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Home prices in Regina continue to drop: Royal LePage

The average home price in Regina declined in the third quarter of 2019, decreasing 5.9 per cent year-over-year to $311,356, according to Royal LePage.
The average home price in Regina declined in the third quarter of 2019, decreasing 5.9 per cent year-over-year to $311,356, according to Royal LePage. Jonathan Hayward / The Canadian Press

Home prices in Regina continue to decline, according to Royal LePage house price survey released on Thursday.

In the third quarter of 2019, the average home price decreased by 5.9 per cent year-over-year to $311,356, according to the report.

The average price of a two-storey home decreased 6.9 per cent to $374,886, while the price of a bungalow dropped 5.4 per cent to $286,544.

READ MORE: Regina real estate least attractive in Canada: survey

Royal LePage’s survey also showed the average price of a condo decreased by 3.4 per cent to $218,671.

“In 10 years, there’s never been a better time to buy in Regina; homes are affordable and we expect to see more activity in the coming months,” said Mike Duggleby, a managing partner at Royal LePage Regina Realty.

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 “Sellers understand they have to price competitively.”

READ MORE: Housing report predicts Saskatoon, Regina homes to drop in value

As for the fourth quarter, Royal LePage expects the average price of a home to decline to $305, 440, a 1.9 per cent decrease from third-quarter numbers.

Across the country, the average price of a home increased by 1.4 per cent year-over-year in the third quarter of 2019, Royal LePage said, with an average price of $630,335.