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Regina home sales for October continue to drop below long-term averages

Regina home sales for October are still below long-term averages, according to the Association of Regina Realtors.
Regina home sales for October are still below long-term averages, according to the Association of Regina Realtors. Sean Kilpatrick / The Canadian Press

Regina residents are still having a hard time trying to sell their homes, according to recent stats from the Association of Regina Realtors.

Queen City home sales for October are still below long-term averages.

There were 203 sales reported in the city last month compared to the five-year average of 229 and a 10-year average of 248.

READ MORE: Home sales in Regina and area continue downward trend in July: report

In October 2018, 215 sales were reported.

“The market continued to chug along in October albeit at a lower level than long-term averages. Demand has been affected all year by economic factors and the federal mortgage stress test which has put many potential buyers on the sidelines,” said Gord Archibald, Association of Regina Realtors CEO.

“The mortgage stress test, primarily implemented to cool overheated markets in B.C. and Ontario, has had a devastating impact on the local market. It was not needed here.”

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The MLS Home Price Index (HPI) reported a composite benchmark price of $259,900 in October.

READ MORE: Regina home sales take a hit in June: Association of Regina Realtors

That number is down 6.8 per cent from $278,700 at the same time last year. Over the past five years, the composite benchmark price in Regina is down 11.5 per cent.

“Sellers are well advised to set their asking price for these conditions,” Archibald said.

“Buyers are advised to make sure they qualify for mortgage financing and are reminded that prices are at their lowest level in many years and that there is plenty of choice in the market.”

So far this year, there have been 2,289 total sales, up 5.4 per cent from a year ago (2,172).

MLS had 383 listings in Regina for October.