December doesn’t seem like a month when the housing market would see a bit of a boost.
But statistics from the Saskatchewan Realtors Association show that Regina saw significant increases in sales during the last month of 2019.
Jason Yochim, chief executive officer of the association, said it’s always good when sales pick up, which is a positive sign in a month like December when people are preoccupied with the holiday season.
“Perhaps this is a sign we’re moving in the right direction in 2020,” stated Yochim. “With the reduction overall in the average sale price and home price index, I think it’s a positive sign that more buyers are able to get into the market now.”
When taking a look at the actual numbers for the city, there were 137 homes sold in 2019 to 99 in 2019. In the region surrounding Regina, sales bumped up 42.6 per cent from 115 to 164 from 2018 to 2019 respectively.
However that remains below the five-year (221) and ten-year (239) sales averages.
Yochim is encouraged by the improvement – especially for people who are thinking of buying a home. But for those who are considering selling their home sometime this year, he said there are concerns they need to keep in mind.
“If they purchased their property in the last three to four years with minimum down payment, their value of the property may be less today than it was when they purchased and what they owe for it,” explained Yochim.
“They really need to know their value on the market before making that decision to sell.”
2,570 sales were recorded in Regina at year’s end, an improvement of 4.68 per cent or 2,455 from 2018.
