The Regina areaâ€™s average residential prices set a new high for the month, rising to $260,000, up 10% from the previous high from 2010. The increase was even more dramatic within the city, where the average price of $267,165 was up 12% from last yearâ€™s $238,589.
â€œAlthough there may have been some demand pulled ahead due to mortgage rules tightening later this year, population and economic growth are continuing to buoy this market,â€ said Gord Archibald, executive officer of the Association of Regina Realtors.
It was a similar story in Saskatoonâ€™s real estate market. Residential sales there were up 10% in January to reach 195, compared to 178 homes sold a year earlier.
The average selling price for Saskatoon of $300,353 was up 11% from January 2010, when it was $270,265.
Harry Janzen, executive office of the Saskatoon Association of Realtors, said the sales activity will continue to be strong in the city throughout 2011, although prices might level slightly due to demand.a
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The Association of Regina Realtors said 215 sales were reported in January, up 17% from 183 a year earlier. It was the second highest total for monthly sales for January in 10 years, the realtor association said, behind only 253 in 2008.