Weyburn’s housing market is showing signs of strain, not due to a lack of buyers, but a shortage of homes available to purchase. According to local realtor Chad Bailey of RE/MAX Weyburn, the sharp drop in benchmark price seen in March's real estate statistics doesn't tell the full story.
“The numbers are kind of skewed,” Bailey explained. “The overall benchmark price dropped because most of the homes sold last month were in the $100,000 to $200,000 range. That doesn’t mean home values are falling - it just reflects which homes are actually available and selling.”
The Saskatchewan Realtors Association reported a benchmark price of $224,300 for Weyburn in March. This was down 2.9 per cent year-over-year, making it one of only two communities in the province to post a price decline. Yet at the same time, the average sale price in Weyburn actually rose 25.9 per cent, driven by a small pool of higher-value sales.
While other parts of Saskatchewan are facing similar shortages, the inventory in Weyburn is particularly short. Active listings have declined by 39.1 per cent from last year, and new listings are down 25 per cent. Compared to the 10-year average, the number of available properties is down by over 60 per cent.
“We just don’t have the inventory,” Bailey said. “Everyone in our office, and I’m sure in the other offices too, has clients who are ready to buy—but there’s nothing for them to buy.”
This lack of inventory has dropped Weyburn’s months of supply to 5.89, a significant shift that still technically places it on the edge of a balanced market, but trending strongly toward a seller’s market. In contrast, the provincial months of supply fell to 3.15, its lowest level in over a year, as cities like Saskatoon and Regina face even tighter conditions.
Bailey also pointed to Weyburn’s tight rental market as a contributing factor to the surge in demand for entry-level homes.
This increased demand is most visible in the $100,000 to $200,000 price bracket, which accounted for the bulk of sales in March. As those entry-level homes move, Bailey said, a ripple effect occurs, allowing those sellers to move up the property ladder.
Despite interest from out-of-province buyers, particularly from British Columbia and Ontario, new residential construction in Weyburn has been slow to recover.
“We’re getting those calls from people wanting to move here,” Bailey said, “but people are hesitant to build. Some developments have sat idle, and building requires a big investment.”
Yet with both sales and rental inventories stretched thin, the pressure for new housing starts is growing.
“We’re at the point now where the shortage is pushing that need for new builds,” Bailey added.