by Joyce Tourney
on Monday, November 19th, 2018 at 4:04pm.
Home to abundant culture, entertainment, and one of the continent’s largest urban parks, it’s no wonder why Regina holds a reputation as one of the most vibrant Canadian cities.
If you’re looking for a home in a bustling, yet charming area complete with festivals and events to explore the whole year round, Regina just might be the place for you and your family. Before you make your move, check out our Buyer’s Guide and be sure to stay up to date on the latest market conditions and trends.
To give you a sense of where we’re headed, let’s take a look at Regina’s city and region real estate market trends for 2018, and the forecast for the coming year.
Q3 2018 Market Overview & Changes
Of course, Canada's overall economy has played a significant role in Saskatchewan’s real estate market, and Regina more specifically. The implementation of federal mortgage stress tests is also making it more difficult for buyers to qualify, which likely affects Regina’s current buyer’s market conditions.
Keep reading to learn more about Regina's current market conditions, or explore the latest real estate listings in Central Regina below.
This Stunning Two Storey Home, Built By D&s Homes, Backs Spruce Creek Lake. It Has Instant Curb Appeal With Its Striking Design, Acrylic Stucco, Stone, And Curved Driveway. Entering The Home You Will Be Sure To Enjoy The 10ft Ceilings. The Cook's Kitchen ...
Are You Looking For A Luxury Home That Not Only Has Great Location But Doesn't Have That Cookie Cutter Look? This Sthamann Homes Built Two Story Walk-out Will Be Sure To Impress. Instantly You Will Notice The Mesquite Wood Front Door And The Decorative Tile...
This Gorgeous Home Sits On 3.5 Acres In Mission Pointe Estates, And It Is Just Minutes East Of Regina. You Will Enter Through The Gate And Make Your Way Up The Paved Driveway. Entering The Home You Instantly Notice How Bright And Welcoming It Is. Off The ...
Throughout 2018, Regina has maintained its position in a buyer’s market. In fact, the year so far has experienced the lowest sales numbers since 2008 and well below the five- and ten-year averages. As of October 2018, year-to-date sales were 2,687 in Regina and region - a 6.5% decrease from 2017.
Indeed, Regina is currently dealing with a high level of supply relative to demand, keeping prices low for incoming homebuyers. The sales-to-new-listings ratio has averaged below 40% for the majority of the year, so if you’re seeking to enter the real estate market as a first-time homebuyer, now might be the time to start looking at Regina’s inventory.
Inventory levels are currently elevated and are meeting slower demand in Regina. The charges brought on by the Provincial Sales Tax (PST) have played a role in increasing construction costs, which has recently prompted home builders to decrease their production.
Builders in Saskatchewan have since responded to these issues by reducing housing starts this year, with the intention of reducing inventory and stabilizing real estate prices. This should make way for new building in Regina and region in coming years.
Employment & Population Growth
Due to negative interprovincial flows, Saskatchewan as a whole has experienced slower population growth in 2018, along with soft labour market conditions.
As one might expect, these conditions have played a significant role in the slowing of consumer spending and migration flows. But with the steady economic growth that’s projected for Regina in 2019 and 2020, more employment opportunities and net interprovincial migration is expected.
Projections for Regina in 2019
Those planning to relocate to Regina in the coming year can remain optimistic about where this vibrant city is headed. It's exciting to see the market beginning to stabilize and allowing for the fruits of economic growth in 2019 and 2020.