House prices report indicates it’s a buyers market in the Queen City

It’s still a buyers market in Regina.

A house price survey from Royal LePage Regina Realty shows the aggregate home price for properties in the Queen City dropped 2.8 per cent in the fourth quarter of 2019.

That sets the average home price year-over-year at around $315,000.

The report indicates the average price of a standard two-storey home increased 1.2 per cent to $387,892. However the median price of a bungalow decreased by 4.6 per cent year-over-year at $286,402, while condo prices fell 15 per cent to $200,261.

Mike Duggleby, broker and managing partner with Royal LePage, said with these numbers in mind, there are a couple things people may want to consider if they plan to be active in the market in 2020.

“My crystal ball projections say the first quarter will bump along much like 2019 where things start to stabilize, while the second, third and fourth quarters will probably be a return to price appreciation,” explained Duggleby.

“If you’re looking to sell and if you don’t have to, then you may want to hold on for a little bit. If you have to sell, prices aren’t what they were five years ago, so you have to price it realistically and it will sell.”

He expects total unit sales to be up in the neighbourhood of five per cent in 2020.

However based on the current housing market in 2020, Duggleby believes buyers have the best situation right now.

“This is a very good time to buy property in Regina. If you wait six months, you may look back and wish you had bought in January.”

The average price nationally increased 2.2 per cent year-over-year to over $648,000 in the fourth quarter last year.

More from 620 CKRM