Regina’s sales activity started 2019 modestly

A modest pace of sales characterized Regina as of the beginning of 2019, although the city remains predominantly a buyers’ market.

New numbers from the Association of Regina Realtors indicated that during the first month of the year, sales grew by 1.2% annually. The total volume actually ended noticeably above the 5-year average, however.

“The number of sales that took place in January exceeded our expectations,” Association CEO Gord Archibald said, as quoted by CTV News.

The Canada Mortgage and Housing Corporation’s latest report categorized Regina as a buyers’ market, with a moderate level of vulnerability.

“In Regina we’ve continued to see slower demand for housing units whether it in the resale or new home market,” according to CMHC senior market analyst Goodson Mwale.

Read more: Saskatchewan affordable housing gets multi-million-dollar tranche

“We’ve continued to see elevated supply and that has continued to put downward pressure on prices. Both in Regina and in Saskatoon we’re seeing a buyers’ market conditions persist over the past several quarters.”

As of the fourth quarter of 2018, Regina’s supply exhibited considerable abundance, which the CMHC attributed to overbuilding during the past few years. This has also led to vacancy levels seeing a marked increase, from 7% in 2017 up to the 7.7% rate in 2018.

 

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