Home prices fall in Saskatoon and Regina, despite increases in most markets

Home prices fell in Saskatoon and Regina last month compared to a year earlier, despite increases in most other major Canadian real estate markets.

The Canadian Real Estate Association says home prices declined by about two per cent in Saskatoon and 0.68 per cent in Regina year-over-year in January.

The MLS Home Price Index benchmark price for a single-family detached house was $303,100 in Saskatoon and $281,600 in Regina. While home prices have only recently begun to decline in Saskatoon, they have been trending lower in Regina since early 2014, the association said.

The national average home price rose 17 per cent on a year-over-year basis to $470,297. CREA says the increase was largely driven by price gains in greater Vancouver and greater Toronto.