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November home sales in Regina take significant dip compared to 2018

November home sales in Regina dropped by 21.2 per cent when compared to the same period last year.
November home sales in Regina dropped by 21.2 per cent when compared to the same period last year. Jonathan Hayward / The Canadian Press

Regina home sales dropped significantly in November when compared to the same time period a year ago, according to the Association of Regina Realtors.

Home sales in the Queen City were reported at 145 last month, a 21.2 per cent decrease from November 2018 when 184 homes were sold.

“The number of sales taking place in November was certainly discouraging,” said Gord Archibald, Association of Regina Realtors CEO.

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

“After a few encouraging months in the earlier fall, it was a surprise for such a pronounced dip to occur.”

November sales also fall short of the five- and 10-year averages — 194 and 210, respectively.

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“Demand, and in turn the number of sales, has been affected during the year by economic factors and the federal mortgage stress test, which has put many potential buyers on the sidelines,” Archibald said.

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

“Sellers continue to be advised to set their asking price for these conditions. Buyers should make sure they qualify for mortgage financing before beginning a home search. Prices are at their lowest level in many years and there is plenty of choice in the market for anyone looking for a home.”

So far this year, 2,433 homes have been sold in Regina. The average price of a home in November was $259,600, down from $279, 800 at this time last year.

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