Monthly Regina home sales drop for the first time in 2022
Monthly home sales in Regina dropped in June for the first time this year according to a report from the Saskatchewan Realtors Association (SRA).
The organization reported a total of 506 homes were sold in Regina in June, a decline from 532 in May.
“While sales have been trending down in the province this year, we cannot lose sight of the fact that sales levels are still amongst the highest levels ever recorded in our market,” Chris Guérette, CEO of the SRA, explained in the report.
“These higher relative levels are still being achieved despite the sharp rise in lending rates.”
Both the median and average home prices declined in Regina, according to the data in the monthly report.
The median price dropped to $307,000 from $325,000 and the average price fell to $333,835 from $340,856 in May.
At the same time, the benchmark price, estimating the cost of an average home in Regina, increased from $328,200 to $329,100 from May to June.
For the second month in a row, the level of new listings has been consistent with the 10-year average. However, the overall supply level for Saskatchewan, which is currently at 6,893 units, is 27 per cent lower than “traditional levels” according to the SRA.
“Moving forward we do anticipate that further rate increases will weigh on sales and eventually support more balanced conditions,” Guerette said in the report.
“However, Saskatchewan continues to benefit from relative affordability, improving migration and job growth, which should help offset some of the impact that higher rates would have on the housing market.”
While prices dipped slightly in the Queen City, the benchmark price for a home in Saskatchewan increased by 4.6 per cent, totaling $333,400.
CTVNews.ca Top Stories
BREAKING King Charles' cancer treatment progressing well, says Buckingham Palace
King Charles III’s doctors are 'sufficiently pleased' with his cancer treatment and he is expected to return to public-facing duties, Buckingham Palace announced on Friday.
Orca calf that was trapped in B.C. lagoon for weeks swims free
An orca whale calf that has been stranded in a B.C. lagoon for weeks after her pregnant mother died swam out on her own early Friday morning.
AFN chief says Air Canada offered a 15% discount after her headdress was mishandled
After the Assembly of First Nations' national chief complained to Air Canada about how staffers treated her and her ceremonial headdress on a flight this week, she says the airline responded by offering a 15 per cent discount on her next flight.
Regina police officer injured after being accidentally shot by fellow officer's gun
An investigation is underway after a Regina police officer was accidentally shot by a fellow officer’s gun during the search of a house early Friday morning.
Sophie Gregoire Trudeau on navigating post-political life, co-parenting and freedom
Sophie Gregoire Trudeau says there is 'still so much love' between her and Prime Minister Justin Trudeau, as they navigate their post-separation relationship co-parenting their three children.
DEVELOPING Bird flu outbreaks: WHO weighs in on public health risk
The current overall public health risk posed by the H5N1 bird flu virus is low, the World Health Organization said on Friday, but urged countries to stay alert for cases of animal-to-human transmission.
Taylor Swift dons Montreal designer's dress in 'Fortnight' video
A pair of Montreal designers' work has now been viewed over 41 million times. Taylor Swift dons a Victorian throwback black gown in her latest music video, 'Fortnight', designed by UNTTLD due Simon Belanger and Jose Manuel Saint-Jacques.
From faulty kids' cribs to flammable kids' bathrobes, here are the recalls of the week
Health Canada issued recalls for various items this week, including kids’ bathrobes, cribs and henna cones.
Island near Mull of Kintyre for sale for US$3.1 million
An idyllic 453-acre private island is up for sale off the west coast of Scotland and it comes with sandy beaches, puffins galore, seven houses, a pub, a helipad and a flock of black-faced sheep.