in January 2021 fell 2.5%, going from 571 to 557 (7.9% below the 5-year average and 10.6% below the 10-year average), while in the region, new listings fell 4.2% from 811 last year to 777 this year (9.3% below the 5-year average and 11.4% below the 10-year average). Active listings fell 24.5% in Saskatoon (down from 1,373 to 1,037) and fell 28.0% in the region (down from 2,584 to 1,860).

Inventory in Saskatoon stood at 3.7 months (which is 40.5% below the level last year and 45.0% below the 5-year average), while the sales to listing ratio was 49.9%, suggesting balanced market conditions. Inventory in the larger region stood at 5.1 months (which is 42.7% below the level last year and 42.1% below the 5-year average), while the sales to listing ratio was 46.8%, suggesting balanced market conditions.

Homes in Saskatoon stayed on the market an average of 55 days in January—down 14.1% from 64 days last year (but below the 5-year average of 60 days and above the 10-year average of 55 days). Homes in the region stayed on the market longer than homes in the city at 63 days on average in 2021, but also down from an average of 73 days last year (and 11.3% below the 5-year average).

In Saskatoon, the MLS® Home Price Index (HPI)—which provides a more accurate measure of house price trends—was up 4.7% year-over-year, going from $305,800 to $320,300.

 Regina

Sales in Regina were up 75.5%, going from 110 in January 2020 to 193 in January 2021, and up 68.9% in the overall region, going from 132 to 223. In Regina, sales were 32.4% above the 5-year average (and 29.2% above the 10-year average), while in the larger region, sales were 31% above the 5-year average (and 30.2% above the 10-year average).

Sales volume was up 82.1% in the city, going from $29.1M to $52.9M in 2021 (27.9% above the 5-year average, and 20.3% above the 10-year average). In the region, sales volume was up 64.9%, going from $37.0M to $61.1M (25.3% above the 5-year average and 20.5% above the 10-year average).

In Regina, the number of new listings in January 2021 fell 1.7%, going from 344 to 338 (11.4% below the 5-year average and 9.5% below the 10-year average), while in the region, new listings fell 11.7% from 436 last year to 385 this year (17.4% below the 5-year average and 15.5% below the 10-year average). Active listings fell 30.2% in Regina (down from 1,202 to 839) and fell 32.7% in the region (down from 1,622 to 1,092).

Inventory in Regina stood at 4.3 months (which is 60.2% below the level last year and 44.6% below the 5-year average), while the sales to listing ratio was 57.1%, suggesting balanced market conditions. Inventory in the larger region stood at 4.9 months (which is 60.1% below the level last year and 46.1% below the 5-year average), while the sales to listing ratio was 57.9%, suggesting balanced market conditions.

Homes in Regina stayed on the market an average of 57 days in January—down 32.1% from 84 days last year (but below the 5-year average of 67 days and below the 10-year average of 57 days). Homes in the region stayed on the market longer than homes in the city at 64 days on average in 2021, but also down from an average of 87 days last year (and 11.6% below the 5-year average).

In Regina, the MLS® Home Price Index (HPI)—which provides a more accurate measure of house price trends—was up 4.7% year-over-year, going from $266,100 to $278,600.

 Melfort

Sales in Melfort were up 133.3%, going from 3 in January 2020 to 7 in January 2021, and up 120.0% in the overall region, going from 10 to 22. In Melfort, sales were 34.6% above the 5-year average (and 42.9% above the 10-year average), while in the larger region, sales were 50.7% above the 5-year average (and 59.4% above the 10-year average).

Sales volume was up 150.3% in the city, going from $0.6M to $1.6M in 2021 (59.8% above the 5-year average, and 81.7% above the 10-year average). In the region, sales volume was up 166.8%, going from $1.3M to $3.5M (54.0% above the 5-year average and 71.6% above the 10-year average).

In Melfort, the number of new listings in January 2021 rose 40.0%, going from 10 to 14 (20.7% above the 5-year average and 14.8% above the 10-year average), while in the region, new listings rose 12.5% from 32 last year to 36 this year (3.4% below the 5-year average and 10.4% below the 10-year average). Active listings fell 9.4% in Melfort (down from 53 to 48) and fell 24.6% in the region (down from 224 to 169).

Inventory in Melfort stood at 6.9 months (which is 61.2% below the level last year and 34.5% below the 5-year average), while the sales to listing ratio was 50.0%, suggesting balanced market conditions. Inventory in the larger region stood at 7.7 months (which is 65.7% below the level last year and 50.0% below the 5-year average), while the sales to listing ratio was 61.1%, suggesting that market conditions favour sellers.

Homes in Melfort stayed on the market an average of 135 days in January—down 24.6% from 179 days last year (and above the 5-year average of 103 days and above the 10-year average of 98 days). Homes in the region stayed on the market for less time than homes in the city at 118 days on average in 2021, but also down from an average of 178 days last year (and 4.7% below the 5-year average).

 Moose Jaw

Sales in Moose Jaw were up 45.8%, going from 24 in January 2020 to 35 in January 2021, and up 17.1% in the overall region, going from 35 to 41. In Moose Jaw, sales were 36.7% above the 5-year average (and 29.2% above the 10-year average), while in the larger region, sales were 25.8% above the 5-year average (and 20.2% above the 10-year average).

Sales volume was up 55.2% in the city, going from $4.9M to $7.7M in 2021 (38.9% above the 5-year average, and 28.7% above the 10-year average). In the region, sales volume was up 33.0%, going from $6.3M to $8.4M (30.0% above the 5-year average and 23.4% above the 10-year average).

In Moose Jaw, the number of new listings in January 2021 fell 28.6%, going from 77 to 55 (19.8% below the 5-year average and 17.3% below the 10-year average), while in the region, new listings fell 18.5% from 108 last year to 88 this year (7.6% below the 5-year average and 3.5% below the 10-year average). Active listings fell 32.3% in Moose Jaw (down from 229 to 155) and fell 24.5% in the region (down from 444 to 335).

Inventory in Moose Jaw stood at 4.4 months (which is 53.6% below the level last year and 53.3% below the 5-year average), while the sales to listing ratio was 63.6%, suggesting that market conditions favour sellers. Inventory in the larger region stood at 8.2 months (which is 35.6% below the level last year and 38.6% below the 5-year average), while the sales to listing ratio was 46.6%, suggesting balanced market conditions.

Homes in Moose Jaw stayed on the market an average of 73 days in January—down 18.9% from 90 days last year (but below the 5-year average of 79 days and above the 10-year average of 70 days). Homes in the region stayed on the market longer than homes in the city at 97 days on average in 2021, but also up from an average of 96 days last year (and 9.5% above the 5-year average).

 North Battleford

Sales in North Battleford were up 180.0%, going from 10 in January 2020 to 28 in January 2021, and up 57.6% in the overall region, going from 33 to 52. In North Battleford, sales were 112.1% above the 5-year average (and 131.4% above the 10-year average), while in the larger region, sales were 57.6% above the 5-year average (and 62.0% above the 10-year average).

Sales volume was up 299.6% in the city, going from $1.4M to $5.6M in 2021 (120.8% above the 5-year average, and 137.4% above the 10-year average). In the region, sales volume was up 85.6%, going from $6.1M to $11.3M (79.5% above the 5-year average and 83.6% above the 10-year average).

In North Battleford, the number of new listings in January 2021 fell 15.4%, going from 39 to 33 (17.1% below the 5-year average and 10.6% below the 10-year average), while in the region, new listings fell 13.9% from 101 last year to 87 this year (14.2% above the 5-year average and 11.4% below the 10-year average). Active listings fell 66.5% in North Battleford (down from 191 to 64) and fell 29.7% in the region (down from 717 to 504).

Inventory in North Battleford stood at 2.3 months (which is 88.0% below the level last year and 85.3% below the 5-year average), while the sales to listing ratio was 84.8%, suggesting that market conditions favour sellers. Inventory in the larger region stood at 9.7 months (which is 55.4% below the level last year and 53.9% below the 5-year average), while the sales to listing ratio was 59.8%, suggesting balanced market conditions.

Homes in North Battleford stayed on the market an average of 82 days in January—down 15.5% from 97 days last year (but below the 5-year average of 84 days and above the 10-year average of 81 days). Homes in the region stayed on the market longer than homes in the city at 104 days on average in 2021, but also down from an average of 115 days last year (and 2.2% above the 5-year average).

 Prince Albert

Sales in Prince Albert were up 173.3%, going from 15 in January 2020 to 41 in January 2021, and up 151.9% in the overall region, going from 27 to 68. In Prince Albert, sales were 91.6% above the 5-year average (and 80.6% above the 10-year average), while in the larger region, sales were 86.8% above the 5-year average (and 94.3% above the 10-year average).

Sales volume was up 234.9% in the city, going from $2.8M to $9.4M in 2021 (102.8% above the 5-year average, and 94.7% above the 10-year average). In the region, sales volume was up 251.6%, going from $5.1M to $17.8M (116.7% above the 5-year average and 136.8% above the 10-year average).

In Prince Albert, the number of new listings in January 2021 rose 43.5%, going from 46 to 66 (22.7% above the 5-year average and 26.0% above the 10-year average), while in the region, new listings rose 24.1% from 83 last year to 103 this year (8.6% below the 5-year average and 14.3% above the 10-year average. Active listings fell 13.9% in Prince Albert (down from 238 to 205) and fell 26.9% in the region (down from 547 to 400).

Inventory in Prince Albert stood at 5 months (which is 68.5% below the level last year and 64.6% below the 5-year average), while the sales to listing ratio was 62.1%, suggesting that market conditions favour sellers. Inventory in the larger region stood at 5.9 months (which is 71.0% below the level last year and 68.2% below the 5-year average), while the sales to listing ratio was 66.0%, suggesting that market conditions favour sellers.

Homes in Prince Albert stayed on the market an average of 72 days in January—down 21.7% from 92 days last year (but below the 5-year average of 97 days and below the 10-year average of 95 days). Homes in the region stayed on the market longer than homes in the city at 83 days on average in 2021, but also down from an average of 108 days last year (and 22.9% below the 5-year average).

 Swift Current

Sales in Swift Current were down 5.6%, going from 18 in January 2020 to 17 in January 2021, and up 7.1% in the overall region, going from 28 to 30. In Swift Current, sales were 4.9% above the 5-year average (and 6.2% above the 10-year average), while in the larger region, sales were 7.9% above the 5-year average (and 9.9% above the 10-year average).

Sales volume was up 22.6% in the city, going from $4.0M to $4.9M in 2021 (16.0% above the 5-year average, and 22.0% above the 10-year average). In the region, sales volume was up 35.1%, going from $5.6M to $7.5M (23.6% above the 5-year average and 33.7% above the 10-year average).

In Swift Current, the number of new listings in January 2021 rose 5.7%, going from 35 to 37 (4.6% below the 5-year average and 6.3% above the 10-year average), while in the region, new listings rose 9.6% from 73 last year to 80 this year (2.6% below the 5-year average and 12.8% above the 10-year average). Active listings fell 20.9% in Swift Current (down from 196 to 155) and fell 17.5% in the region (down from 480 to 396).

Inventory in Swift Current stood at 9.1 months (which is 16.3% below the level last year and 9.2% below the 5-year average), while the sales to listing ratio was 45.9%, suggesting balanced market conditions. Inventory in the larger region stood at 13.2 months (which is 23.0% below the level last year and 14.0% below the 5-year average), while the sales to listing ratio was 37.5%, suggesting that market conditions favour buyers.

Homes in Swift Current stayed on the market an average of 99 days in January—down 14.7% from 116 days last year (and above the 5-year average of 98 days and above the 10-year average of 88 days). Homes in the region stayed on the market longer than homes in the city at 112 days on average in 2021, but also down from an average of 120 days last year (and 0.7% above the 5-year average).

 Yorkton

Sales in Yorkton were up 77.8%, going from 9 in January 2020 to 16 in January 2021, and up 171.0% in the overall region, going from 31 to 84. In Yorkton, sales were 33.3% above the 5-year average (and 32.2% above the 10-year average), while in the larger region, sales were 68% above the 5-year average (and 82.6% above the 10-year average).

Sales volume was up 70.9% in the city, going from $1.7M to $2.9M in 2021 (19.4% above the 5-year average, and 18.2% above the 10-year average). In the region, sales volume was up 215.5%, going from $4.1M to $13.0M (78.1% above the 5-year average and 94.8% above the 10-year average).

In Yorkton, the number of new listings in January 2021 rose 7.7%, going from 26 to 28 (13.0% below the 5-year average and 15.4% below the 10-year average), while in the region, new listings fell 8.5% from 117 last year to 107 this year (15.7% below the 5-year average and 11.7% below the 10-year average). Active listings fell 35.1% in Yorkton (down from 151 to 98) and fell 27.0% in the region (down from 895 to 653).

Inventory in Yorkton stood at 6.1 months (which is 63.5% below the level last year and 50.1% below the 5-year average), while the sales to listing ratio was 57.1%, suggesting balanced market conditions. Inventory in the larger region stood at 7.8 months (which is 73.1% below the level last year and 58.0% below the 5-year average), while the sales to listing ratio was 78.5%, suggesting that market conditions favour sellers.

Homes in Yorkton stayed on the market an average of 116 days in January—down 15.9% from 138 days last year (and above the 5-year average of 98 days and above the 10-year average of 95 days). Homes in the region stayed on the market longer than homes in the city at 131 days on average in 2021, but also down from an average of 141 days last year (and 14.3% above the 5-year average).

 South East Saskatchewan

Sales in south east Saskatchewan were up 13.3%, going from 30 in January 2020 to 34 in January 2021, up 27.8% from the 5-year average (and 12.2% above the 10-year average). The total number of sales in Estevan was flat at 8) and fell 36.4% in Weyburn (going from 11 to 7). Sales in Estevan were 5.3% above the 5-year average (and 22.3% below the 10-year average), while they were 14.6% below the 5-year average (and 20.5% below the 10-year average) in Weyburn.

Sales volume in the region rose 7.3%, going from $6.0M to $6.5M in 2021 (13.0% above the 5-year average, and 8.2% below the 10-year average). Sales volume in Estevan rose 19.8%—$1.3M to $1.6M in 2021 (5.3% below the 5-year average and 39.9% below the 10-year average), while it decreased 37.9% in Weyburn—$2.7M to $1.7M (20.6% below the 5-year average and 26.0% below the 10-year average).

The number of new listings in south east Saskatchewan fell 1.1%, going from 93 to 92 (7.6% below the 5-year average and 14.1% below the 10-year average). The number of new listings in Estevan were down from 28 last year to 20 this year (a fall of 28.6%), while in Weyburn, new listings decreased from 25 last year to 23 this year (a fall of 8.0%). Active listings were down 23.1% across the region (784 in 2020 to 603 in 2021), down 24.5% in Estevan (151 to 114), and down 29.3% in Weyburn (174 to 123).

Inventory in south east Saskatchewan stood at 17.7 months (which is 32.1% below the level last year and 39.1% below the 5-year average), while the sales to listing ratio was 37.0%, suggesting that market conditions favour buyers. Inventory in Estevan stood at 14.2 months (which is 24.5% below the level last year and 38.6% below the 5-year average), while the sales to listing ratio was 40.0%, suggesting balanced market conditions. Inventory in Weyburn stood at 17.6 months (which is 11.1% above the level last year and 19.9% below the 5-year average), while the sales to listing ratio was 30.4%, suggesting that market conditions favour buyers.

In 2021, homes stayed on the market an average of 127 days in south east Saskatchewan, up 38.0% from 92 days last year (and 10.2% above the 5-year average of 115 days and 31.3% above the 10-year average of 97 days). Homes in Estevan stayed on the market for less time than homes in the larger region at 87 days on average in 2021, but also down from an average of 120 days last year (and 24.2% below the 5-year average). Homes in Weyburn stayed on the market for less time than homes in the larger region at 114 days on average in 2021, but also up from an average of 69 days last year (and 11.8% above the 5-year average).

-30-

For interviews and more information:

Samantha Krahn

Director of Government & External Relations

Saskatchewan REALTORS® Association

samantha@sra.ca

306.229.4048