March 2023 Regina Real Estate Market Update

Regina Real Estate Market Update March 2023



The latest real estate market update for the province of Saskatchewan in February. The report shows that there were 854 sales recorded across the province in February, a year-over-year decline of 19 percent. However, while sales are down year-over-year, sales activity remains stronger than pre-pandemic levels and above long-term, 10-year averages.

As seen in prior months, Saskatchewan continues to report new listings and inventory levels significantly below long-term trends. There were 1,360 new listings in February, down 18 percent year-over-year and nearly 28 percent below 10-year averages. While the months of supply did push above six months, inventory levels were down 6 percent year-over-year and 31 percent below 10-year averages.

“We continue to see higher lending rates and supply challenges contribute to a pullback in sales,” said Association CEO Chris Guérette. “I’m beginning to sound like a broken record, but our biggest concern is still inventory levels, specifically in the more affordable segment of our housing continuum.”

The provincial benchmark price reached $318,500 in February, slightly higher than the $317,400 recorded the month prior and 0.4 percent higher than February 2022.

“Year-over-year sales declines were to be expected as we returned to a more balanced market where sales activity is more consistent with the historical 10-year averages,” said Guérette. “Saskatchewan remains one of the most affordable jurisdictions in the country with a resilient market that is well-positioned for stable demand in home ownership.”

City of Regina

The latest real estate market update for Regina in February. The report shows that there were 206 sales recorded in February, which remains consistent with long-term trends for this time of year. While sales and new listings have improved over January, the monthly gain in new listings did not change the inventory situation. February inventory levels fell to the lowest level reported for the month since 2013 and the months of supply once again fell below four months.

The residential benchmark price in Regina was reported at $310,200 in February, slightly below the $312,200 reported in January but well above the February 2021 price of $295,900. 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).

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