House price growth has slowed in Regina due to high inventory, says a new survey from Royal LePage.
The average price of a condominium rose 2.7 per cent in the second quarter to $211,000, while two storey homes increased 2.6 per cent to $372,500. Detached bungalows saw a slight 1.1 per cent price bump to $333,500.
“We are seeing marginal increases in Regina due to higher-than-normal inventory levels, which is made up of both resale and new construction units,” Mike Duggleby, broker and managing partner of Royal LePage Regina, said in a news release Wednesday.
“Sales volumes are tracking consistent with 2013 levels, but the elevated supply of homes is helping buyers and keeping prices in check.”
Duggleby added that sales activity remains fairly strong, and said he expected inventory and price growth to return to normal levels.
Royal LePage forecasts that average house prices in Regina will increase 2.1 per cent for the balance of the year.
The average price of a home in Canada increased between 3.9 and 5.2 per cent in the second quarter of 2014.
