We’re back! Here’s the latest on the housing market in Saskatchewan, Regina and Region!

Saskatchewan Sales have increased by 36.4% since the beginning of 2021, are sitting at 1,393, with a marked decrease (11.3%) from last August. Of consequence, August, 2020 had sales that hit a new record high which explains the 11.3% decrease year-to-date. According to Saskatchewan REALTORS Association CEO, Chris Guérette, “… It is important to note that sales are still at levels that are far better than what were seen in August prior to the pandemic”. Sales of all property types on a year-to-date basis have Saskatchewan currently at a new record high!

Similar trends in New Listings: Since the beginning of the year, August has risen by 11.5% to 2,379 within the inventory of 9,453 homes. Although both the New Listings and Inventory stats have decreased in comparison to August 2020, keep in mind the reasoning behind what last year entailed. Saskatchewan’s total residential benchmark price is $287,900, comparable to last month but rising almost 7% from August, 2020!

Narrowing down our view to the Regina Region, August’s sales have decreased by 16.7% from just over 400 down to 348. Although that may seem significant, year-to-date shows that our sales have risen a whopping 32.2%, keeping the Regina Region close to the 10-year average of 342 sales. New Listings in the Regina Region, while having dropped by 1.5% since the beginning of the year, have risen almost 18% since last August.

The inventory in the Regina’s Region has decreased 5.3% to 1876 in comparison to August 2020. With inventory declining and monthly housing supply rising 13.7% to 5.39 months year-over-year, the cost of residential homes has also risen. Using the MLS® Home Price Index, Regina’s home prices increased from $242,200 to $255,200 which is a 5.7% increase. To put that into perspective, Regina Region’s home prices have risen only 0.7% higher than the percentage needed for a down payment on a home. While housing prices have somewhat climbed, they have continued to remain relatively steady since June, 2021.