The Emmy-award winning TV show announced the news on its official Instagram account on Thursday to the delight of fans.
A gallery of pictures on the social media post led with an image of Schitt’s Creek matriarch Moira Rose, played by Catherine O’Hara and the text caption: “They would have a virtual monopoly on this town”.
Other pictures showed the new edition’s board, game pieces and playing cards.
Properties for sale include the Rosebud Hotel, Rose Apothecary, Schitt Family House, Bob’s Garage and even the town’s infamous welcome sign.
Player pieces include Moira’s iconic sunglasses, Patrick’s guitar, “Ted the turtle”, one of Moira’s wigs with a large bow, a crow and a Rosebud Motel room key.
A description of the game reads: “Join the Rose family on opportunistic adventures as you buy, sell, and trade popular locations from the show, including The Rosebud Motel, Bob's Garage, Herb Ertlinger Winery and more.
“Celebrate tongue-in-cheek victories with ‘Hello You’ and ‘Love That Journey for Me’ cards, while rent and taxes like Roland's Truck and 'That's Not a Write Off!' make or break your small-town struggle to come out as the richest little townie and win!”
While the response to the news has been overwhelmingly positive, some fans were disappointed that the game was not available to purchase in Canada, despite the show being written and produced by Canadians.
“This is the SECOND item of Schitts Creek merch that has only been available for Americans… what the heck?”, wrote one frustrated follower.
“Last time I checked it was a Canadian show… DO BETTER!!”
Both Canadian and British fans can order the board game, which retails at $39.99 (£29) from US shops, such as Entertainment Earth, who ship internationally, however.
The award-winning comedy series focuses on the trials and tribulations of the wealthy Rose family who end up moving to a small town, Schitt’s Creek, they purchased as a joke after losing their fortune.
The show was first aired in 2015 and ran for six seasons.
“On a very surface level, the show is about a wealthy family that loses their money,” Dan Levy, who plays David Rose as well as being the programme’s showrunner, told The Independent.
“But that’s nothing more in the long run than a vehicle for exposing and revealing character. And I think the show, beneath the surface, was really an examination and an evaluation of love.”