Opportunity for million dollar homes grows in Regina

There is a new addition to the list of indicators Regina is in the middle of a boom, the demand for high-priced homes. Two $1 million homes have been sold so far this year through the MLS system, one here in the city of Regina and one outside of town. Most of the luxury homes are sold by the builder.  

“If people are spending a million dollars they want to customize it how they want,” said Katrina Stettner with Harmony Builders Ltd. “They want the lot they want, they want the house they want.” 

At a show home in Harbour Landing with a $1.2 million price tag, Stettner described the type of people who are buying up these expensive homes. 

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 “A lot of them are moving back to Regina from other provinces. A lot of them had a house before, they did good one their house and want to move up and have a nice house. And it doesn’t take much to get to a million now, especially if you get the lot that you really want.”  

Regina is also seeing a demand for million dollar condos. The new Centre Square Project boasts 4 penthouse suites valued at a million, and even the architect says he was surprised they’ve already been spoken for.  

 “It was really a huge surprise,” said Kirk Banadyga with Number Ten Architectural Group. “I felt there would be people looking at them but I was surprised that they were really the first to go.” 

 “The baby boomers are now of an age where they are retiring and they’re looking for another style of living,” explained Wayne Hydeman, president of Centre Square Development. “There are a lot of young couples looking for a lifestyle that a little different than suburban. They want to live the urban style. They’re coming from Toronto, Montréal, Vancouver, and Edmonton where they’ve been accustomed to that lifestyle for many years.”   

 Most of the homes and condos are also built energy efficient. 

 “People are spending money to save money in the long run,” said Stettner.  “They spend money on spray foam, and more energy efficient things so they know they’re going to get their money back in a few years.”