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‘Not one single offer’: Regina condo owners struggling to sell

Click to play video: 'Regina condo prices plunge 15 per cent' Regina condo prices plunge 15 per cent
WATCH: It's a buyers' market across the prairies, making it even harder for condo owners looking to sell. – Jan 9, 2020

Traeh Kish knows just how hard it is to sell a condo in Regina. She’s been trying to sell her Harbour Landing condo since June of 2017.

“We have the price way below purchase price,” said Kish, who purchased the property brand new.

“We have been through multiple real estate companies and just can not seem to sell. We have viewings, but have not had one single offer yet.”

READ MORE: Immigration driving housing market in Regina, home prices stay stagnant

It seems Kish isn’t the only one struggling.

Royal LePage released its house price survey on Thursday, indicating the median price of a condo dropped 15 per cent, year-over-year in its fourth quarter.

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“Everything is down. It’s been a tough couple of years in the real-estate industry – on the retail side and new construction as well,” said Craig Adam, REMAX Crown Real Estate.

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

“It’s the sign of the economy and everything that is happening. That, in turn, has driven prices down in the real estate market in Regina, especially condos.”

Adam said it’s not just the economy, but the number of condos continuing to be built.

“There’s an oversupply…they keep building new condos…so on the resale side of things, there’s a lot of competition to sell your existing condo with the price driven down,” Adam said.

The median cost of a condo in Regina is $200,261.

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