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.
“After a few encouraging months in the earlier fall, it was a surprise for such a pronounced dip to occur.”
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November sales also fall short of the five- and 10-year averages — 194 and 210, respectively.
“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.
“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.