Last Updated on October 24, 2023 by Ephraim Vecina
Regina’s remarkably stable economy – which is boosted by a diverse selection of strong industries including energy and manufacturing, as well as information technology and public service – continues to attract would-be home buyers.
“Your housing costs are relatively cheaper and you have more family, disposable income to spend on quality of life and other activities,” Economic Development Regina CEO John Lee said earlier this year.
These observations were supported by findings published by Royal LePage report earlier this month, which indicated that greater sales activity is a distinct possibility in the very near future.
The market’s average housing price will likely shrink by 6.3% annually during the fourth quarter, ending up at $305,440. This will come in the wake of another drop of 5.9% year-over-year during Q3 2019.
“In ten years, there’s never been a better time to buy in Regina; homes are affordable and we expect to see more activity in the coming months,” Royal LePage Regina Realty managing partner Mike Duggleby said.
By asset class, the median price of two-storey homes fell by 6.9% annually during the third quarter to $374,886. Meanwhile, bungalows contracted by 5.4% to $286,544, and condos had a more measured 3.4% decline to $218,671.
Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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