On January 29, 2025, the Bank of Canada reduced its policy interest rate by 25 basis points to 3%. This decision marks the BoC's sixth consecutive rate cut in 2024. While inflation has held near the bank’s two per cent target since August and household spending is picking up, the potential for a trade conflict with the United States has clouded the economic and inflation outlooks. The next scheduled interest rate announcement is on March 12, 2025.

According to the Saskatchewan Finance in its 2023-2024 budget forecast, real GDP is predicted to slow down significantly from the 4.8% increase in 2021 to 1.3% for 2022 and 1.8% in 2024.

October 2024 year-to-date retail trade is up by 2.4% over the same period in 2023. Sub-sectors that posted increases were: Gasoline stations (6.1%), Furniture and home furnishings stores (8.1%), Health and personal care stores (10.4%), Grocery stores (6.1%), General merchandise stores (3.0%), and all other (92.9%). During the same time period, declines were posted by: New car dealers (-2.1%), Used car dealers (-27.0%), Electronics and appliance stores (-9.4%), Building material and garden equipment and supplies dealers (-9.0%), Clothing and clothing accessories stores (-1.5%), Sporting goods, hobby, book and music stores (-7.3%), and Beer, wine and liquor stores (-30.6%).

October 2024 year-to-date new motor vehicle (units) sales were up by 15.9% from October 2023. New minivans, sport-utility vehicles, light and heavy trucks, vans and buses sales were up by 17.4%, while new passenger car sales were down by -2.6%.

October 2024 year-to-date wholesale trade was down by -17.1% over the same period in 2023. Sub-sectors that posted increases included food, beverage and tobacco merchant wholesalers (26.1%) and personal and household goods merchant wholesalers (4.1%). Declines were seen in farm product merchant wholesalers (-33.5%) and motor vehicle and motor vehicle parts and accessories merchant wholesalers (-2.5%).

• Year-to-date October 2024, average weekly earnings were up 3.9% over October 2023. Sub-sectors that posted increases included goods-producing industries (3.2%), mining, quarrying, and oil and gas extraction (4.3%), construction (2.5%), manufacturing (3.1%), service-producing industries (4.1%), trade (5.2%), transportation and warehousing (4.5%), information and cultural industries (8.0%), finance and insurance (3.6%), professional, scientific and technical services (4.5%), management of companies and enterprises (11.1%), administrative and support, waste management and remediation services (0.8%), educational services (3.9%), health care and social assistance (4.7%), arts, entertainment and recreation (1.0%), accommodation and food services (11.1%), and other services except public administration (4.3%). Real estate and rental and leasing saw a decrease of -2.9%.
• October 2024 year-to-date restaurant receipts were up by 4.0% over the same period in 2023. Within restaurant receipts, special food services (8.1%) and limited-service eating places (7.3%) increased. Declines were noted in drinking places (alcoholic beverages) (-6.2%) and full-service restaurants (-1.1%).

October 2024 year-to-date manufacturing sales are down by -6.2% over the same period in 2023.

• Sub-sectors that posted decreases were Food manufacturing sales (-6.4%), Machinery manufacturing sales (-19.1%), Fabricated metal product manufacturing sales (-10.4%), and All other Manufacturing sales (-3.1%).

October 2024 year-to-date wholesale trade was down -17.1% over the same period in 2023. 

• Food, beverage and tobacco merchant wholesalers (27.9%), Personal and household goods merchant wholesalers (4.2%) posted increases, while Motor vehicle and motor vehicle parts and accessories merchant wholesalers (-1.9%) saw a decline.

Total international merchandise exports were down by -9.7% year-to-date November 

• 2024 over November 2023. Sub-sectors that posted increases included energy products (10.0%), basic and industrial chemical, plastic and rubber products (22.8%), forestry products and building and packaging materials (0.8%), electronic and electrical equipment and parts (12.6%), motor vehicles and parts (8.4%), aircraft and other transportation equipment and parts (12.0%), and special transactions (0.5%).
• Sub-sectors that posted decreases included farm, fishing and intermediate food products (-10.0%), metal ores and non-metallic minerals (-32.4%), metal and non-metallic mineral products (-14.4%), industrial machinery, equipment and parts (-38.7%), and consumer goods (-12.6%).

In December 2024, total year-to-date housing starts were up by 54 units or 1.4% over the same period in 2023. Year-to-date increases were observed in singles (265 units or 26.5%), semi-detached (18 units or 10.1%), and row housing (184 units or 74.5%). Year-to-date declines were noted in apartments and other types (-413 units or -17.2%).

The average year-to-date Housing Price Index Benchmark Composite Price is up from $322,008 in December 2023 to $338,183 in December 2024, or 5.0%.

November 2024 year-to-date building permits were up by 16.9% over the same period in 2023. Sub-sectors that posted increases included residential (10.7%), industrial (5.6%), and institutional and governmental (98.7%). Commercial building permits declined (-3.8%).

December 2024 year-to-date employment in Information, culture and recreation was up 1,217 positions or 6% over same period in 2023.

Q4 2024 Provincial population was up 26,989 persons or 2.2% over 2023 Q4 to 1,246,691, an all-time high. In addition, the provincial population grew by 6,826 people over the second quarter of 2024. 

Driving population growth was post-COVID resurgent international immigration as borders re-opened. Net inter-provincial migration has been negative every quarter since Q2 2013.