August 2023 Regina Real Estate Market Update
Regina Real Estate Market Update Aug 2023
STRONG SALES CONTINUE IN JULY DESPITE PERSISTENT INVENTORY CHALLENGES
Saskatchewan reported 1,560 sales in July, a year-over-year increase of 9 percent and nearly 13 percent above long-term, 10-year averages. Much of the growth was driven by property priced below $300,000, as the more affordable segment of the market remains highly competitive.
As seen in prior months, inventory levels remain a significant challenge in many province areas. Despite a slight increase from last month, inventory levels were 11 percent below the levels seen in the previous year and over 30 percent below the 10-year average. While inventory challenges continue to impact the more affordable segment of the market, there have been slight inventory gains in properties priced above $300,000.
“Higher lending rates continue to impact both buyers and sellers, with many consumers seeking more affordable options in our market,” said Association CEO, Chris Guérette. “Potential move-up buyers are less likely to list in the current rate environment. When paired with persistent inventory challenges, the more affordable segment of the market remains extremely competitive.”
Despite a modest gain in the months of supply, which reached over four months in July, conditions remain tighter than last year and significantly below long-term trends. Tighter market conditions again resulted in month-over-month price gains, as Saskatchewan’s benchmark price reached $333,100 in July, up from $331,500 in June and $329,600 in May.
“While inventory levels remain a concern for us, Saskatchewan is once again reporting sales levels well above long-term trends,” said Guérette. “Our market continues to benefit from a strong economy and record population growth, which is proving to help offset some of the impact caused by another policy interest rate increase by the Bank of Canada.”
City of Regina
The City of Regina reported 352 sales in July, a year-over-year decline of less than 1 percent. Despite the slight year-over-year decline, July sales levels were nearly 17 percent above long-term, 10-year averages.
A pullback in both sales and new listings prevented any significant change to the inventory challenges being experienced in Regina. Despite a slight month-over-month improvement in the months of supply, market conditions remain tight in the Queen City.
Regina reported a benchmark price of $319,200 in July, up from $318,700 in June and $316,100 in May.
Data and quotes from SRA (Saskatchewan REALTORS® Association).