Key Facts & Figures
- Average Price Surge: The average Saskatoon home price (all property types) hit ~$359,200 in mid-2025 (Jan–July), up 7% year-over-year (YOY) blog.remax.ca. The benchmark (median) home price set new highs: $435,100 in July 2025, a 7% YOY gain kentbraaten.com.
- Sales & Inventory: Home sales have surged – e.g. 610 homes sold in July 2025, +17% YOY and ~40% above the 10-year average kentbraaten.com. Inventory remains critically low: only ~594 active listings at end-July 2025 (about 1.5 months’ supply), despite more new listings kentbraaten.com kentbraaten.com. This tight supply has kept Saskatoon firmly a seller’s market kentbraaten.com.
- Rental Market: Rental vacancy rates are exceptionally low (<1% in late 2024), and rents are rising. By October 2023 the average two-bedroom rent was ~$1,300 (a 9% YOY jump) globalnews.ca. CMHC notes persistently low vacancy in 2025, supporting continued rent growth assets.cmhc-schl.gc.ca.
- Population Growth: Saskatoon’s population is growing rapidly. Statistics Canada estimated ~295,200 city residents in mid-2023, and the City projects ~308,600 by mid-2024 saskatoon.ca. Annual growth has averaged ~2% recently saskatoon.ca. A young, expanding labour force (lowest unemployment in Canada at ~4–5%) economics.td.com and strong net migration are driving housing demand.
- Economic Outlook: Saskatchewan’s economy is one of Canada’s healthiest. TD Economics forecasts provincial GDP growth of 1.7% in 2025 (above national average) economics.td.com, led by mining (potash, uranium) and construction economics.td.com. Low unemployment (~4.7% in Aug 2025) and solid wage gains bolster buying power economics.td.com. Economic fundamentals remain strong enough to absorb continued housing demand assets.cmhc-schl.gc.ca economics.td.com.
- Government Action: Federal-provincial programs are underway to boost supply. A $41.3M Housing Accelerator Fund (2024–27) will fast-track ~940 new units in Saskatoon globalnews.ca. The city has approved zoning reforms (e.g. up to 4 units per lot, transit-oriented and parking reforms) to encourage infill and missing-middle housing globalnews.ca. Ongoing infrastructure and new subdivisions (Brighton, Kensington, Aspen Ridge, etc.) are also expanding supply blog.remax.ca.
- Forecast: Analysts expect continued price growth into 2025–26 given tight supply and strong demand blog.remax.ca assets.cmhc-schl.gc.ca. CMHC projects sustained elevated sales and prices through 2025 as long as the economy remains strong assets.cmhc-schl.gc.ca. Moderate cooling of rent growth is expected by 2026–27 as new rental construction comes online assets.cmhc-schl.gc.ca. In short, the Saskatoon market is likely to stay hot in the near term, with careful attention to rising costs and new supply in the medium term.
Residential & Commercial Market Trends
Residential: Saskatoon’s home market has boomed in 2024–25. After a brief slump in 2023, sales and prices have rebounded sharply. Multiple data sources show record-breaking activity: 610 homes sold in July 2025 (17% above July 2024) kentbraaten.com, and the MLS® benchmark price in the city set new records ($435,100 in July 2025) kentbraaten.com. Supply remains very tight – only about 1.5 months of inventory kentbraaten.com – which favors sellers. Agents report bidding wars even on modest homes, and new Canadians and interprovincial buyers are filling demand. blog.remax.ca kentbraaten.com First-time buyers are participating actively (though older than a decade ago, often with family help blog.remax.ca), and investors (especially local and from BC/ON) are snapping up properties.
In 2025 so far the median house price jumped to ~$359K by mid-year blog.remax.ca. Looking ahead, RE/MAX forecasts another ~3% rise in average prices by year-end 2025 blog.remax.ca, assuming even modest interest rate cuts. With rates expected to ease later in 2025, pent-up demand could intensify. New communities (e.g. Brighton, Aspen Ridge, Kensington) are particularly hot; these offer new builds, parks and transit access, which attract young families and new arrivals blog.remax.ca. At the same time, infill areas (Kensington, early stages of Stonebridge, etc.) see redevelopment and densification.
Commercial: Saskatoon’s commercial property market is relatively resilient in 2025. Total transactions in Q1 2025 rose ~2% YOY despite global uncertainty blog.remax.ca. The biggest growth is in land and multi-family assets. Large land parcels (10+ acres) zoned for development near Saskatoon are in demand, trading around $36–40K per acre blog.remax.ca. “Shovel-ready” lots (fully serviced land) command much higher prices ($180–300K/acre in key areas) blog.remax.ca. The multi-family sector (rental apartment and townhouse investments) is booming: new complexes are 100% leased, cap rates ~9% blog.remax.ca, and smaller low-rise buildings (4–6 units) sell for ~$1.2M, while 26–32 unit blocks go for ~$4M blog.remax.ca. Rising rents (latest data ~+$1,500 for average Saskatoon apartments, +9.7% YOY blog.remax.ca) and occupancy near 100% make multi-family attractive for investors.
Other sectors are steady. Retail development is driven by new suburbs: each subdivision adds strip malls anchored by grocers, banks and fast food. Downtown office space, by contrast, struggles post-pandemic (vacancies remain elevated and some anchor tenants have left blog.remax.ca), while suburban Class A offices (e.g. in Stonebridge) see strong demand and low vacancies blog.remax.ca. The hotel market is small but active: about five smaller hotels/motels changed hands recently (outside city limits near demand nodes), ranging $1–5M blog.remax.ca. Industrial real estate is seeing more new supply; vacancy is rising modestly (about 3% now blog.remax.ca) though small industrial units (<5,000 sq ft) still sell quickly at premium prices. Overall, commercial investors remain interested in “essential” property types (land, rentals, light industrial, retail), betting on Saskatoon’s stable local economy blog.remax.ca.
Housing Affordability & Rental Market
Affordability: Despite strong growth, Saskatoon remains more affordable than Canada’s major cities (Vancouver, Toronto, etc.), but prices have been rising faster than incomes. Local agents note affordability is eroding: first-time buyers are taking on more debt or receiving parental assistance blog.remax.ca. By mid-2025 the average home was only ~$359K blog.remax.ca – low by national standards – but rapid gains mean affordability is tightening. For example, the benchmark price in July 2025 ($435K) is now well above any previous record kentbraaten.com. CMHC cautions that continued low supply will keep pressure on prices, especially for entry-level homes assets.cmhc-schl.gc.ca.
Key measures of affordability are strained. Mortgage rates, though off their peak, remain high; any cuts in late 2025 (as anticipated by analysts) could spur buying but risk further price rises blog.remax.ca. In response, the city and province are prioritizing affordable housing: Saskatoon’s Housing Action Plan and related policies offer incentives for low-income housing (e.g. 5–10% down-payment grants, reduced fees) and support projects via the federal Rapid Housing Initiative and Housing Accelerator Fund globalnews.ca globalnews.ca. The net effect is hoped to be more supply of affordable units (e.g. up to 4plexes in family neighborhoods, streamlined approvals for multiplexes globalnews.ca).
Rental Market: The rental sector is extremely tight. City data (June 2024) showed sub-1% vacancy in many areas (balanced market is ~3%){ globalnews.ca. With vacancies so low, landlords have been raising rents aggressively. By late 2023 the average two-bedroom rent in Saskatoon was over $1,300 (a 9% increase YOY) globalnews.ca. CMHC forecasts rent growth to remain strong through 2025 as demand outstrips new supply assets.cmhc-schl.gc.ca, with slight easing by 2026–27 as recent construction (especially purpose-built rentals) comes online.
Rising rents and low vacancies have pushed some residents into affordability stress. In response, Saskatoon’s city council has approved numerous reforms to encourage rental development: allowing accessory suites, cutting parking minimums, and rezoning around transit corridors for higher-density apartments globalnews.ca saskatoon.ca. The $41M Housing Accelerator Fund (2024–27) will also subsidize new affordable rental units (940 total) globalnews.ca. These measures should eventually increase rental stock, but analysts warn relief will be gradual. For now, renters face stiff competition for units and rapidly rising prices, making affordability a key issue for low-to-moderate income households.
Economic & Demographic Drivers
Saskatoon’s strong economy and demographic growth are major tailwinds for real estate. Saskatchewan’s economy is diverse – mining (potash, uranium), oil, agriculture, and a robust public sector – and is forecast to outpace the national average in 2025 economics.td.com. Key investments like the Jansen potash mine (under construction) and continued mining export growth (+20% YTD) are injecting jobs and income economics.td.com. The unemployment rate is the lowest in Canada (~4.7% in Aug 2025) economics.td.com, and consumer spending is solid. TD Economics notes that resource and construction sectors are “strong”, giving Saskatchewan a mild growth boost despite global trade headwinds economics.td.com economics.td.com.
Population growth is equally robust. As of mid-2023 the Saskatoon CMA had ~295,000 people saskatoon.ca, and the city estimated ~308,600 by July 2024 saskatoon.ca (implying ~13,700 new residents in 2023, well above the five-year average). Growth is driven by both international immigration (students and skilled workers drawn by jobs) and interprovincial migration (Saskatchewan’s strong job market lures Canadians). Projections (City of Saskatoon studies) have long anticipated continued growth – the city aims to reach ~312,700 within 10 years (medium-growth scenario) – though the exact pace will depend on economic conditions. A larger, younger population translates to sustained housing demand: more families, students and workers needing homes and rentals.
Overall, the region’s affordability advantage (relative to Vancouver/TO) plus strong local economy (“lowest unemployment in Canada” economics.td.com) is a potent combination. CMHC observes that Saskatoon’s labour market has absorbed newcomers well (high employment growth with only a modest unemployment rise) assets.cmhc-schl.gc.ca, meaning newcomers are actively renting or buying. These fundamentals suggest that any pullback in housing should be limited, and housing demand is likely to stay above long-term trends at least through the mid-2020s.
Investment Opportunities & Risks
Opportunities: For investors, Saskatoon currently offers a range of opportunities in residential, multi-family, and even farmland. Low (relative) prices and strong growth make residential rentals attractive – with 100% occupancy and rising rents blog.remax.ca globalnews.ca, purpose-built rental buildings can yield ~8–9% cap rates blog.remax.ca. Smaller apartment buildings (4–6 units) are available from ~$1.2M blog.remax.ca, letting “mom-and-pop” investors participate. The suburban home market, though competitive, still offers return on equity via appreciation; many buyers view Saskatoon as a stable long-term play. Commercial opportunities abound in land and multi-family: large land parcels near Saskatoon (10+ acres) are in hot demand blog.remax.ca, and smaller developed lots trade at premium prices. New subdivisions (like Brevoort Park expansions) also offer lots for builder investment. Retail and hospitality have niches: local retail centers in growth corridors enjoy steady traffic, and small motels outside the city (serving truck routes, etc.) have proven profitable, selling at $1–5M blog.remax.ca.
Agricultural land near Saskatoon has been a standout: Saskatchewan farmland values rose 13.1% in 2024 (the highest provincial increase in Canada) blog.remax.ca. As the province’s largest city, Saskatoon draws ag investors to nearby acreage for either farming or future development. Investors also note Saskatoon’s relative affordability – buying a $400K condo in Saskatoon has much lower carrying costs than in BC or Ontario, yet still yields appreciation.
Risks: No market is without risk, and potential pitfalls include interest rates, economic shocks, and policy changes. Rising mortgage rates (even slightly) can dent buying power; though rates peaked in 2023, any unexpected delays in cuts could slow demand. Economically, external factors pose uncertainty. For example, Canadian exporters (notably agriculture) face trade tensions: China’s tariffs on canola seed (75%) and oil (100%) threaten Saskatchewan farmers economics.td.com. A deepening Canada–U.S. trade war (tariffs up to 25%) could slow the provincial economy (as CMHC notes, large tariffs could trigger job losses and recession risks assets.cmhc-schl.gc.ca). If commodity prices fall (e.g. oil plateauing, canola troubles), local income growth could stall, cooling housing demand.
On the local policy front, the ambitious housing plan itself carries some risk of political backlash or delays. Zoning changes (allowing multiplexes, reducing parking) have stirred some community opposition, which could slow approvals. Also, as rental construction accelerates (per CMHC assets.cmhc-schl.gc.ca), overbuilding could eventually emerge by 2027: rising vacancy is expected once dozens of new rental projects complete, which could temper rent growth. Finally, investors must watch out for overheating: double-digit price gains (over 30% in 2 years provincially stats.crea.ca) may not be sustainable indefinitely without enough new supply. A sharp market correction (though unlikely given current fundamentals) would be painful given how thin inventory is; the market has little cushion against shocks.
Government Policies, Infrastructure & Zoning
Government action is central to Saskatoon’s housing future. In recent years both federal and city governments have launched initiatives to boost supply and density:
- Federal-Provincial Funding: Saskatoon is a partner in the federal Housing Accelerator Fund (HAF). Through this, $41.3 million is allocated to Saskatoon (2024–27) to expedite ~940 new housing units globalnews.ca. These funds are aimed at affordable housing, and the city plans to spend ~$35M of it on incentives (subsidies, land for affordable/multi-unit projects) globalnews.ca. The Rapid Housing Initiative (federal funding from earlier) also brought millions for shelters and supportive housing in Saskatoon, helping address homelessness and core need.
- Zoning & Development Bylaws: To align with HAF requirements, Saskatoon Council approved major land-use reforms. These include up to 4 units allowed on nearly every residential lot, and multiple-unit buildings permitted within 800m of Bus Rapid Transit (BRT) stations globalnews.ca. The city introduced new Corridor Zoning for rapid-transit corridors (approved July 2024) to encourage mixed-use, higher-density development saskatoon.ca. Minimum parking rules have been reduced or removed in transit areas, lowering development costs saskatoon.ca. Accessory dwelling units (basement suites, garden suites) regulations were overhauled in April 2024 to eliminate previous barriers saskatoon.ca. In sum, zoning is being liberalized to allow more infill, rowhouses, and multiplexes without needing lengthy approvals.
- Incentives & Affordable Housing Programs: The City’s Affordable Housing Incentive Program (AIP) offers property tax abatements and grants to developers building below-market rental housing or condo rentals. In May 2024 Saskatoon expanded incentives for “missing middle” housing (triplexes, townhouses) in transit corridors saskatoon.ca. The city continues to use its own land reserves for housing projects under its Attainable Housing Program (e.g. developers bid on city land in return for building affordable units).
- Infrastructure & Growth Areas: Public infrastructure supports the market too. New roads, utilities and amenities have opened in subdivisions like Brighton, Aspen Ridge, Kensington blog.remax.ca. The BRT Blue Line (opened Aug 2023) and Orange Line (coming soon) expand rapid transit, making many neighborhoods more accessible. Plans for a third freeway bridge over the river (Circle Drive South) and ongoing ring-road projects will improve commute times. Such investments increase the attractiveness of outlying areas and enable more housing construction. Utilities upgrades (water, sewer capacity) also facilitate higher density. Overall, Saskatoon’s planning and infrastructure improvements are designed to match the population growth forecast.
These policies together aim to accelerate building in Saskatoon. CMHC notes that rising prices and rents (along with the incentives) are expected to “encourage elevated levels of new construction” assets.cmhc-schl.gc.ca. Indeed, housing starts in the Saskatoon area have risen in 2024/25, particularly in multi-family construction. Observers will watch whether these policies can bring supply up close to demand; so far, new completions have lagged demand, but that gap may narrow by 2026–27 as permitted projects break ground.
Outlook (Next 3–5 Years)
In the short term (2025–27), most analysts anticipate Saskatoon’s market will remain hot. Sales volumes should stay above long-term averages, and prices should continue to rise (though at a moderated pace compared to early 2025). The CREA/SRA reports suggest prices may advance a few percent annually in 2026–27 as demand holds up blog.remax.ca kentbraaten.com. CMHC explicitly projects continued high demand and a tight resale market through 2025, supporting further price gains assets.cmhc-schl.gc.ca. Lower mortgage rates (if delivered) could reignite buyers who have been on the sidelines, potentially pushing prices even higher in late 2025/early 2026 blog.remax.ca. The rental sector will lead new construction, so expect many new apartment/townhouse projects in the next few years; these will eventually ease rental rates modestly by 2026–27, but vacancies are likely to remain low through 2025 assets.cmhc-schl.gc.ca.
Over 5–10 years, much depends on how growth projections play out. Official city plans (medium-growth scenario) have long assumed ~312,700 population by 2030. If Saskatoon meets even a portion of this growth, housing demand will stay strong into the 2030s. The fundamental supply constraint suggests prices will likely keep climbing at least in nominal terms. That said, once a significant pipeline of new homes is built (new subdivisions, condo towers, multiplex developments), the pressure could gradually ease. CMHC and economists expect housing starts to remain above historical norms, so the market may shift back toward balance after 2027. In a very long-term view, if interest rates fully normalize and the labour market cools, growth could slow – but currently there are no signs of a downturn: Saskatchewan was the first province to hit a 2025 sales record stats.crea.ca and remains economically robust economics.td.com.
In summary, Saskatoon’s real estate market is in the midst of an exceptional boom driven by population influx and strong local economy. Record sales and surging prices in 2024–25 reflect supply constraints. The next 3–5 years are likely to see continued price appreciation and very tight markets, albeit with more new construction (especially rentals) coming on line. Key factors to monitor include interest rate movements (which could boost or dampen demand), government success in increasing housing supply, and any economic shocks (trade or commodity cycles) that might affect household incomes. For now, however, the outlook is bullish: low inventory and steady demand suggest Saskatoon housing will remain a seller’s market with investment opportunities in housing and related real estate sectors kentbraaten.com assets.cmhc-schl.gc.ca.
Sources: Saskatchewan Realtors Association / CREA monthly stats kentbraaten.com stats.crea.ca; RE/MAX market reports blog.remax.ca blog.remax.ca; CMHC February 2025 Housing Outlook (Saskatoon section) assets.cmhc-schl.gc.ca assets.cmhc-schl.gc.ca; City of Saskatoon population reports saskatoon.ca; TD Economics provincial forecast economics.td.com economics.td.com; Global News on housing policy globalnews.ca globalnews.ca; Kent Braaten (Century21) July 2025 report kentbraaten.com kentbraaten.com; among others. These reputable sources provide up-to-date data and expert analysis on Saskatoon’s housing market and its drivers.
