Saskatoon Real Estate: 2025 Spotlight on Luxury

Strong economic growth, coupled with an almost 10-per-cent increase in population over a three-year period, have contributed to continued upward momentum in the luxury segment of the Saskatoon real estate market. Demand remains strong for high-end homes priced over $700,000, with year-to-date sales doubling over 2024 levels.

Forty-four homes were sold in the first two months of 2025, up from 22 sales one year earlier. While inventory levels have increased heading into the traditional spring market, most properties are selling within a day or two, especially in the coveted $350,000 to $400,000 price point. Equity gains have had an impact on the luxury market in recent years, allowing many homeowners to trade up to larger homes or different communities. The luxury segment now represents six per cent of the total residential Saskatoon real estate market.

Single-family homes remain most sought after at luxury price points, with new builds in suburban areas such as Aspen Ridge and Brighton seeing the lion’s share of activity. Infill in the city’s most established areas is in high demand, with prices of finished product selling well above $700,000. Although availability is limited, strong demand also exists for wartime bungalows and two-storey properties on generous lot sizes in the city for future custom builds. In many instances, these larger lots are subdivided to allow two new builds on the property. Older homes in Nutana along the Saskatchewan River are also drawing more affluent buyers, with prices typically starting at $1 million plus, but listing inventory is few and far between, with prices typically starting at $1 million plus.

Immigration has played a significant role in the Saskatoon real estate market in recent years, with Statistics Canada Annual Demographics Estimates for CMA and Census agglomeration interactive dashboard noting that population growth rose almost 10 per cent between 2022 and 2024.

Neighbouring provinces and communities have also contributed to the Saskatoon’s growth, as the appeal of job opportunities and affordable housing attract younger buyers. Saskatchewan’s economic engine continues to create employment, with 14,000 new jobs created in 2024, according to Statistics Canada. The province had the third lowest unemployment rate in the country in 2024, with the annual rate sitting at 5.5 per cent, significantly lower than the national average.

While the possibility of trade wars is top of mind with buyers, there has been no pullback in the market to date. A sense of optimism exists in the province, with each rate drop bringing more purchasers into the Saskatoon real estate market, while sellers at the top end continue to take advantage of the current momentum to downsize or make lateral moves. As such, healthy home-buying activity and price appreciation is forecast for Saskatoon for the remainder of the year.

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