Torquay was established in 1912 when the land was sold to the Canadian Pacific Railway for $2,400.[2] At the suggestion of a railroad superintendent's wife, the area was named after the English town of Torquay as like its namesake, it had an abundant water supply.[2] The Ambrose-Torquay Border Crossing that connects Torquay with the North Dakota village of Ambrose opened in 1915 and remains in daily use today.
Torquay incorporated as a village on December 11, 1923.[3] The first council meeting as the Village of Torquay was held on January 9, 1924.[2]
In May 2018 the Canadian government announced plans to construct the country's first geothermal power plant in the area, with the eventual aim of using renewable energy to power hundreds of thousands of homes in Saskatchewan.[4]
In the 2021 Census of Population conducted by Statistics Canada, Torquay had a population of 215 living in 91 of its 103 total private dwellings, a change of -15.7% from its 2016 population of 255. With a land area of 1.35 km2 (0.52 sq mi), it had a population density of 159.3/km2 (412.5/sq mi) in 2021.[7]
In the 2016 Census of Population, the Village of Torquay recorded a population of 255 living in 99 of its 116 total private dwellings, a 7.5% change from its 2011 population of 236. With a land area of 1.35 km2 (0.52 sq mi), it had a population density of 188.9/km2 (489.2/sq mi) in 2016.[8]