In March 2025, Saskatchewan’s housing market showed resilience, with sales and price growth, despite economic concerns.
Sales
According to the Saskatchewan Realtors® Association, Saskatchewan’s residential real estate market recorded 1,277 transactions in March 2025, marking an increase of over 8% compared to March 2024 and outpacing the ten-year average for the month by 13%. New listings, however, fell by 2% year-over-year (y/y) and remain nearly 30% below the decade-long trend.
Regional Sales
All but the Northern region reported y/y gains in March sales. Yorkton-Melville led the province with a 13% increase in transactions compared to March 2024, followed by Saskatoon-Biggar at 12% and Prince Albert at 10% y/y.
Regina
In Regina, March 2025 residential sales were 3% below March 2024 but 15% above the ten-year average for the month. New listings were similar to the previous year but 20% below the ten-year average.
Saskatoon
Saskatoon reported an 11% gain compared to March 2024 and 13% above its ten-year average. New listings declined by 1% y/y and 27% against the decade-long average.
Inventory
As a result of sustained above-average sales, province-wide inventory at the end of March stood at 4,023 units, down 21% from March 2024 and nearly 50% below the 10-year average for that month, although the inventory was slightly higher than February.
Saskatoon entered April with less than a month of supply, while Regina entered with 1.29 months. Across the province, the effective months of inventory remain well below historical norms.
Prices
The provincial benchmark price rose to $353,600 in March 2025, up from $344,700 in February and more than 6% above March 2024. Across individual centres, all markets except Estevan and Weyburn recorded y/y price increases. Melfort led for the second consecutive month with a 22% price jump over March 2024. Prince Albert saw prices climb by 11.7%, North Battleford by 11.5%, Humboldt by 11.1%, and Moose Jaw by 10.7%.
The benchmark price in Regina climbed to $326,300 in March, up from $317,700 in February and over 4% higher than in March 2024.
Saskatoon’s benchmark price reached a record $415,900 in March, rising from $405,400 in February and exceeding the previous year’s March benchmark by more than $25,000.
First Quarter 2025 Housing Type Performance
In the first quarter of 2025, sales of single-detached homes totalled 2,160 units, unchanged from Q1 2024. Months of inventory for this housing type tightened to 3.2 at quarter-end, down from 4.7 a year earlier, and median days on market fell to 33 from 43.5. Apartment units saw a 21.3% increase in sales over Q1 2024. Their months of inventory decreased to 2.6 from 3.4, and median days on market shortened to 25 from 32.5, reflecting the broader supply constraints and strong demand characterizing Saskatchewan’s spring market.
Rental Market Snapshot
Data from Rentals.ca shows that one-bedroom rents in Saskatoon averaged $1,276 in March, up 1.1% from February and 6.6% above March of the previous year. Two-bedroom rents in the city dipped 0.5% month-over-month (m/m) to $1,516 but rose 6.1% y/y.
In Regina, one-bedroom rents averaged $1,242, up 0.3% m/m but down 2% y/y, while two-bedroom units averaged $1,486, a 0.9% m/m gain and a 0.6% increase compared to March 2024.
Labour Market Trend
As of March 2025, Saskatchewan’s unemployment rate dipped to 5.2% – 0.4 points below February and 6.3 points under its June 2020 peak, falling beneath the long-run average. While full-time employment slipped by 900 positions m/m, a 2,700-job rise in part-time work produced a net increase of 1,800 jobs; full-time roles, however, remain 2,000 shy of their October 2024 high. In Regina, unemployment plunged 1.3 points to 5.9 percent, buoyed by 1,000 new full-time and 400 part-time jobs (1,400 total), leaving full-time employment 600 below its December 2023 peak but 7,100 above the June 2024 trough. By contrast, Saskatoon’s rate inched up 0.1 point to 4.8 percent; the loss of 1,900 full-time positions, partially offset by 500 part-time gains, yielded a net decline of 1,400 jobs, with full-time employment still 4,900 below its December 2024 peak.