Over the past few years, home prices across the country have skyrocketed, and Saskatchewan’s home prices are no exception. If you’re considering a home purchase in this province, make sure you do some homework on the average prices you can expect to pay in any one of Saskatchewan’s centres.
Let’s take a look at the current prices for homes in Saskatchewan to help you make a more informed home purchasing decision.
Article Summary: Key Points
- Saskatchewan’s Real Estate Trends: The average home price in Saskatchewan is currently $324,400, marking a 1.9% increase from the previous year. This is in line with the national average house price in Canada which increased by 2.0%.
- Factors Impacting Home Values: Home prices are influenced by mortgage interest rates, the economy, employment rates, housing inventory, location, home size and condition, as well as neighbourhood comparables.
- Housing Affordability: Prospective buyers should calculate their Gross Debt Service (GDS) and Total Debt Service (TDS) ratios, to understand how much house they can afford.
What Is The Average House Price In Saskatchewan?
The average price for a home in Saskatchewan is $324,400. That’s an increase of 1.9% from the same month last year.
That said, home price averages vary from one city to the next, regardless of the average in the province. The following are the top 3 most expensive centres in Saskatchewan to buy a home:
- Saskatoon* – $388,300
- Regina* – $310,600
- Prince Albert* – $241,900
How Does The Average House Price In Saskatchewan Compare To Canada?
| Home Prices 2024 | Year-Over-Year % Change | |
| Canada | $685,809 | 3.5% |
| Saskatchewan* | $330,800 | 4.7% |
| Nova Scotia* | $398,700 | 4.9% |
| Prince Edward Island | $340,900 | 0.7% |
| Newfoundland and Labrador* | $288,100 | 4.5% |
| British Columbia | $991,440 | 5.1% |
| Alberta | $476,718 | 11.9% |
| Manitoba | $342,755 | 5.8% |
| Ontario | $873,207 | 1.3% |
| Quebec | $502,141 | 8.4% |
| New Brunswick* | $286,700 | 6.9% |
*based on MLS HPI benchmark prices
What Affects The Average House Price In Saskatchewan?
Many factors affect the price of a house in Saskatchewan, including:
Mortgage Interest Rates
If you need a mortgage to buy a home, a lower interest rate will make your home loan more affordable. Changes in interest rates directly affect a person’s ability to buy a home. With a lower rate, you’ll be spending less over the life of your mortgage, while a higher rate will result in more interest paid overall.
When rates drop, the cost to secure a mortgage to buy a home is lower, which drives demand for real estate and pushes prices higher. The opposite is also true: when the cost to take out a home loan increases, demand for real estate decreases, pushing prices down.
The Economy
The health of the local economy is a major driver of real estate prices. An economy that’s thriving is typically associated with stronger consumer sentiment and spending. When the economy is healthy, the price of homes is higher. But when the economy is lagging, real estate prices follow.
Employment Rates
A lower unemployment rate is a good thing for the real estate industry, as well as many other sectors. When people are working and are financially stable, they’re in a better position to make a home purchase, which can help improve home prices. But if unemployment rates increase, fewer people will be able to afford to buy a home. In this case, there will be less demand for housing and therefore home prices won’t increase as quickly.
Housing Inventory
A seller’s market is characterized by a limited housing supply compared to a high number of buyers on the prowl for a home. In this environment, home prices are higher because there’s a lot more demand for housing. On the contrary, a buyer’s market is one in which there are fewer buyers on the lookout for a new home relative to the high supply of inventory. In this case, sellers will keep their prices lower to attract more buyers.
Location
When it comes to real estate, location is key. The same house on a large lot on a quiet cul de sac will be worth more than if it was sitting on a tiny lot on a busy roadway.
Similarly, the side you choose to live in will also impact your home prices. For example, Saskatoon is the most expensive city in Saskatchewan. Depending on which side of the city you live in, home prices differ drastically. The East side of Saskatoon is generally preferred due to less crime and better schools and therefore is more expensive.
Age And Condition Of The Home
A newer home constructed with modern materials is more likely to be in better condition than an older home that hasn’t been maintained over the years. In this case, the newer home would be valued higher.
Certain characteristics can also add value to a home, such as granite counters, hardwood flooring, fireplaces, and energy-efficient windows.
Neighbourhood Comparables
Real estate professionals typically look at neighbourhood comparables — referred to as “comps” — when determining an appropriate listing price. Comps should ideally be very similar to the subject property, have sold no more than 3 months earlier, and be located in the same area.
Average Home Prices Across Canada
Can You Afford An Average Priced House In Saskatchewan?
Whether you can afford a house in Saskatchewan, depends on several factors including your income, debt level and down payment.
A basic way to calculate how much house you can afford is to calculate your TDS and GDS. These ratios are also used by lenders to determine how much mortgage you can qualify for.
Calculate Your Gross Debt Service (GDS) Ratio
This ratio represents how much of your gross annual income will go towards housing expenses, such as mortgage payments (including principal and interest), property taxes, and utilities. Your GDS should be no more than 32% to 39%. The lower, the better.
Calculate Your Total Service (TDS) Ratio
This ratio represents how much of your gross annual income will go towards all your debt payments, including your mortgage, personal loans, car loans, credit cards, and other debts. Your TDS should be no more than 44% of your gross annual income.
Should You Buy A House Or Condo?
When it comes time to invest in real estate, should you purchase a house or a condo? There are pros and cons to each type of dwelling, so you’ll want to weigh them against each other to determine which type of property to buy.
Why Buy A Condo?
- Affordability. Condos tend to be much cheaper than homes, which is a huge incentive for many buyers. If money is an issue for you, then a condo might be a great starting point for you to get into the real estate market.
- No maintenance. With a home, it’s your job to mow the lawn, shovel the snow, water the plants and flowers, and tend to other components of your home. Condos, on the other hand, offer the allure of maintenance-free living. The condo fees you pay every month will go towards the building’s upkeep, so you don’t have to worry about any of these extra chores.
- On-site amenities. Condos tend to offer a variety of amenities within the building, like fitness rooms, party rooms, swimming pools, and even pet baths. The amenities offered will depend on the building, and you’ll usually pay more in condo fees for more features.
- Proximity to work and entertainment. Condos tend to be located closer to busier centres that offer employment, entertainment, and daily amenities that you can often walk to.
Why Buy A house?
- More space. You’re limited in square footage with the average condo, while a house tends to come with far more space, both inside and out.
- More flexibility. Since you own your home, you’re free to decorate and update it as you please. Condos, on the other hand, come with rules that restrict how you can enjoy your home. For instance, you may not be able to have a BBQ on your balcony, paint your front door a certain colour, or have pets over a certain size.
- More control over the sale process. As a condo owner, you’re relying on the condo association to make the right decisions about how the property is operated. If your association runs into legal problems, you may have trouble selling your unit. But in the case of a home, you’re in complete control over its legal status and avoiding things like liens on the title that could deem the home difficult to sell.
Bottom Line
Buying a home is expensive, but Saskatchewan’s average home prices are more affordable compared to many other provinces, as well as the national average. Still, it’s a big financial investment that warrants careful consideration and assessment of your finances. Take the time to do the math to determine how your current income can support a mortgage before you put an offer on a home in any one of Saskatchewan’s cities.
Saskatchewan House Price FAQs
Should you get pre-approved for a mortgage?
What are some other costs associated with owning a house in Saskatchewan?
- Property taxes
- Condo fees (if applicable)
- Utilities
- Maintenance and repairs
- Home insurance
- Cable, internet, and telephone
How much are closing costs?
- Home inspection fees
- Title insurance fees
- Appraisal fees
- Lawyer fees
- Adjustments (expenses that were prepaid by the seller)
- Moving expenses
