Saskatchewan’s housing market in Q2 2025 showed slowing sales while prices continued to rise at one of the fastest rates in the country. Data from Edge Realty Analytics shows that demand, while moderating, remains supported by tighter inventory and steady construction activity, keeping conditions relatively favourable for sellers.Sales Activity Moderates After Strong 2024After ending 2024 with year-over-year gains, Saskatchewan’s home sales fell 6.0% quarter-over-quarter (q/q) in Q1 2025 but still posted a 5.7% annual increase. In Q2, momentum eased further, with sales down 1.8% q/q and 4.3% compared to the same quarter in 2024. This marks the first year-over-year decline in sales since early last year. As a comparison, Manitoba’s sales rose 1.1% QoQ and 6.3% YoY, reflecting stronger, sustained demand in that province.Listings See Seasonal UptickNew listings fell in Q1 2025 by 4.6% q/q and 4.0% y/y, limiting available supply. In Q2, the trend reversed, as listings rose 5.2% q/q and 2.7% y/y as more sellers entered the market for the spring season.Active listings also shifted from scarcity to modest growth. After a sharp drop of 8.2% q/q and 25.1% y/y in Q1, inventory levels rose 2.6% q/q in Q2, though they remained 11.8% below the same period last year. The persistent year-over-year shortfall, however, continues to underpin pricing strength in the province. Prices Continue to Outperform National TrendSaskatchewan’s price growth has been one of the most resilient in Canada this year. In Q1 2025, the Home Price Index (HPI) climbed 1.6% q/q and 6.2% y/y. That momentum accelerated in Q2, with a 5.3% q/q gain and 7.7% y/y increase. The combination of constrained supply and steady demand has helped keep upward pressure on prices, even as other provinces have seen declines, other than Manitoba, which also posted strong results, up 7.9% y/y.Construction Activity ExpandsMeanwhile, housing construction saw robust growth over the first half of 2025. Units under construction rose 1.9% q/q and 23.5% y/y in Q1, followed by a 9.2% q/q and 33.7% y/y increase in Q2. This reflects both a response to strong price growth and an effort to address ongoing inventory constraints in the resale market.Market BalanceMarket balance remains in the seller’s territory. Months of inventory edged up from 3.1 in Q1 to 3.4 in Q2, low enough to keep conditions competitive, but higher than neighbouring Manitoba’s tighter numbers of 2.2 months of inventory. The sales-to-new listings ratio, although it eased from 73.8% in Q1 to 67.6% in Q2, remains well above the threshold for a balanced market.Saskatchewan enters the second half of 2025 with a housing market that is cooling in terms of sales activity but still showing strong price performance.