By the end of this year, Regina’s aggregate home price over the whole of 2019 will decline by 4.9% annually, according to Royal LePage predictions.
In its latest House Price Survey, Royal LePage reported that the city’s aggregate housing price fell by 3.5% year-over-year during Q2 2019, reaching $321,122.
The aggregate value of two-storey homes saw the largest drop, with still a relatively minute 4.2% annual shrinkage to $388,981.
Bungalow values decreased by 3.5% to $293,631 and condos ticked up by 1% year-over-year to $227,542.
The figures dovetailed with the results of a recent survey by Australian-based financial planning website Finder.com, which found that Regina is “the least attractive” Canadian city.
The perception has only been magnified by the city’s reticence compared to its louder counterparts like Toronto, Vancouver, and Montreal.
“We’re a pretty humble community. What we do a poor job of is actually telling our stories and all the great quality of life we have here, the great entrepreneurial ecosystems we have here,” Economic Development Regina CEO John Lee told Global News.
“Studies like this remind us that we must do a much better job of telling our stories.”
This has led to less people being interested in getting homes due to a lack of knowledge about Regina and Saskatchewan in general – but the situation has actually ensured that the market will remain affordable for a good while, boosted further by the much lower costs of living compared to other metropolitan centres.
“Your housing costs are relatively cheaper and you have more family, disposable income to spend on quality of life and other activities,” Lee added.
Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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