Housing report predicts Saskatoon, Regina homes to drop in value

Click to play video 'Housing report predicts Saskatoon, Regina homes to drop in value' Housing report predicts Saskatoon, Regina homes to drop in value
WATCH ABOVE: A new report suggests single-family homes in Regina and Saskatoon could lose value – May 21, 2019

It’s a dreary picture for Saskatchewan homeowners.

A new report from Moody’s Analytics is predicting single-family homes in Saskatoon and Regina will lose value with a projected price correction in the near future.

READ MORE: Mortgage stress test continues to impact Sask. real estate market

Saskatoon is expected to see single-family homes drop 0.7 per cent while Regina’s market could fall 3.1 per cent between 2019 and 2024.

They are the only markets the report looked at that are projected to lose value over that time-span.

It’s a statistic that has one realtor thankful sales have increased.

“Hopefully we continue to have growth in the economy here and that should help to continue to keep our market strong like we’ve seen this spring,” said Ashley Turner, with the TurnKey Group in Saskatoon.

Story continues below advertisement

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

She added that home sales are up about seven per cent in Saskatoon this month compared to the same time last year.

“Things that are selling are priced well for the market with sellers being realistic about the value of their home,” Turner said.

According to the report, on average single-family homes will increase by 2.2 per cent in cities across the country.