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

Canadian home prices as measured by the seasonally adjusted Aggregate Composite MLS® Home Price Index (HPI) were flat on a month-over-month basis in February 2024, ending a streak of five declines that began last fall, according to the latest data from the Canadian Real Estate Association (CREA).

The fact that prices were unchanged from January to February was noteworthy given they had dropped 1.3% from December to January. Considering how stable the seasonally adjusted MLS® HPI tends to be, shifts this abrupt are exceedingly rare.“The market has been showing some early signs of life over the last couple of months, probably no surprise given how much pent-up demand is out there,” said Larry Cerqua, Chair of CREA. “There’s a consensus that the market will probably look quite a bit different this year compared to 2022 and 2023, so if you’re hoping to buy or sell a property in 2024, contact a REALTOR® in your area and get your game plan ready today,” continued Cerqua.

“It’s looking like February may end up being the last relatively uneventful month of the year as far as the 2024 housing story goes,” said Shaun Cathcart, CREA’s Senior Economist. “With so much demand having piled up on the sidelines, the story will likely be less about the exact timing of interest rate cuts and more about how many homes come up for sale this year.”

Highlights of this report:

• National home sales dipped 3.1% month-over-month in February.

• Actual (not seasonally adjusted) monthly activity came in 19.7% above February 2023.

• The number of newly listed properties edged up 1.6% month-over-month.

• The MLS® Home Price Index (HPI) was flat month-over-month and was up 0.8% year-over-year.

• The actual (not seasonally adjusted) national average sale price posted a 3.5% year-over-year increase in February.

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

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Norm Fisher

Royal LePage Saskatoon Real Estate

Saskatoon home sales exploded in February, climbing to 309, up 64 units from January and ahead by 56 units when compared to sales for the same month last year. This, despite continuing struggles with low inventory which reached their lowest levels for any February since 2006.

The number of single-family homes to trade hands grew to 178 for a monthly increase of 28 and an annual gain of 32. Meanwhile, condo sales took even larger gains as they grew by 35 units compared to last month to finish higher on an annual basis by 23.

The number of new listings to hit the Saskatoon market in February showed strong gains over January, which is typical, as 434 Saskatoon homeowners offered a residential property for sale on the MLS®, up from 364 the previous month. That’s also higher than last February’s listings, but only by eight.

Active listing inventory grew modestly from January when it was 687 to reach 710 by the end of February. That’s the lowest level for February since 2006.

As you can see on the Active Listings chart below, listing inventory falls lower steadily each year. We are just about to enter a period where new listings will be coming on the market, but I see nothing on the horizon that is going to contribute to higher levels of inventory in the short term, and 2024 will likely continue to see levels that fall below previous years. 

As governments wring their hands over “affordable housing” they continue to tax new housing at unsustainable levels and insist on immigration policies that are limiting housing opportunities for everyone. It doesn’t take a rocket scientist or a mathematician to see the massive imbalance here.

It’s going to get worse.

“Months of supply” fell from 2.6 to 2.3. Anything below a four-month supply is a seller’s market, which we are firmly in.

With such strong condo sales, the average price of a Saskatoon fell lower on the month by close to 19K, settling at $366,485 for an annual increase of roughly ten thousand dollars.

The impact of low supply and high demand can be clearly seen when we compare apples to apples and examine prices more closely by category.

The benchmark price of a single-family home in Saskatoon rose nearly $20,000 from last month to hit $436,900 reaching its highest point ever, up 24K from a year ago.

Townhomes saw a more modest gain monthly growing by just $1400 to $320,800 to claim an annual gain of $32,800. 

Apartment prices were up $7300 from last month as the benchmark price grew to $231,700 to finish higher on a year-over-year basis by more than $16,000.

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.

TeamFisher.com hosted over 520,000 user sessions last year and displayed more than three million pages to our visitors. If you have a Saskatoon area home you'd like to sell, we know how to get people looking at your home. Reach out to me directly to engage our team and learn about our processes.

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

TeamFisher, your Saskatoon real estate market specialists.

Royal LePage Saskatoon Real Estate