REGINA — Home values in Regina are continuing to increase, according to Remax.
Craig Adam, a Remax real estate agent, said Regina is seeing an overall increase in home value by roughly 10 per cent.
“We have a very low vacancy rate with respect to rental properties, so that is driving up and sucking up a lot of the inventory.”
Adam also pointed to historically low properties for sale as a driving force for increased home values.
“There are fewer than 800 properties for sale. That includes duplexes, condos and single-family homes.”
“There are only 400 houses for sale in all price ranges. That would be from the lowest of the low, which is $20,000 house up to $4 million.”
On Tuesday, the City of Regina released its first annual Growth Monitoring Report.
The report mentions the average benchmark price for a Regina home is $341,300, according to the Saskatchewan Realtors Association.
As it stands, buying a home in Regina is roughly $300,000 less than the national average, per Remax.
Adam said affordability is driving others from different provinces to Saskatchewan and Regina, which is increasing the buying demand.
Between 2021 and 2024, the population of Regina increased by an estimated 22,000 people, per the city.
While Regina currently has low inventory for homes, Adam doesn’t see this as a long-term issue.
“Markets always have a way of balancing themselves out over time.”
Adam also pointed towards new developments for housing in the city, which will ease the strain on inventory.
The City of Regina mentioned they’ve approved nearly 6,000 new housing units since 2021 through permits, which includes roughly 800 affordable units.
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