November 2021 - Regina & Region Housing Martet Update

Saskatchewan sales soared in November rising 26.4% since last November and since the beginning of the year to 1,361. Not only did November set a new record high for sales but the long term averages grew over 50%. The province is on track to reach record high sales this year. With that being said, Saskatchewan REALTORS® Association CEO Chris Guérette states why she believes the rise in sales - “Concerns over inflation have left many anticipating that rates will rise earlier than expected in 2022. This has likely supported the recent shift in sales as buyers want to get ahead of any rate gains.”

With the number of Sales rising up to 1,361 but the New Listings totaling 1,521 units, the Sales-to-New- Listings ratio has risen to nearly 90% which is the tightest level ever recorded in November! Although conditions did tighten in November, there was no significant shift in prices. If we compare the benchmark price to October there is no real significant change but if we compare November’s benchmark to last years it has risen nearly 6%.

Compared to last November’s Sales, Regina has also seen an increase of 24.1% and in comparison to the start of 2021 there was an increase of 22%. As for New Listings, November had 398 which rose from last year 5% and 13% from the beginning of 2021. Even though the Sales and New Listings rose from last year and even the beginning of this year the average residential price for Regina has gone down nearly 20,000. With that being said, rates are anticipated to rise in the early months of 2022, so although in comparison to last year’s prices things do look promising, 2022 could change the game. With the Months of Supply dropping 21.4% to 3.70 and the 10 year average dropping 44.1% the hope is that the inventory begins to rise in 2022 so the months of supply can increase alongside New Listings and Sales.