February 2023 Regina Real Estate Market Update

Regina Real Estate Market Update February 2023

SASKATCHEWAN REMAINS RESILIENT, SUPPLY LEVELS A MAJOR CONCERN

Saskatchewan

The latest real estate market update for the province of Saskatchewan in January. The report shows that there were 631 sales recorded, which represents a 16% decrease compared to the same period last year. Although the sales in January were lower compared to recent years, they are still in line with the pre-pandemic levels.

In terms of inventory, January saw a decline in available properties, reaching the lowest level in over a decade. While new listings have increased, the shortage of properties priced below $300,000 remains an issue. On the other hand, apartment condominiums have seen a rise in demand, which has led to an increase in benchmark prices.

“Rising lending rates paired with ongoing inflationary pressures are impacting what individuals can afford, and our market has struggled to see improvements in supply levels in lower-priced homes,” said Saskatchewan REALTORS® Association CEO Chris Guérette. “Prospective buyers impacted by rate hikes are also faced with less choice in the more affordable segment of our market. Without question, these factors are contributing to a pullback in sales activity.”

Overall, following two consecutive years of price growth, the total residential benchmark price remained relatively stable in January. However, apartment condominiums reported further gains in benchmark prices due to rising demand, relative to supply, in apartment-style products.

“As our market continues to return to pre-pandemic sales levels, it’s important to remember that we typically see fewer transactions occur in January,” said Guérette. “As higher commodity prices and a strong agricultural sector continue to support our economy, Saskatchewan remains resilient and well-positioned for stable demand in home ownership.”

City of Regina

The latest real estate market update for Regina in January. The report shows that there were 134 sales recorded in January, which is slightly lower compared to the long-term trends for the month. The decrease in sales can be attributed to a slowdown in detached home activity and persistent supply challenges.

In terms of inventory, Regina had fewer than 300 new listings this month, making it the lowest level since 2010. The limited supply of homes has resulted in inventory levels being well below the long-term averages, particularly for properties priced below $300,000.

The residential benchmark price in Regina was reported at $312,200 in January, which is a 1% decrease compared to January 2022. However, it is still higher than the $291,300 reported in January 2021. It's crucial to stay informed and updated as the real estate market continues to evolve.

Thank you for reading and have a great day!

Data and quotes from SRA (Saskatchewan REALTORS® Association).