July 2023 Regina Real Estate Market Update
Regina Real Estate Market Update July 2023
SASKATCHEWAN REPORTS STRONG JUNE SALES AS INVENTORY CHALLENGES CONTINUE
There were 1,691 sales reported across the province in June, a year-over-year decline of six percent. While year-over-year sales were down, Saskatchewan again reported sales levels well above long-term, 10-year historical averages.
As seen in prior months, inventory levels remain a significant challenge in certain regions of the province. Despite a slight increase from last month, inventory levels were nine percent below the levels seen in the previous year and over 30 percent below the 10-year average. Inventory challenges continue to impact the more affordable segment of the market, with homes priced below $300,000 reporting a 17 percent decline in inventory in June.
“While higher lending rates are impacting sales activity, continued employment growth and Saskatchewan’s relative affordability advantage are preventing a significant pullback in sales,” said Association CEO, Chris Guérette. “Our province continues to report strong sales despite persistent inventory challenges, specifically in the more affordable segment of our housing continuum.”
The slight monthly inventory increase did support a modest gain in the months of supply. However, with just under four months of supply, conditions remain lower than levels traditionally seen in June. Tighter conditions again resulted in month-over-month price gains, as Saskatchewan’s benchmark price reached $331,500 in June, up from $329,600 in May.
“Our market continues to demonstrate resilience amid interest rate hikes, ongoing inflationary pressures, and concerns over a national recession,” said Guérette. “We continue to keep a close eye on inventory levels and how tighter market conditions may impact prices moving forward.”
City of Regina
The City of Regina reported 367 sales in June, a year-over-year decline of nearly 10 percent. While year-over-year sales levels eased, they remain over 11 percent above long-term, 10-year trends.
A pullback in sales and new listings resulted in inventory similar to levels reported last month. Inventory levels in Regina remain nearly 30 percent below long-term trends, the lowest levels reported in June since 2014.
With only 2.8 months of supply in the Queen City, current conditions are the tightest they’ve been in June over the past decade. Tighter conditions are contributing to monthly price gains as the benchmark price in Regina reached $318,700 in June, up from $316,100 in May.
Data and quotes from SRA (Saskatchewan REALTORS® Association).