Industrial, retail and multi-family continued to lead commercial activity in the Saskatoon commercial real estate market in the first half of 2026, while business sales slowed considerably from last year’s pace, according to Saskatoon-based Brent Haas of REMAX Revolution Realty, who provided insight for the REMAX Canada Fall 2026 Commercial Real Estate Report. According to Haas, limited inventory remains a key constraint, with vacancy rates below three per cent in several asset classes.

This local performance reflects the core findings of the national REMAX report, which highlights a selective, income-driven recovery supported by strong regional economic drivers. Across Canada, commercial investment is concentrating in markets with solid underlying fundamentals, established cash flows, and tight inventory—a pattern clearly demonstrated in Saskatoon, where agricultural and resource strength continue to support commercial expansion. Furthermore, Saskatchewan’s agricultural sector is undergoing a notable generational transition, with farm listings reaching five-year highs as more agricultural land comes onto the open market, creating unique opportunities for investors and owner-operators alike.

Saskatoon Commercial Market Overview

High Clearances and Flex Space Drive Saskatoon Industrial Real Estate Demand

Industrial remains exceptionally tight, with net lease rates hovering between $15 and $16 psf, up marginally from a year ago. Demand is strongest for 6,000- to 10,000-sq.-ft. buildings available for sale or lease within city limits, particularly light industrial and newer flex space. Ceiling height is also increasingly important, with 24- to 25-ft. clearances most sought after.

Retail Footprint Expansion and Established Neighbourhood Demand Support Lease Rates

Retail is performing well, with several retailers expanding their footprint. Makers has opened a second location, while Winners recently moved into larger space at the former Bed Bath & Beyond site. New retail development is also underway along Hwy. 11 southeast of the city. Vacancy remains tight in established neighbourhoods such as Broadway Avenue and 20th Street West where lease rates are lower, as well as University Heights and newer areas including Evergreen and Cargill East, which are fully leased. Downtown is softer, with vacancy pushing 10 per cent. Midtown Mall accounts for a significant share of retail space and continues to attract tenants despite net lease rates ranging from $35 to $60 psf, with Browns Shoes, JD Sports and Steve Madden among this year’s additions.

Saskatoon Office Vacancy Diverges Between Class-A Towers and Secondary Space

Office remains a tale of two markets. The triple-A Nutrien Tower and adjacent east tower are fully leased, while more than 650,000 sq. ft. remains vacant in surrounding Class-B and Class-C buildings. Plans to densify the downtown core, including redevelopment of the former Saskatoon StarPhoenix site with approximately 600 new residential units, 500 parking spaces, grocery and retail space, could support additional residential activity in the downtown core and contribute to long-term revitalization efforts, subject to project completion and market acceptance.

Multi-Family Construction Surges 76 Per Cent as Housing Supply Tightens

Multi-family activity continues to build as housing supply tightens. With just 1.8 months of residential inventory, multi-family building permits were up more than 76 per cent year over year, with more than 1,000 units in the pipeline. Private equity, local developers and Western syndicates remain active, although some REITs are divesting their Saskatoon multi-family holdings. Local investors are purchasing duplexes, fourplexes and three-storey walk-ups at roughly $156,000 per door. Newer two-bedroom product can command as much as $270,000 per door.

Tighter Commercial Lending Requirements and Inventory Constraints Mute Business Sales

Business sales have been muted by limited quality inventory, slower traffic, fewer out-of-province buyers and tighter lending requirements. Hotels and gas stations remain sought after, but financing has become considerably more cumbersome with lenders requiring larger downpayments and greater assurances.

Saskatchewan Farmland Market: 2026 MLS Inventory & Land Value Trends

After years of strong off-market activity, more Saskatchewan farmland is coming onto the open market, with MLS inventory at its highest level in five years, according to farmland expert Jeff Chapple of REMAX Revolution Realty, who provided insight for the report. At the time of his interview, Chapple reported there were 317 farm properties listed for sale, up from 286 a year ago and 208 in 2022. The increase comes alongside a wet, late harvest in parts of the province.

An aging farm population and succession-related considerations may result in additional farmland becoming available over time as many potential next-generation farmers choose different paths and long-time owners make retirement and succession decisions.  Despite rising inventory and some moderation in sales, demand for quality farmland remains strong. Better properties can still sell within about a month, while lower-quality or aggressively priced parcels take longer.

Values continue to climb. The median selling price (over a 12-month period ending in September) for farms of 80 acres or more reached $2,612 per acre in 2026, up about 11 per cent from a year ago and an increase of more than 58 per cent since 2022 according to Saskatchewan MLS data. Quality remains the key differentiator, with the strongest farmland continuing to move quickly. Some asking prices remain well ahead of recent comparable sales, which may widen the gap between buyer and seller expectations.

The larger story is the changing face of Saskatchewan agriculture. Across the country, industry estimates suggest that a substantial amount of Canadian farmland could change ownership over the next decade as older producers exit the industry. A portion of that land may be acquired by larger farming operations, consistent with longer-term industry trends. Saskatchewan farms now average close to 1,800 acres, and current trends suggest continued industry consolidation, although future outcomes may vary.

Saskatchewan’s underlying prosperity continues to provide a solid foundation for both commercial and farm real estate. Population growth, business expansion and strength in agriculture and resources are supporting demand for industrial, retail and multi-family assets, while productive farmland continues to appreciate. Higher borrowing costs and greater caution may be tempering activity, but well-positioned commercial properties and quality farmland remain firmly sought after. As new residents, businesses and investment flow into the province and an older generation of farmers transitions out of agriculture, Saskatchewan’s economic strength is increasingly reflected in the underlying value of both its urban and rural real estate.