Right now that shows up in the numbers themselves: Saskatoon sits at 1.63 months of supply, sales are running 6.6 percent above the 10-year average, and new listings are up 12.3 percent year over year. Fewer months of supply generally means less room for a buyer to negotiate, since inventory is not building up fast enough to offset demand.
The phrase matters more as an early signal than as a prediction, because supply and sales data moves before the benchmark price does. A seller watching supply tighten month over month is watching pressure build before it shows up in what their own house is worth.
None of that tells you what pressure is doing on your specific street or in your specific price range, which is where a general market read stops being useful and a local one starts. Get your hand-reviewed valuation from Joel Dyck.