The Canadian Real Estate Association (CREA) recently released national sales statistics for January of 2025.

Canadian MLS® Systems posted a double-digit jump in new supply in January 2025 when compared to December 2024. At the same time, sales activity fell off at the end of the month, likely reflecting uncertainty over the potential for a trade war with the United States. 

Although sales were down 3.3% on a month-over-month basis in January, this was mostly the result of sales trailing off in the last week of the month.

Meanwhile, the number of newly listed homes increased with an 11% jump compared to the final month of 2024. Aside from some of the wild swings seen during the pandemic, this was the largest seasonally adjusted monthly increase in new supply on record going back to the late 1980s.

“The standout trends to begin the year were a big jump in new supply at an uncommon time of year, as well as a weakening in sales which only showed up around the last week of January,” said Shaun Cathcart, CREA’s Senior Economist. “The timing of that change in demand leaves little doubt as to the cause – uncertainty around tariffs. Together with  higher supply, this means markets that had been steadily tightening up since last fall are now suddenly in a softer pricing situation again, particularly in British Columbia and Ontario.”

January Highlights:

• National home sales fell 3.3% month-over-month.

• Actual (not seasonally adjusted) monthly activity came in 2.9% above January 2024.

• The number of newly listed properties jumped 11% month-over-month.

• The MLS® Home Price Index (HPI) was little changed (-0.08%) month-over-month and was also virtually unchanged (+0.07%) on a year-over-year basis.

• The actual (not seasonally adjusted) national average sale price was up 1.1% on a year-over-year basis. 

Read the recently released national sales statistics for January of 2025.

UPDATE - CREA’s Residential Market Forecast for 2025.

I’m always happy to answer your Saskatoon real estate questions.  Reach out by voice or text at 306-900-4161 or email me at norm at teamfisher.com

Norm Fisher

Royal LePage Saskatoon Real Estate

Local real estate agents reported 253 Saskatoon homes sold in January, up from the same month last year by over three percent and above the ten-year average by close to 19 percent.

This was the strongest January since 2021 when lockdown fatigue and working from home caused a strong sales surge as people scrambled to find more suitable digs the sustain themselves through that time.  

The “new listings” category saw a welcome surge as those needed to sell recognized the perfect storm of circumstances including high demand, low inventory, and falling interest rates.

A total of 451 Saskatoon homes were listed for sale during January, up 24 percent from the same month last year, and 20 percent higher than the 10-year average.

As the month closed, the total inventory of MLS® listings was at 618 (168 of which were subject to a conditional sale), higher than the previous month’s close by 63 units, but lower annually by 15 percent, and over 52 percent below the 10-year average. As you can see by the “active listings chart” below, a rather troubling trend continues, now for its tenth year. Each year, that left-to-right line falls lower.

In terms of total months of supply, we did see a small uptick from 2.2 to 2.5.

Again, supply levels of less than four months signal a seller’s market. A supply of four to six months is considered balanced. A supply larger than six months would be a buyer’s market.

The average sale price of a Saskatoon home grew nearly 12K on a monthly basis to reach $409,017. That’s the highest average sale price for any January, ever. It’s higher than it was a year ago by $23,758.

The benchmark price of a single-family home as recorded on the MLS® Home Price Index grew by nearly $15,000 compared to December settle at $463,900 to take a nine percent annual gain of 47K.

Meanwhile, the benchmark price of a townhome slipped $26,200 from December to $319,400 to contain annual gains to the single-digit realm, nine percent. This category had consistently shown double-digit gains through 2024. The benchmark price remains higher annually by $15,200.

The benchmark price of a Saskatoon apartment inched higher again, growing by $1300 from December to $242,100. That’s higher annually by $17,668.

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Royal LePage Saskatoon Real Estate

The Canadian Real Estate Association (CREA) recently released national sales statistics for December 2024.

With much of the early fall surge of supply having now been picked over, home sales activity recorded over Canadian MLS® Systems dipped in December 2024.

Sales were down 5.8% compared to November but still stand 13% above where they were in May, just before the first interest rate cut by the Bank of Canada in early June.

The fourth quarter of 2024 saw sales up 10% from the third quarter and stood among the stronger quarters for activity in the last 20 years, not accounting for the pandemic.

“The number of homes sold across Canada declined in December compared to a stronger October and November, although that was likely more of a supply story than a demand story,” said Shaun Cathcart, CREA’s Senior Economist. “Our forecast continues to be for a significant unleashing of demand in the spring of 2025, with the expected bottom for interest rates coinciding with sellers listing properties for sale in big numbers once the snow melts.”

December Highlights:

•                     National home sales fell 5.8% month-over-month.

•                     Actual (not seasonally adjusted) monthly activity came in 19.2% above December 2023.

•                     The number of newly listed properties dipped 1.7% month-over-month.

•                     The MLS® Home Price Index (HPI) climbed 0.3% month-over-month and was only down 0.2% on a year-over-year basis.

•                     The actual (not seasonally adjusted) national average sale price was up 2.5% on a year-over-year basis.

Read the recently released national sales statistics for December of 2024.

UPDATE - CREA’s Residential Market Forecast for 2025.

I’m always happy to answer your Saskatoon real estate questions.  Reach out by voice or text at 306-900-4161 or email me at norm at teamfisher.com

Norm Fisher

Royal LePage Saskatoon Real Estate

Saskatoon home sales took a large monthly drop falling from 380 in November to just 256, but numbers remained well above seasonal norms. Sales were up ten percent over last December and 20 percent above the ten-year average. December is consistently the slowest sales month of the year.

The year came to a close with 5035 sales over the 12-month period, up 8.3 percent from last year, and proving to be the second strongest sales year in the Saskatoon real estate market’s history.

The number of new listings offered for sale on the Saskatoon MLS® continued to decline sharply as they always do in December. Local REALTORS added just 235 new listings to the system, down from 434 in November and below last December’s numbers by 5.4 percent.

Active listing inventory reached its lowest level in six years as the selection of available homes fell to a meager 555 units, down from 693 at the end of November and lower annually by 25 percent.

Despite rapid declines in the listing inventory and stronger than typical sales numbers, the total months of supply grew to 2.2. up from 1.8 at the close of the previous month.

Again, supply levels of less than four months signal a seller’s market. A supply of four to six months is considered balanced. A supply larger than six months would be a buyer’s market.

The average sale price of a Saskatoon home came in lower than it had in November by just a couple of thousand dollars at $397,611.

The benchmark price of a single-family home as recorded on the MLS® Home Price Index fell for the second consecutive month dropping by $6,900 to settle at $449,000 which is higher annually by seven percent.

Townhome prices continued on the upward trajectory they’ve been enjoying all year and increased by $4,700 to reach $345,600 claiming an annual gain of a whopping 14 percent.

Apartments prices fell just under two thousand dollars from November to $240,800. They grew by 12 percent through 2024.

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Royal LePage Saskatoon Real Estate

The Canadian Real Estate Association (CREA) recently released national sales statistics for November 2024.

Home sales activity recorded over Canadian MLS® Systems rose again in November, building on October’s surprise jump.

Sales were up 2.8% in November compared to October, and now standing a cumulative 18.4% above where they were in May, just before the first interest rate cut in early June. The November increase was driven by gains in Greater Vancouver, .Calgary, Greater Toronto and Montreal, as well as by some double-digit sales activity in smaller cities in Alberta and Ontario.

 “Not only were sales up again, but with market conditions now starting to tighten up,  November also saw prices move materially higher at the national level for the first time in almost a year and a half,” said Shaun Cathcart, CREA’s Senior Economist. “Normally we might expect this market rebound to take a pause before resuming in the spring; however, the Bank’s latest 50-basis point cut together with a loosening of mortgage rules could mean a more active winter market than normal.”

 The National Composite MLS® Home Price Index (HPI) rose 0.6% from October to November 2024 – the largest month-over-month increase since last July.

November Highlights:

•              National home sales rose 2.8% month-over-month.

•              Actual (not seasonally adjusted) monthly activity came in 26% above November 2023.

•              The number of newly listed properties edged down 0.5% month-over-month.

•              The MLS® Home Price Index (HPI) climbed 0.6% month-over-month but was still down 1.2% on a year-over-year basis.

•              The actual (not seasonally adjusted) national average sale price was up 7.4% on a year-over-year basis.

Read the recently released national sales statistics for November of 2024.

UPDATE - CREA’s Residential Market Forecast for 2025.

I’m always happy to answer your Saskatoon real estate questions.  Reach out by voice or text at 306-900-4161 or email me at norm at teamfisher.com

Norm Fisher

Royal LePage Saskatoon Real Estate

While remaining well above typical seasonal norms, Saskatoon home sales took a solid dip in November, sliding to 380 from 444 in October. That number remains higher by more than 21 percent compared to last November, and 32 percent above the ten-year average.

The brunt of the decline was seen in the single-family homes category which saw sales slip from 281 in October to just 224 in November. Condo sales, meanwhile, fell by eight units compared to the previous month.

The number of new listings offered for sale on the Saskatoon ML® continued to follow historical patterns dropping to 434 from 517 the month before. New listings were higher than last November by one percent and 16 percent below the ten-year average.

Meanwhile, the number of Saskatoon homes for sale on the MLS® reached its lowest point since March of this year as they fell from 803 at the previous month's close to just 693.

Total months of supply, while perilously low, remained stable at 1.8 as this strong seller’s market continued.

Again, supply levels of less than four months signal a seller’s market. A supply of four to six months is considered balanced. A supply larger than six months would be a buyer’s market.

The average sale price of a Saskatoon home came in at $399,965, about forty dollars where it was last month.

The benchmark price of a single-family home as recorded on the MLS® Home Price Index saw its largest decline this year as it fell lower for only the second time in 2024. It slipped by $5500 to $454,900 to remain up annually by seven percent.

Townhome prices showed no signs of letting up as the benchmark price reached its highest level for the year growing $3500 from the previous month reaching $340,900 for an increase of 11 percent on a year-over-year basis.

Apartments prices, which have been on quite a tear all year came down from the big peak we saw occur last month and fell $13,205 to settle back at $242,700. The benchmark price of a Saskatoon apartment is still higher than it was a year ago by 11%.

Follow me on Facebook and Instagram to receive updates on the Saskatoon real estate market and insights I've gained managing thousands of real estate transactions.

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TeamFisher, your Saskatoon real estate market specialist.

Royal LePage Saskatoon Real Estate

The Canadian Real Estate Association (CREA) recently released national sales statistics for October 2024.

Home sales activity recorded over Canadian MLS® Systems increased 7.7% month-over-month in October 2024, reaching its highest level since April 2022.

“The jump in home sales last month was an October surprise, although with the big interest rate cut of 50 basis points announced during the last week of the month, the increase was more likely related to the surge in new listings we saw in September,” said Shaun Cathcart, CREA’s Senior Economist. “There probably won’t be another rush of new supply like that until next spring, and at that point, mortgage rates should also be close to their expected lows. With that in mind, you can think of the October numbers as a preview for what we might expect next year.”

Highlights:

• National home sales jumped 7.7% month-over-month in October.

•  Actual (not seasonally adjusted) monthly activity came in 30% above October 2023.

•  The number of newly listed properties were down 3.5% month-over-month.

•  The MLS® Home Price Index (HPI) edged down 0.1% month-over-month and was down 2.7% on a year-over-year basis.

•  The actual (not seasonally adjusted) national average sale price was up 6% on a year-over-year basis in October.

Read the recently released national sales statistics for October of 2024.

UPDATE - CREA’s Residential Market Forecast for 2025.

I’m always happy to answer your Saskatoon real estate questions.  Reach out by voice or text at 306-900-4161 or email me at norm at teamfisher.com

Norm Fisher

Royal LePage Saskatoon Real Estate

Saskatoon home sales remained strong through October, growing by 12 units when compared to numbers generated in September. Local REALTORS® closed 444 sales, another record number for the month, beating last October by 15 sales. That’s close to 30 percent higher than the ten-year average.

Year-to-date, sales are up about seven percent over last year.

The number of Saskatoon homes listed for sale continued to tumble lower falling from 654 in September to just 517 in October.

As buyers remained vigilant watching for opportunities, homes moved quickly and inventory continued to trend lower falling by 115 units through the month to close October with just 803 residential properties for sale on the MLS®.

Months of supply fell sharply from 2.1 in September, to just 1.8 by the time business closed on the final day of October as a strong seller’s market continued.

Again, supply levels of less than four months signal a seller’s market. A supply of four to six months is considered balanced. A supply larger than six months would be a buyer’s market.

Still, the average sale price of a Saskatoon home took a modest dip slipping from $409,474 last month to $400,032 to finish the month higher annually by four percent.

The benchmark price of a single-family home as recorded on the MLS® Home Price Index also fell lower as it slid $5500 to $460,400. That’s still higher than it was a year ago by seven percent.

Townhomes continued on an upward trend with the benchmark price reaching $340,900, up $3500 from the previous month and higher than it was at this time last year by ten percent

Apartments prices continued to outperform the market by leaps and bounds as the benchmark price reached $255,905 for a monthly gain of close to 12K and an annual increase of a whopping 13 percent.

Follow me on Facebook and Instagram to receive updates on the Saskatoon real estate market and insights I've gained managing thousands of real estate transactions.

We’re always happy to answer your Saskatoon real estate questions. Click here to reach out.

TeamFisher, your Saskatoon real estate market specialist.

Royal LePage Saskatoon Real Estate

The Canadian Real Estate Association (CREA) recently released national sales statistics for September 2024.

Following the Bank of Canada’s third interest rate cut of the year, national home sales increased slightly in September compared to August. This follows a similar pattern of gains recorded in the months following the first two rate cuts.

“Sales gains are now three for three in the months following interest rate cuts, which is a trend even though the increases weren’t headline-grabbing,” said Shaun Cathcart, CREA’s Senior Economist. “That said, with the pace of rate cuts now expected to be much faster than previously thought, it’s possible some buyers may choose to hold off on a purchase for now. This could further boost the rebound expected in 2025 at the expense of the last few months of this year.”

Highlights:

• National home sales rose 1.9% month-over-month in September.

• Actual (not seasonally adjusted) monthly activity came in 6.9% above September 2023.

• The number of newly listed properties jumped 4.9% month-over-month.

• The MLS® Home Price Index (HPI) inched up 0.1 % month-over-month but was still down 3.3% on a year-over-year basis.

• The actual (not seasonally adjusted) national average sale price was up 2.1% on a year-over-year basis in September.

Read the recently released national sales statistics for September of 2024.

UPDATE - CREA’s Residential Market Forecast for 2025.

I’m always happy to answer your Saskatoon real estate questions.  Reach out by voice or text at 306-900-4161 or email me at norm at teamfisher.com

Norm Fisher

Royal LePage Saskatoon Real Estate