November 2023 Regina Real Estate Market Update
Regina Real Estate Market Update October 2023
STRONG SALES CONTINUE IN OCTOBER DESPITE PERSISTENT INVENTORY CHALLENGES
Saskatchewan reported 1,259 sales in October, a year-over-year gain of 11 percent and nearly 13 percent above long-term, 10-year trends. Above-average October sales in the province can be attributed to gains in the detached, apartment and townhouse/row-style sectors. Despite year-to-date sales remaining slightly below levels experienced last year, Saskatchewan continues to report sales activity much stronger than the 10-year average.
As seen in prior months, supply challenges continued to persist across many regions of the province in October. Inventory levels fell by over 15 percent compared to last year and remain over 30 percent below the 10-year average. Adjustments to sales and inventory levels, paired with declining new listings, resulted in the province reporting below five months of supply in October, a 23 percent year-over-year decrease and over 40 percent below long-term, 10-year averages.
“Higher lending rates continue to impact both demand and new listings in our market, which is likely preventing even stronger October sales numbers,” noted Association CEO, Chris Guérette. “Prospective move-up buyers are facing challenges amid higher interest rates and ongoing inflationary pressures, and we’re seeing a trickle-down effect with limited supply growth in the lower price ranges, which remain extremely competitive.”
With 4.5 months of supply, the province is reporting the tightest conditions heading into November since 2007. Despite tight market conditions, home prices remained relatively stable this month. Saskatchewan reported a benchmark price of $327,300 in October, down from $328,000 in September and up nearly 2 percent from October 2022.
“Our market continues to demonstrate its resilience, as many have predicted, and we’re once again reporting strong sales despite inventory challenges, inflationary pressures, and higher lending rates,” said Guérette. “Saskatchewan is affordable, we’re growing at the fastest pace in over a century, and we’re well positioned for stable demand in home ownership.”
City of Regina
The City of Regina reported 305 sales in September, a year-over-year increase of 7.4 percent and 15 percent above long-term, 10-year trends.
Strong September sales were met with a decline in new listings, contributing to further inventory declines. With 3.2 months of supply, conditions have not been this tight in the Queen City since 2011.
Despite strong monthly sales and tight market conditions, the City of Regina reported a benchmark price of $308,700 in September, down from $313,100 in August and $319,200 in July.
Data and quotes from SRA (Saskatchewan REALTORS® Association).