Regina realtors seeing 'pullback' in home sales, association says
Regina realtors seeing 'pullback' in home sales, association says
Housing supply levels are at their lowest point in Regina in the past decade, according to the Saskatchewan Realtors Association (SRA).
There were 631 home sales recorded across Saskatchewan in January, which is a decline of 16 per cent year-over-year, the SRA explained in its latest update on market conditions.
Of those sales, 134 were in Regina, which was slightly below long-term trends.
“Rising lending rates paired with ongoing inflationary pressures are impacting what individuals can afford, and our market has struggled to see improvements in supply levels in lower-priced homes,” SRA CEO Chris Guérette said in a news release.
“Prospective buyers impacted by rate hikes are also faced with less choice in the more affordable segment of our market. Without question, these factors are contributing to a pullback in sales activity.”
With only 287 new listings in the Queen City, housing supply levels are at their lowest point since 2010.
The majority of the inventory decline is being driven by homes priced below $300,000, according to the SRA.
Provincially, homes priced over $300,000 did experience an inventory boost but did little to lessen the overall inventory situation across Saskatchewan.
The benchmark price of a home in Regina was reported as $312,200 in January.
This is down one per cent from the same time last year and significantly above the January 2021 benchmark of $291,300.
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