Regina expected to see modest housing gains in 2019
A modest recovery in housing is expected to start in Regina for 2019 and 2020 according to a report from the Canada Mortgage and Housing Corporation (CMHC).
The report says it’s expecting a significant decline in Regina’s housing market for 2018, saying weak employment growth and higher mortgage rates have combined to reduce consumer buying power, which has moderated demand for new housing units this year.
The report expects to see a modest recovery in residential construction for 2019, based on expected gains in employment and higher oil prices.
Housing prices in Regina are expected to further decline in 2018, but in 2019 and 2020 they are expected to get modest gains.
The rental market in Regina is expected to see declines throughout the forecasted period, but remain higher than historical norms.
READ MORE: Condo prices plummet in Regina: survey
However, the rental market demand is expected to remain resilient and supported by continued population growth.
Also in the next two years, apartment vacancy rates will mitigate the degree to which property managers and landlords are able to increase rental rates in 2019 and 2020.
© 2018 Global News, a division of Corus Entertainment Inc.