Saskatchewan housing prices hit record high; Saskatoon now pricier than Edmonton

Saskatchewan's housing market has reached a new peak, with the province's residential benchmark price climbing to $381,100 in May—breaking the previous record of $374,300 set in April.

The province's Realtors Association attributes the surge to a supply-and-demand mismatch that traces back to the early days of the pandemic and continues to buck national trends. While most of Canada is seeing inventory rise and markets cool, Saskatchewan remains tight. Chris Guérette, CEO of the Saskatchewan Realtors Association, said "we've not had any ease in the market at all."

Across the province, inventory stands at just 2.2 months of supply—around 3,400 available units—marking a 50 per cent dip below the ten-year average.

Saskatoon is leading the charge. The city recorded 519 sales in May and set a new benchmark price record of $444,400, up 3.2 per cent from April. The average home sale price in Saskatoon hit $472,701—now exceeding Edmonton's $455,000 average.

Guérette noted the implications: "Saskatoon is now more expensive than Edmonton. And so I suspect if the trend keeps going, we'll see Saskatoon surpass even places like maybe Calgary, Winnipeg, et cetera."

Saskatoon's supply crunch is severe: just 1.6 months of available inventory heading into June, or roughly 1.1 months when accounting for conditional sales. Martensville, a bedroom community 20 minutes north, is also feeling the squeeze, with homes routinely selling within a day of listing.