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Home sales reached decade low in 2018: Report
Published Friday, January 4, 2019 5:18PM CST
Last Updated Friday, January 4, 2019 6:31PM CST
A report by the Association of Regina Realtors showed the total number of home sales in 2018 reached a decade low.
It was the lowest the numbers had been since 2005, the report showed.
The number of sales in and around Regina and the benchmark cost of homes was lower than 2017, and the average amount of time to sell a home went up.
There were 2,456 sales posted in the city in 2018, down from 2,676 in 2017. It took, on average, 62 days to sell a home. In 2017, that average was 53 days.
In December, the benchmark home price was $267,000, down from $282,000 the year before.
According to the report, changes are due to slowing demand, higher supply levels and the impact of two rounds of federal mortgage stress rules introduced over the past few years.
“My sellers, the mantra for 2018 has essentially been patience is a virtue,” said Regina real estate agent Mariel Harvey. “For my buyers, with the high supply, it is beneficial for them because there’s so many options. But, at the same time, because there’s so many options it’s overwhelming for them.”
The Canadian Mortgage and Housing Corporation estimates the Prairies will shift towards a more balanced market in 2019, where neither buyers nor sellers are favoured.