Demand for housing continues to climb in Prince Albert and with that, the benchmark price continues to climb. (Susan McNeil/paNOW)
Real estate

Prince Albert benchmark home price tops $260,000

Feb 6, 2025 | 12:37 PM

For the second month in a row, the benchmark price of homes sold in Prince Albert grew by over 8 per cent, giving the city a price of $260,000.

The increase is part of an overall upward trend in real estate prices in Saskatchewan and indicative of a growing shortage of supply.

In January, 32 homes were sold in the city, almost 40 per cent higher than the same time last year and a 53 per cent increase in the 10 year average.

As is typical, the largest number of houses sold were in the $100,000 to $200,000 price range with the second largest sale value between $300,000 and $400,000.

According to the Sask. Realtors Association, which releases a market update monthly, Prince Albert’s inventory sits at 120 listings, a reduction of seven per cent over January 2024.

That leads to less than four months of supply, a reduction of 70 per cent compared to the last 10 years of numbers.

Across the province and with only a few exceptions, real estate sales are continuing to climb, according to the SRA and now sit 15 per cent higher than the decade average.

In fact, last year was the second-strongest year on record for resale housing activity in Saskatchewan. All told, over 16,000 sales happened last year.

“Our province closed 2024 with an eighteenth consecutive month of above average sales, an incredible statistic when you consider the significant inventory challenges we’ve faced throughout the year,” noted Association CEO, Chris Guérette.

Strong demand throughout 2024 was consistently met with declining new listings, resulting in record inventory lows at various points throughout the year.

Most of the lack of inventory, however, is in the more affordable dollar amounts and houses cannot be built for that price anymore.

The provincial benchmark price now sits at $337,800 for December, an annual increase of almost seven per cent.

“Saskatchewan’s resale housing market continues to benefit from record population figures, employment growth, and the recent Bank of Canada interest rate cuts,” said Guérette. “As we look ahead to 2025, we expect supply challenges to continue as a dominant theme. If this increased demand continues in the new year, we will likely see prices continue to trend upward across the province.”

A lack of available housing is becoming a growing trend and Prince Albert is not immune.

The local public housing authority said it has a zero per cent vacancy rate and a waiting list of about 140 families looking for low income housing.

Seniors housing that is also administered by the PA Housing Authority has a vacancy rate of between four and five per cent.

Construction of several multi-family properties are underway, however. A complex of three apartments on 28th Street West was to start rentals in December but is still under construction.

Not far from there, several multiple unit buildings for seniors are being built in Lakeview Estates and Métis Nation—Saskatchewan is working with the city on a subdivision of smaller row housing it wants to sell as rent-to-own properties. No ground has been broken on those as yet.

Despite the growth in housing options, the city also expects to add 700 jobs in the near future with a major expansion of the Victoria Hospital and the probably construction of an OSB mill.

susan.mcneil@pattisonmedia.com

On BlueSky: @susanmcneil.bsky.social

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