Residential sales in Regina dropped in 2018.
The Association of Regina Realtors says there 3,032 recorded sales, a decrease of seven per cent from 3,270 in 2017.
Manager of Operations Rob Reynar said this is the lowest the housing market has been since 2005. “When you consider the size of the city compared to when we saw this type of sales level, it’s obvious that it’s significantly larger. It was a surprise to see this low level of sales and we hope this is a temporary situation.”
The association said negative effects from the new mortgage rule stress test introduced in 2018 is most likely a factor in this. “There has been a lot of external factors effecting the real-estate market. The real-estate market is not on an island, it certainly is going to work with the overall economy. So if the overall economy starts to level off an improve, you will likely see the real-estate market follow,” said Reynar.
He adds that less demand for buying has put a downward pressure on housing prices, creating a buyers market. “I think it’s certainly the type of market for if you are looking to buy, you will be able to find some great value in the market place.” Reynar adds that if you are planning on selling, you should be very aware of your listing price and get advice during the process.