June 2022 Market Statistics - Regina Region

June 2022 – Saskatchewan and Regina & Area Market Statistics

In comparison to last year’s levels, June sales have eased. “While sales have been trending down in the province this year, we cannot lose sight of the fact that sales levels are still amongst the highest levels ever recorded in our market and these higher relative levels are still being achieved despite the sharp rise in lending rates,” comments Chris Guérette, CEO of the Association.

As for the New Listings numbers, compared to last year, they have risen almost 9% which has helped support some monthly gains in inventory levels.  Even with 6,893 units in inventory, supply levels are still 27% lower than the 10-year average and is one of the lowest levels reported for June.

Continuous tight market conditions are placing pressure onto home prices. According to the MLS® Home Price Index, the June 2021 price was $289,100 and the June 2022 price was $302,500. “Moving forward, we do anticipate that further rate increases will weigh on sales and eventually support more balanced conditions. However, Saskatchewan continues to benefit from relative affordability, improving migration and job growth, which should help offset some of the impact that higher rates would have on the housing market.”

The Regina Region’s sales climbed almost 2% compared to June 2021, and the average number of sales over a 10-year spread has risen 28.5%! The number of New Listings also rose in 2022 by 8.2% compared to 2021. Although both the Sales and New Listings numbers have increased, they have declined since the beginning of the year. Inventory in the Regina Region has also seen a decline, at 1,606 homes in inventory that is just over 10% lower than last June and 18.2% lower in the 10-year average spread.

Due to Sales climbing and our Inventory shrinking, the Months of Supply has decreased by almost 12% since last June, indicating that homes are still being sold at a fast rate. What comes with the fast sale of homes is a higher price. According to the MLS® Home Price Index, in June 2021, the average cost of a home in the Regina Area was $308,000 and now in June 2022 the average cost is $318,900, rising just over $10,000 in a year!