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Royal LePage expects Regina housing prices to drop nearly 5% in 2019

Click to play video: 'Royal LePage expects Regina housing prices to drop nearly 5% in 2019' Royal LePage expects Regina housing prices to drop nearly 5% in 2019
WATCH: The average price of a home in Regina is expected to drop by 4.7 per cent in 2019 – Dec 11, 2018

Royal LePage has released their market forecast for Regina in 2019 and the average home price is dropping.

The median price of a home in Regina is expected to drop 4.7 per cent to an aggregate price of $311,505, the aggregate home price in Regina was $327,000 in 2018.

The report says that Regina’s real estate market has been negatively impacted by the economic slowdown caused by weak commodity prices.

READ MORE: Regina expected to see modest housing gains in 2019

“The challenges that plagued the Regina real estate market in 2018 may have ‘touched the bottom’ on our localized recession. Provincial GDP and hiring trends indicate that we may see a rebound by the second quarter of 2019,” said Mike Duggleby, broker and owner, Royal LePage Regina Realty.

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“Those looking to buy are finding excellent selection, reduced competition from other buyers and affordable prices.”

Housing inventory in Regina will remain high despite a significant decline in new home starts, which has led to a supply and demand imbalance in the market that has added to downward pressure on prices.

However, one positive for the housing market is that the region remains an attractive destination for immigrants, which may help to buoy the market in 2019.

READ MORE: Year-to-date home sales in Regina drop to 8-year low

Nationally, the price of a home is forecasted to have a slight increase to 1.2 per cent to $638,257. In the Greater Toronto Area the market is expected to make modest gains with home prices rising 1.3 per cent to $854,552.

In Greater Vancouver, home prices are expected to remain flat as the median home price is expected to increase by 0.6 per cent to $1,291,144.

Montreal is expected to see the largest housing gains for major Canadian cities, with home prices expected to rise 3.0 per cent to $421,306.

Calgary will see their housing market prices drop 2.3 per cent with home prices costing $473,104 on average, a median home price in Calgary in 2018 was $484,000

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