As house prices fall in several major markets, Saskatchewan is seeing prices head the other way – once again setting new records.

Last month, the average benchmark price of a home in Saskatchewan reached $374,100, up from February’s average of $363,800, according to the Saskatchewan Realtors Association’s (SRA) latest report.

Saskatchewan logged 1,256 residential home sales in March, a slight decrease of one per cent from the record-high 2025 but still 10 per cent above long-term historical averages.

However, the release stated that new listings (1,808) were down compared to last year and were 25 per cent below long-term averages, even if the figure represented an increase from February.

Although the prices are impacting affordability, sales are remaining steady.

“This is where supply constraints start to have real impact,” said SRA CEO Chris Guérette in a Monday news release.

“We are seeing record prices not because demand is accelerating, but because there simply are not enough homes available. Saskatchewan has long been one of the most affordable places to buy a home in Canada, but that advantage is being tested in real time.’

The SRA said inventory levels were 50 per cent lower than normal levels for this time of year and price growth was recorded across every community for the third straight month.

“In other parts of the country, the story is about slowing markets and rising inventory,” Guérette said. “In Saskatchewan, it’s the opposite. Demand is still there, but supply hasn’t kept pace. That imbalance is what’s driving price growth and putting pressure on buyers, particularly those trying to enter the market for the first time.”

The SRA added that the slower start to spring has delayed the influx of listings that usually happens this time of year.

“As we move further into the spring market, the key question is whether supply can respond,” Guérette said. “We have witnessed this in regions where inventory improves, sales activity follows. But without a meaningful increase in listings, we will continue to see upward pressure on prices and increasing challenges around affordability.

The Northern, Prince Albert, Swift Current-Moose Jaw and Yorkton-Melville economic regions all reported sales above the 10-year-average.

Regina-Moose Mountain and Saskatoon-Biggar had the most strained market conditions of all six economic regions, according to the SRA.

Regina, Moose Jaw, North Battleford, Yorkton, Saskatoon, Swift Current, Martensville and Warman all reported record-high benchmark prices.

City of Regina

The average price of a home in Regina increased to $343,700 in March, up from $336,400 in February.

Sales remained strong in the Queen City as 313 were reported last month.

This figure was up five per cent from 2025 and were 16 per cent above the 10-year average. This was a strong follow to the record-setting 2025.

“New listings declined by four percent year-over-year and over 20 percent compared to the 10-year average,” the SRA said.

“When paired with strong March sales, Regina currently has 1.7 months of supply, over 60 percent below the typical level for this time of year. One hundred and eighty one of the 522 available units at month’s end are conditionally sold, leaving only 341 active properties on the market heading into April.”

City of Saskatoon

Saskatoon’s average benchmark price shot up to a record $435,200 in March from $421,600 in February.

The city reported 388 sales in March which was down four per cent from last year but still eight per cent above the 10-year-average.

“Despite first quarter sales trailing impressive 2025 levels, year-to-date sales currently sit six percent above long-term, historical trends,” the release read.

“New listings improved compared to March 2025 but remain well below 10-year trends. As a result, the Bridge City continues to report the tightest market conditions in the province, with 1.6 months of supply heading into a busy spring market.”

According to the report, nearly 200 of the 638 available units were conditionally sold at the end of the month – leaving just 440 active properties on the market.