Regina Real Estate Market Statistics

Regina Real Estate Market Update June 2024

STRONG SALES CONTINUE AS INVENTORY LEVELS REMAIN AT LOWEST LEVELS SEEN SINCE 2008

Saskatchewan

Saskatchewan reported 1,841 sales in May, up six percent year over year and 24 percent above long-term, 10-year averages. Sales levels remain strong across many regions of the province, with the largest year-over-year gains occurring in the Swift Current-Moose Jaw and Northern regions.

In line with seasonal expectations, the province reported a month-over-month gain in new listings. However, strong sales continue to prevent significant inventory relief, with inventory levels remaining at their lowest point since 2008. The sharpest decline in inventory continues to be experienced in homes priced below $300,000, as the more affordable segment of the market remains extremely competitive.

“Our housing market continues to report strong monthly sales figures despite persistent inventory challenges,” said Association CEO Chris Guérette. “An eleventh consecutive month of above-average sales is quite impressive when you consider how challenging it can be for prospective buyers in some markets in our province right now.”

Saskatchewan reported a residential benchmark price of $340,400 in May, up from $339,800 in April and over four per cent higher than May 2023. Prices rose across all property types in May, with the most significant gains occurring in apartment and row/townhouse-style properties.

“While the provincial months of supply fell below three months in May, conditions remain much tighter in our two largest centres – as Regina and Saskatoon are again reporting less than two months of supply,” said Guérette. “With further rate cuts on the horizon likely to spur additional demand – and no immediate inventory relief in sight – we expect tight conditions to continue to place upward pressure on prices across the province.”

City of Regina

The City of Regina reported 440 sales in May, a five percent year-over-year gain and 32 percent above long-term trends.

A slight uptick in new listings was met with another month of strong sales, resulting in inventory levels remaining nearly 50 percent below long-term trends and 1.69 months of supply in the Queen City.

The City of Regina reported a benchmark price of $320,000 in May, up from 319,800 in April and two percent higher than May 2023.

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

Regina Real Estate Market Update June 2024

Regina Real Estate June 2024

Regina Real Estate HPI June 2024


Regina Real Estate Market Update May 2024

STRONG SALES, SUPPLY CHALLENGES PUSH INVENTORY TO LOWEST LEVELS SEEN SINCE APRIL 2008

Saskatchewan

Saskatchewan reported 1,642 sales in April, up 32 percent year over year and compared to long-term, 10-year averages. April marked the fourth consecutive month of above-average sales to open 2024, resulting in year-to-date sales nearly 17 percent above last year. Sales levels improved across all larger regions of the province, with the most significant gains being reported in the Regina-Moose Mountain and Swift Current-Moose Jaw regions.

Despite a slight uptick in new listings, which supported a modest monthly gain in inventory across the province, inventory levels are down 16 percent year-over-year and 40 percent below long-term, 10-year trends. As seen in prior months, the sharpest decline in inventory is reported in products priced below $300,000, with some supply relief in homes priced above $500,000.

“Economic growth, employment gains, and record population numbers continue to support strong housing demand in Saskatchewan, resulting in a tenth consecutive month of above-average sales in April,” said Association CEO, Chris Guérette. “These factors are, without question, boosting housing demand – as evidenced through rising sales in the resale market and falling vacancy rates in the rental market.”

Saskatchewan reported a residential benchmark price of $339,800 in April, up from $334,500 in March and nearly five percent higher than April 2023. Prices rose across all property types in April, ranging from a five percent gain in detached and semi-detached property types to a 13 percent gain in apartment-style properties.

“With just over three months of supply provincially, our market continues to experience significant supply challenges. However, the conditions are far tighter in Saskatoon and Regina, with both markets reporting under two months of supply in April,” said Guérette. “We’re approaching uncharted territory in our two largest markets right now – it’s an incredibly challenging time for prospective buyers out there. If supply challenges persist, as expected, we will likely see further price gains in these markets.”

City of Regina

The City of Regina reported 424 sales in April, a year-over-year gain of over 50 percent and 52 percent above long-term trends.

Despite an increase in new listings, surging sales prevented significant inventory relief. Regina reported a 30 percent year-over-year decline, with inventory levels over 46 percent below long-term, 10-year trends.

The City of Regina reported a benchmark price of $319,800 in April, up from $313,100 in March and nearly three percent higher than April 2023.

 

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

Regina Real Estate Market Update May 2024

Regina Real Estate May 2024

Regina Real Estate HPI May 2024


 

Regina Real Estate Market Update April 2024

ABOVE-AVERAGE SALES CONTINUE IN MARCH DESPITE INVENTORY WOES

Saskatchewan

Saskatchewan reported 1,183 sales in March, a 2 percent decline year over year and nearly 6 percent above long-term, 10-year averages. Despite a slight dip year over year, year-to-date sales remain 10 percent above last year's levels. Gains in the Regina-Moose Mountain, Saskatoon-Biggar, and Swift Current-Moose Jaw economic regions primarily drove the strong start to the year.

A ninth consecutive month of above-average sales in the province was met with declining new listings, preventing supply growth in March. As a result, inventory levels dipped by 15 percent year-over-year and remain nearly 40 percent below long-term, 10-year trends.

“Our province continues to report above-average sales despite persistent inventory challenges, which are approaching concerning levels in some of our major centres,” said Association CEO, Chris Guérette. “The busy spring market has arrived, and there simply isn’t enough supply in the more affordable segment of our market right now. Without question, it’s a difficult time for prospective homebuyers, specifically for those searching for properties priced below $400,000.”

Tight market conditions across many regions of the province continue to support price growth. Saskatchewan reported a provincial benchmark price of $334,500 in March—up from $330,800 in February and nearly 4 percent higher than March 2023. While prices rose across all property types, the largest year-over-year gains occurred in apartment and row/townhouse-style units.

“While it’s important to note that real estate is local and market conditions vary throughout the province – the inventory crunch in certain markets is significant right now,” said Guérette. “It remains to be seen whether new listing relief is on the way, but all signs currently point to a challenging spring and summer market in Saskatchewan.”

City of Regina

The City of Regina reported 312 sales in March, a gain of nearly 7 percent year over year and 23 percent above long-term trends.

Strong monthly sales were met with a year-over-year decline in new listings, preventing any significant change in inventory levels. With just over two months of supply in the Queen City, persistent inventory challenges and above-average sales continue to place upward pressure on home prices.

The City of Regina reported a benchmark price of $313,100 in March, up from $310,600 in February and nearly 2 percent above March 2023. The benchmark price was $301,900 in January.

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

Regina Real Estate Market Update April 2024

Regina Real Estate April 2024

Regina Real Estate HPI April 2024


Regina Real Estate Market Update March 2024

STRONG SALES AND RISING DEMAND PUSH INVENTORY TO LOWEST POINT SINCE FEBRUARY 2006

Saskatchewan

Saskatchewan reported 999 sales in February, a 17 percent year-over-year gain and 24 percent above long-term, 10-year averages. Although February sales followed common seasonal trends in rising above activity levels from the month prior, the pace of growth was significant and well above levels typically seen for this time of year.

While there was a slight year-over-year increase in new listings, an eighth consecutive month of above-average sales prevented any supply growth – resulting in a 17 percent year-over-year decline in inventory, with inventory levels sitting nearly 38 percent below 10-year trends.

“Despite inventory levels being at their lowest point reported in February since 2006, strong detached sales are again leading another month of above-average sales in our province,” said Association CEO Chris Guérette. “Buyers are acting swiftly when new supply comes onto the market, preventing any inventory growth – even more so in our larger centres. This strong demand is driving price gains in many markets across the province.”

Saskatchewan reported a provincial benchmark price of $330,800 in February, up from $319,600 in January and nearly 5 percent higher than February 2023. While row/townhouse and apartment-style properties experienced the largest year-over-year price gains, the detached sector reported the highest month-over-month price gains in February.

“Though it is a small sample size right now, a month-over-month jump of over $10,000 in the provincial benchmark price is significant, with some markets reporting monthly increases in excess of $15,000,” said Guérette. “We’re quickly approaching a busy spring market, and the inventory situation in many markets across our province is showing no signs of improving. We’ll continue to monitor closely how these supply challenges are impacting prices.”

City of Regina

The City of Regina reported 273 sales in February, a year-over-year gain of over 33 percent and nearly 50 percent above long-term trends.

While we typically see seasonal inventory gains in February, another month of strong sales resulted in a 25 percent year-over-year inventory decline, with inventory levels sitting 40 percent below long-term, 10-year trends.

The City of Regina reported a benchmark price of $310,600 in February, up from $301,900 in January and over 3 percent above February 2023.

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

Regina Real Estate Market Update Mar2024

Regina Real Estate Mar 2024

Regina Real Estate HPI Mar 2024


Regina Real Estate Market Update February 2024

STRONG DETACHED SALES LEAD THE SEVENTH CONSECUTIVE MONTH OF ABOVE-AVERAGE SALES IN SASKATCHEWAN

Saskatchewan

Saskatchewan reported 776 sales in January, a year-over-year gain of 24 percent and nearly 18 percent above long-term, 10-year averages. Strong detached home sales primarily drove the seventh consecutive month of above-average sales in the province in January.

Strong monthly sales were met with declining new listings, resulting in 4,562 available units in inventory in January, the lowest level reported in January since 2010.

Inventory levels declined by 18 percent year-over-year and remain over 36 percent below long-term, 10-year trends. As seen in prior months, much of the inventory decline was driven by homes priced below $400,000, a segment of the market that remains extremely competitive. Alternatively, properties priced above $600,000 experienced inventory relief in January, though more was needed to offset the declines in lower price ranges.

“Higher lending rates have driven many purchasers to seek out more affordable products, resulting in further inventory declines in the more affordable segment of our market,” noted Association CEO Chris Guérette. “January failed to bring new listing relief to this area of our market, and prospective buyers can continue to expect tight market conditions when searching for more affordable properties.”

Prices rose across all property types on a year-over-year basis in January, with the most significant gains occurring in row/townhouse-style properties. Saskatchewan reported a provincial benchmark price of $319,600 in January, up from $319,300 in December and nearly 1 percent higher than January 2023.

“While real estate is local and market conditions vary based on property type, price range, and location – our biggest concern is the lack of inventory across many markets in our province,” said Guèrette. “Despite persistent inventory challenges, the predicted easing of lending rates and favourable economic conditions should continue to support stable demand for home ownership in Saskatchewan.”

City of Regina

The City of Regina reported 179 sales in January, a year-over-year gain of over 35 percent and 25 percent above long-term trends.

New listing growth in January was not enough to offset strong monthly sales, as inventory levels dipped by nearly 19 percent year-over-year and remained over 33 percent below the 10-year average.

The City of Regina reported a benchmark price of $301,900 in January, up from $299,800 in December and nearly 2 percent below January 2023.

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

Regina Real Estate Market Update Feb 2024

Regina Real Estate Feb 2024

Regina Real Estate HPI Feb 2024


Regina Real Estate Market Update for the year 2023

🏡 Prices are down 3%. Benchmark price is $309,775.
🏡 Days on the market is 50.
🏡 Total Sales 3,444, down 5% from 2022.
🏡 New listings are down 12% at 4,852, down 12% compared to the 10-year average.
🏡 Inventory is down 14% from last year at 956 and down 24% compared to the 10-year average.
🏡 The months of supply is 3.33, down 10% from 2022, compared to the 10-year average, down 37%.
🏡 The sales-to-new-listings ratio is 71%, compared to the 10-year average of 54%.


Regina Real Estate Market Update January 2024

SASKATCHEWAN CLOSES 2023 WITH SIXTH CONSECUTIVE MONTH OF ABOVE-AVERAGE SALES

Saskatchewan

Saskatchewan is reporting above-average sales for the sixth consecutive month, with 757 sales across the province in December, a year-over-year gain of 19 percent and 13 percent above long-term, 10-year averages.

Year-over-year sales gains in the second half of 2023 failed to offset earlier pullbacks, as the province is reporting a 3 percent sales decline compared to 2022. While the year-to-date sales decrease was forecasted as the market returns to pre-pandemic sales levels, much of the decline was driven by slowing detached activity. Meanwhile, apartment and semi-detached sales levels improved and continue to contribute to strong monthly sales.

Above-average sales were met with a decline in new listings, resulting in declining inventory levels throughout the year. Inventory levels across the province dipped by over 16 percent year-over-year in December and remained nearly 35 percent below the 10-year average.

“Higher lending rates continue to push prospective buyers to seek more affordable options within our market while inventory levels within that market segment remain extremely tight,” said Association CEO Chris Guèrette. “When paired with declining new listings in more affordable properties, there simply isn’t enough inventory in lower price ranges right now.”

The shift toward more affordable products has increased price pressures for apartment, row, and semi-detached property types. Meanwhile, detached homes, which account for the majority of sales activity across the province, reported similar prices compared to last year. Saskatchewan reported a benchmark price of $319,300 in December, down from $324,400 in November and nearly 2 percent above December 2022.

“Saskatchewan’s housing market continues to benefit from the economic success in our province, including a strong labour market and record population growth,” said Guèrette. “Supply challenges, specifically in the more affordable segment of the market, remain our biggest concern when looking ahead to 2024 and are likely preventing even stronger monthly sales numbers.”

City of Regina

The City of Regina reported 188 sales in December, a year-over-year gain of nearly 25 percent and 24 percent above long-term trends.

Despite significant new listing growth in December, the number of new listings decreased by 12 percent in 2023. This resulted in further reductions in inventory levels, which remain over 33 percent below long-term averages in the Queen City.

Strong sales and below-average inventory were not enough to prevent price adjustments in December, as the City of Regina reported a benchmark price of $299,800, down from $308,500 in November and 4 percent below December 2022.

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

Regina Real Estate Market Update Jan 2024

Regina Real Estate Jan 2024

Regina Real Estate HPI Jan 2024

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