Regina’s pricier condos taking a hit

REGINA – The latest report from Royal LePage shows it’s a buyers’ real estate market in the Queen City, with home prices softening in late 2015.

But the biggest drop is the price of condominiums, down 12.5 per cent year-over-year, according to the agency’s House Price Survey and Market Price Survey.

Sylvia Wandzura’s spacious, luxury condo wasn’t even on the market a few years ago – but it didn’t stop people from making offers. Now, it has been up for grabs for 15 months, with few people expressing interest.

“The right properties will sell quickly. The ones that aren’t … have difficulty.” – realtor Ron Pfeifer

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“When I think about it, I do get a little bit frustrated,” said Wandzura, who only left her 1,346 sq. foot unit behind because of a job offer in Edmonton.

It was originally listed in October 2014 for $519,000, but since then she has had to shave 17 per cent off the asking price to today’s $429,000.

“I go through a phase where, ‘Should I be trying to find renters? Should I bring my furniture, bring everything here?’ ”

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Supply vs. demand

The hit condo prices have taken in Regina over the last year means the median sale is now $238,789, according to Royal LePage.

Realtor Ron Pfeifer says there are two segments of the market: the higher end that comes with a higher price tag and tends to sit for longer, then the more affordable, smaller condos that are nearly brand new, but selling quickly.

“The oversupply probably relates more to the lack of buyers,” Pfeifer said. “They’re just not willing to step over the $300,000 mark as easily.”

A two bedroom, 1,000 sq. foot unit in Greens on Gardiner that goes for roughly $265,000 doesn’t last long before getting snapped up, Pfeifer says.

“The right properties will sell quickly. The ones that aren’t, whether it’s price range or appeal, they have difficulty.”

The 2016 condo market forecast is more of the same, but Wandzura is still confident hers will sell.

She’ll sit tight on the price, hoping the right buyer comes along.

“It only takes one person to love it.”