In a time where it feels like the price is increasing on everything, buying a home in Regina has been no different.
In its home price survey released this week, Royal LePage said Regina marked the highest increase in aggregate home prices that the company has ever tracked: up 11.8 per cent, to $361,200, in the first quarter of the year, compared to the same period a year ago.
Mike Duggleby, broker and owner of Royal LePage Regina Realty, said in a release that they’ve recently seen a small uptick in new listings, which is expected as the weather gets better.
“However, supply remains far too low to keep up with growing demand,” Duggleby said. “There is a shortage of inventory across all property types, which is causing a bottleneck for first-time buyers.
“Without sufficient supply of move-up properties for sellers to transition into, entry-level homes are not being freed up for new buyers.”
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The company is now forecasting that the aggregate price of a home in Regina will go up seven per cent in the fourth quarter of 2022, year over year.
The significant jump in prices in the first quarter doesn’t come as a surprise to Coldwell Banker Local Realty broker Brin Werrett, who told Global news that it may seem like a big jump, but it’s on par for this time of year.
“What our agents are seeing are low inventory and lots of buyers,” said Werrett. “For the first time in a long time, our buyers are watching the hot sheets every day to see what’s been listed.”
Speaking nationally, Royal LePage CEO Phil Soper said in the release that periods of high prices do run their course, and they are already seeing signs of that in some regions.
“The first quarter of the year was so strong, however, that we are bumping up our 2022 outlook. And, home prices will continue to climb in the months ahead as a result of our relentless low supply-high demand imbalance,” he said.
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