In Saskatchewan, a seller's market is leaving homebuyers struggling to secure properties as inventory continues to shrink relative to demand. According to a recent report, sales in the prairie province dropped by 10 percent in May compared to the previous year, but market analysts attribute this decline to a lack of supply rather than waning interest.
Record High Prices Amid Bidding Wars
Saskatchewan, known for having some of the most affordable homes in Canada, has seen record high prices as bidding wars intensify. The trend contrasts with larger cities in other provinces, where sales are sluggish due to cautious consumers hesitant to enter the market during a period of high energy costs.
Petro Skirchuk, a real estate agent with Realty Executives Saskatoon, noted that intense competition means his clients are submitting around six offers before one is accepted. He is conducting nearly five times more viewings than when he started three years ago. “I’m showing, right now, 50 houses in order for these clients to have their offer accepted. Three years ago, it was 10 to 15 houses, so it takes more time, way more time,” he said.
Supply Constraints and Buyer Frustration
The challenge for homebuyers in Saskatchewan is not primarily the down payment, according to Chris Guérette, chief executive of the province’s realtors association. Instead, the hot housing market leads to slim availability and intense competition among buyers vying for the same properties, prolonging the purchasing process. “When we say we’re shut out of the market, it’s not because of a price point per se, but it’s because it takes so much time to shop for a home and to find something,” Guérette explained. “It requires a whole other level of patience.”
The association’s latest market note flagged “mounting supply pressures” as demand continued to outpace available inventory in May. Once listings go up, they are often quickly snatched up by eager buyers. Meanwhile, home sellers are hesitant to list their properties until they have secured a new home, creating a “bottleneck” effect, said Saskatoon realtor Jenna Schmid of Century 21 Fusion. “Most buyers that I’m talking to, because inventory is low … they’re nervous to list their property until they’ve found something to buy,” Schmid said.
Provincial Trends and Comparisons
In April, sales were muted across many Canadian cities, with forecasts suggesting this could continue into the summer. Data for May shows a mixed bag: nearby Calgary reported a 16 percent drop in sales, with residential prices falling three percent to $570,500. In the Greater Toronto Area, an oversupply of listings led to price declines, giving buyers more negotiating power. However, Saskatchewan remains a seller’s market, particularly in Saskatoon, putting stress on buyers.
