The Saskatoon real estate market remained resilient in 2024, marked by a second consecutive year of record-breaking trends. With over 5,035 home sales in Saskatoon alone—a remarkable 8% increase compared to 2023—the city solidified its position as a sought-after destination for buyers and investors alike. Let’s look back at the highlights of 2024 and explore the trends shaping 2025.
2024: A Year of Growth Amid Challenges
The Saskatchewan real estate market saw steady demand throughout 2024 despite record-low inventory levels. Sales remained strong, with December alone boasting a 12% year-over-year increase in Saskatoon. However, this demand was consistently met with declining new listings, creating competitive market conditions and driving up prices.
The residential benchmark price in Saskatoon rose by 7% compared to 2023, closing the year at $395,300. Inventory levels dropped by 25%, leaving only 555 available units by year-end—50% below historical averages. This scarcity reinforced the importance of strategic planning for both buyers and sellers navigating the competitive market.
Emerging Trends for 2025
As we move into 2025, several key trends are expected to influence Saskatoon’s real estate market:
Up-and-Coming Neighborhoods: Areas like Brighton and Kensington continue to attract attention due to new developments and amenities. Riverside Estates and Warman also stand out for buyers seeking more spacious properties.
Increased Interest in Acreages: Buyers are looking beyond city limits, with acreage properties near Saskatoon offering a blend of rural charm and proximity to urban conveniences.
Shift Toward Multifamily Units: Multifamily housing options, including condos and townhomes, remain popular due to affordability and low-maintenance living.
Affordability Challenges and Interest Rates: While the Bank of Canada’s interest rate cuts may provide some relief, affordability remains a key consideration. Buyers should act strategically to make the most of the current conditions.
What’s Driving Saskatoon’s Market?
Saskatoon’s strong real estate performance is underpinned by record population growth, robust employment rates, and economic contributions from industries like potash and uranium production. The city’s attractive cost of living and high quality of life continue to draw newcomers, fueling demand in the housing market.
Additionally, the new housing market faced unique challenges in 2024. According to the Saskatoon & Region Home Builders’ Association, new home sales declined by 9.7% year-over-year, primarily due to rising construction costs and financing hurdles. However, builders remain optimistic, with a 73.8% increase in building permits compared to 2023, signalling renewed activity in the long term
Looking Ahead
Whether you’re a buyer or seller, understanding Saskatoon’s evolving market is key to making informed decisions in 2025. Cindy Savino, with over 25 years of experience and hundreds of successful transactions, is here to guide you through every step of your real estate journey.
To get started, explore the Buyer’s Resources and Seller’s Resources pages, where you’ll find helpful guides, tools, and insights to make your experience seamless and informed. Let Cindy help you navigate the Saskatoon real estate market with confidence!
Contact Cindy today to discuss your real estate goals and take the first step toward a successful home-buying or selling experience!
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