Buying a home in Saskatoon is more expensive than ever

Aishwarya Dudha · CBC News

· Posted: Apr 25, 2025 6:00 AM EDT | Last Updated: 10 minutes ago

Buying a location successful Saskatoon is much costly than ever. Housing prices person deed astatine an all-time high, and inventory is astatine its lowest since 2008, pushing prices further up. 

All antithetic spot types, including detached homes, apartments and townhouses, reached all-time precocious prices in March, going up astir $5,000 successful worth each period implicit the past year, according to existent property experts. 

The Home Price Index benchmark tracks the sale price of specific types of properties implicit time. It's the existent property equivalent of the CPI (consumer terms index).

On average, the 4 spot types person risen successful worth by astir 8 per cent compared to March of past year, 37 per cent compared to 5 years ago, and 218 per cent compared to 20 years ago.

Low inventory

As of April 23, determination are lone 425 disposable units that don't already person a conditional connection accepted. That's astir a month's worthy of inventory. 

"If nary caller homes were listed for the adjacent month, determination would beryllium nary inventory near wrong a month. Everything would beryllium sold retired successful a period astatine that rate," said Josh Buchanan, a existent property analyst.

He says it's truly hard for those wanting to participate this competitory lodging marketplace owed to a deficiency of inventory and precocious prices leading to bidding wars. 

Some homes successful Saskatoon person been sold for $100,000 implicit the asking price, and others were being sold anyplace betwixt $30,000 to $50,000 implicit asking price, with bidding wars driving prices further up. 

Almost 70 per cent of homes sold successful Saskatoon successful April were purchased astatine oregon supra the asking price, according to a existent property expert. 

"Even if they [first-time homebuyers] could spend to get successful the market, it's similar they're conscionable getting outbid. So they're conscionable getting priced retired of the marketplace oregon conscionable giving up," Buchanan said. 

He said determination conscionable aren't capable homes successful Saskatoon to conscionable the demands of its growing population. 

No luck for first-time homebuyer 

Abdullah Abrar, 25, moved to Saskatoon from Lloydminster, Alta., with his household a fewer years ago. They've been successful the marketplace since past summertime with a $500,000 fund for a house, but haven't had immoderate luck uncovering one. 

"It's frustrating due to the fact that we were renting astatine the moment, and we were looking past twelvemonth too, truthful we're conscionable trying to get thing soon," Abrar said. 

He said astir caller homes being built won't beryllium acceptable this summer, and what's connected the marketplace is excessively overpriced. The lone enactment helium has near is extending his rental lease and hoping for amended luck adjacent buying season. 

"We looked astatine a location implicit successful Brighton that was similar $420,000 and present it's $470,000, successful little than a year," helium said. 

Abrar said adjacent if helium finds a spot he's funny in, there's a batch of unit to marque an connection and bargain wrong a day. 

"You're spending similar fractional a million, you're successful it for the adjacent 20 years oregon truthful of your life. It's frustrating. You person to beryllium speedy connected your decision, and it could crook retired bully oregon it could crook retired bad," helium said. 

Abrar says close present helium is helping his household bargain a location successful the city. He wants to settee down successful Saskatoon and commencement his ain home-buying journey, too, but that imagination seems to beryllium slipping farther away. 

Rising rents and affordability 

Experts accidental the unbalanced lodging market is besides impacting the rental market.

Inesh Rai, a Saskatoon realtor, says galore renters who privation to go homeowners can't find a location they tin buy. They're losing connected aggregate offers they marque and, similar Abrar, being forced to springiness up and proceed renting. 

"That's expanding request connected the rental market. Rents are going up arsenic good due to the fact that much radical are giving up connected buying," Rai said successful an interview. 

He fears that Saskatoon and Saskatchewan whitethorn not stay arsenic affordable arsenic they've been successful the past. 

"When my household and I archetypal moved to Canada, we were successful Ontario for the archetypal 4 oregon 5 years, and determination was nary accidental successful hellhole we were ever gonna enactment our ft done the door, bargain a house," helium said. 

They moved to Prince Albert, Sask., wherever Rai grew up, and wherever his parents were capable to bargain their archetypal location due to the fact that of the affordability that Saskatchewan offered. 

"I'm terrified that that affordability is going away," helium said. 

What tin homebuyers do? 

Rai said you should get a pre-approved owe truthful you cognize what you tin spend and marque an connection quickly. 

He suggests going to a section existent property nonrecreational and asking them what is the champion accidental you person of getting accepted successful this market, and to marque your connection speedy and desirable. 

Buchanan said that the solution to this unbalanced lodging marketplace is to physique much housing. 

"I deliberation determination needs to beryllium strategies for construction. I similar the thought of gathering multi-unit complexes that pull young moving professionals without kids and retired individuals who possibly don't person kids astatine location anymore." 

He said that Saskatoon needs astatine slightest 1,000 further units to equilibrium retired the marketplace but that won't hap overnight, truthful the metropolis stands to spot precocious prices and cutthroat bidding wars for immoderate clip astatine least.