Two Saskatchewan housing markets — Regina and Winnipeg — are expected to witness around a 2% increase in house prices next year as demand inflates and listings shrink, according to the latest outlook by RE/MAX.
Currently, there is a 7.7-month inventory in Regina, which is expected to reduce in spring 2020. While the mortgage stress test has made buyers more cautious about buying, the region will likely see increased interest starting next year.
"First-time home buyers are most interested in the popular property type, which is single detached homes, while retirees drive the condo market and are interested in townhouses with two or more bedrooms," RE/MAX said.
Move-up buyers are also expected to drive demand in 2020, extending the growth in luxury sales this year.
Regina's average residential sales price from January to October this year is at $302,015. This is projected to grow to $308,055 next year.
In Winnipeg, there are currently four months of inventory left. The average sales price in the region sits at $287,196 and is expected to hit $292,940 next year.
"The most popular type of properties are two-story detached homes and 2020 will see a shift of more new Canadians looking for homes in Winnipeg. The condo market is primarily driven by single millennials and retirees who are looking for townhouses with two or more bedrooms," RE/MAX said.
Amber Gates will be Winnipeg's most prized hotspot next year, given the new development in the area, including a new school and more commercial properties.
"Winnipeg will see the luxury and condo markets remain steady in 2020, with move-up and first-time homebuyers driving demand," RE/MAX said.
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