Immigration driving housing market in Regina, home prices stay stagnant

Home prices in the Greater Vancouver Area jumped 15.8 per cent in June compared to a year ago. In Toronto, prices climbed 12.3 per cent last month.
The average price of a home in Regina is expected to remain flat at $315,000 in 2020. Credit / Getty Images

Immigration continues to drive the housing market in Regina, according to a new report from Royal LePage.

The report credits the provincial government’s initiatives to attract more newcomers to Saskatchewan.

Royal LePage believes it will help increase demand in the upcoming year.

READ MORE: Home prices in Regina continue to drop: Royal LePage

“Regina’s oversupply of listings has diminished greatly and there are fewer condominiums available on the market than previous years,” said Mike Duggleby, Royal LePage Regina Realty broker and owner.

“Potential buyers who have been waiting for prices to stabilize and begin a recovery are realizing that now is the time to enter the marketplace.”

The average cost of a home in Regina is $315,000 and Royal LePage expects it to remain stable in 2020.

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

When it comes to standard two-storey homes, Royal LePage believes the average price will drop from $387,900 to $386,000, a 0.5 per cent decrease.

“The last couple of years in the Regina real estate market could be classified as giving back,” Duggleby said.

“Prices have rolled back a little bit from previous years – demand has been down.  I believe we are at the bottom of the market.”

However, the price for condo apartments is expected to increase by 3.5 per cent from $200,300 to $207,300.

Royal LePage said apartment-style condo inventory has decreased significantly which could have a positive impact on builders.