Home sales in Regina rise slightly to start 2019

With the increasing amount of For Sale signs popping up around the city, sellers have been patiently waiting in a buyers’ market.

But according to recent stats from the Association of Regina Realtors, there could be a light at the end of the tunnel.

There were 173 sales reported during the month in and around Regina, which is up 1.2 per cent from 2018 where there were 171 sales. This was also above the five-year average of 162 sales, but below the 10-year average of 181.

“The number of sales that took place in January exceeded our expectations,” said Gord Archibald, chief executive officer of the Association of Regina Realtors.

“It’s hard to say at this point in time how it’s going to shape, but we hope to continue to see positive results.”

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In Regina alone, there were 144 sales, which is up 1.4 per cent from 2018 -142. The number of sales in Regina was above the five-year average of 137, but below the 10-year average of 154 for the month.

“Despite a relatively decent level of sales during the month, the market continues to be affected on the demand side by relatively weak economic conditions and the federal mortgage stress rules which are unnecessarily putting buyers on the sidelines,” Archibald said.

There were over 1,200 active listings in Regina at the end of January,  eight per cent more than January 2018.

Almost 30 per cent of those listings are condos.

“Many of the new builds have been condos in the last number of years which is increasing the number of condos on the market,” Archibald said.

“We’ve had about 330 (condos) on the market by the end of January.”

In January, MLS Home Price Index reported a benchmark residential price of $266,600, down 3.8 per cent from last year when the average price of a home was $277,200.

If you purchased your home five years ago, you’re looking at a decrease of 10.7 per cent.

“It can be frustrating, it’s taking longer for homes to sell and they’re selling at a lower price,” Archibald said.

Although impossible to predict the future, Archibald said the market trend will continue to be impacted by the strength of the economy.

And right now, that trend continues to lean on the side of a buyers’ market.