While Saskatchewan's real estate market saw record-high prices and intense demand in June, the Weyburn market is being described as a "silver lining" of stability, offering a more comfortable environment for buyers and sellers.
According to the latest statistics from the Saskatchewan Realtors’ Association (SRA), the provincial housing market remains hot, with the benchmark price hitting an all-time high of $370,700, an eight per cent increase year-over-year. This is fueled by tight supply across the province, with just 2.95 months of available inventory, creating strong seller's market conditions.
In Weyburn, however, the story is one of balance. While the market is not immune to the pressures seen across the province, the effects are more moderate.
"Although Weyburn's is the smallest increase, you're still seeing an increase there," said Chris Guérette, CEO of the SRA. "And that is indicative to me that the market is very tight in terms of a lot of demand compared to the inventory that's available."
The data shows the Weyburn benchmark price in June was $246,300, a modest 0.5 per cent increase from the same time last year. There were 13 homes sold in the city during the month.
The key difference, Guérette explained, is that Weyburn has a more balanced supply of homes. With 5.46 months of supply, the city avoids the high-pressure sales environment seen elsewhere.
"I would say Weyburn is probably a little bit more on the balanced side, which I would think that is a little bit of the silver lining for you," Guérette noted. "It's a bit more of a comfortable market for anybody who wants to start looking or selling."
This stability, combined with relative affordability, could position Weyburn for future interest from buyers looking outside of larger, more expensive centres. When asked if buyers priced out of cities like Regina and Saskatoon could create a "ripple effect" of demand in communities like Weyburn, Guérette gave a definitive "big yes."
"Research actually shows that for people who are able to move, they are willing to travel up to an hour further out to get more home for the same price," she said. "So if somebody can find a more affordable property by driving to it, they will do it. And so for Weyburn, $246,000 for a benchmark price, that's pretty good."
Still, the region faces the same underlying challenge as the rest of the province: a critical lack of housing supply. Weyburn's available inventory is down 28.3% from last year and sits 54.3 per cent below the 10-year average, a trend the SRA has called the worst inventory challenge since 2007.
Even so, the combination of affordability and quality of life makes the community stand out.
"They're brilliant communities," Guérette concluded. "If people are looking for that feeling, then Saskatchewan is definitely the place, and Weyburn would be absolutely at the top of that list."