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Regina ranked as most affordable city in Canada to purchase a single-family home

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Regina has been ranked the most affordable city across Canada to purchase a single family home, according to a recent report.

Zoocasa, a Toronto-based real estate brokerage firm, outlined in its Feb. 28 report that buying a single family domicile in the Queen City will cost buyers $17,850.

The price includes the minimum down payment and closing costs.

In its report, Zoocasa identified the lack of land transfer tax in both Alberta and Saskatchewan as a contributing factor to housing affordability found in both provinces.

“Meanwhile, in New Brunswick, the land transfer tax constitutes a flat one per cent tax on the assessed property price or its purchase price, whichever is greater,” the report read.

Saint John, N.B. and Edmonton, Alta. ranked as second and third respectively. Canada’s oldest incorporated city recorded down payments and closing costs averaging $18,037 while the same charges averaged $19,875 in Alberta’s capital.

The Greater Vancouver area was labelled Canada’s most expensive housing market with average down payments and closing costs totalling $255,647.

A separate report, also based off statistics from the Canadian Real Estate Association (CERA), shows a limited rise in the price of single-family domiciles in Regina compared to other centres across the country.

From 2013 to 2023, the benchmark price in Regina rose a mere $18,800, from $298,000 to 316,800 – while many other centres saw their benchmark prices more than double.

According to the Saskatchewan Realtors Association (SRA), January saw 179 home sales in Regina – marking a year-over-year gain of 35 per cent.

The association noted new listings were not numerous enough to offset strong monthly sales.

As a result, housing inventory dropped to nearly 19 per cent year-over-year and remain over 33 per cent below the 10 year average.

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