For buyers specifically, more new listings mean less pressure to waive conditions or skip an inspection to compete, since a wider pool of comparable homes gives more room to negotiate price and possession date rather than simply outbidding.
For renters, new supply matters differently, since much of it is resale housing rather than new purpose-built rental stock, so the effect on rents is indirect at best and depends on how many former renters convert to buyers rather than on the listing count itself.
With 1.63 months of supply in Saskatoon right now, the market has room for buyers to be selective without necessarily seeing prices fall. Get your hand-reviewed valuation from Joel Dyck.