September 2021 – Regina & Region Housing Market Update

Starting off with Saskatchewan as a whole: sales have slowed relative to last year’s record highs, however, to no surprise, have remained well above the long-term trends. With changes in both sales and supply levels, conditions have remained unchanged as the sales-to-new listings ratio remained over 60% and the months of supply stayed above five months.

While the sales have slowed, the market is indicating more of a balance between supply and demand compared to levels in the spring. Although the market favors towards the seller, the recent shift towards a more balanced market is taking pressure off of prices. Throughout Saskatchewan, benchmark home prices have eased over the past few months, but still remain well above last year’s levels. Since the beginning of 2021, residential home prices have risen by 8%! While detached sales account for 74% of all sales, attached properties are moving up and accounting for nearly 12% of all the sales in the province.

Focusing more on the Regina Region, September 2021 sales compared to September 2020 sales, have decreased significantly by 20.2% to 344. Although that percentage seems large, since the beginning of this year, our sales have increased by 25.7%. Looking at this data over a 10-year period, our sales have risen by 9.5%! In comparison to last year’s sales, our numbers do look like they are dropping due to the record breaking amount of sales we did in 2020, but comparing them as a whole, our sales have risen.

Moving on to New Listings, which has a similar trend to our Sales, they have decreased by 5.4% to 565. Since the beginning of 2021 our number of New Listings has increased by 14.6% but over 10 years has decreased by 0.4%.

Inventory numbers in the Regina Region have declined in all areas. Compared to last year, we are down 3.4% to 1,647. A 10-year average shows we are down 8.9% and, since the beginning of 2021, we are down 10.6%. With inventory declining and monthly housing supply rising 21% to 4.79 months year-over-year, the cost of residential homes has also risen. Compared to September 2020, the Regina Region residential average price has risen 4.6% to $335,656.