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
'A step forward': New screening criteria for sperm donors takes effect
Canadians looking to grow their families with the assistance of sperm or egg donations should soon have more options for donors as the federal health agency does away with longstanding restrictions criticized as discriminatory.
Ontario Provincial Police arrest 64 suspects in child sexual exploitation investigation
Ontario Provincial Police say 64 suspects are facing a combined 348 charges in connection with a series of child sexual exploitation investigations that spanned the province.
U.S. presidential candidate RFK Jr. had a brain worm, has recovered, campaign says
Independent U.S. presidential candidate Robert F. Kennedy Jr. had a parasite in his head more than a decade ago, but has fully recovered, his campaign said, after the New York Times reported about the ailment.
What is whooping cough and should Canadians be concerned as Europe declares outbreak?
There is currently a whooping cough epidemic in Europe, with 10 times as many cases compared to the previous two years. While an outbreak has not been declared nationwide in Canada, whooping cough is regularly detected in the country.
Pfizer agrees to settle more than 10K lawsuits over Zantac cancer risk: Bloomberg News
Pfizer has agreed to settle more than 10,000 lawsuits about cancer risks related to the now discontinued heartburn drug Zantac, Bloomberg News reported on Wednesday, citing people familiar with the deal.
Case against ex-Mountie charged with helping China can go ahead in Quebec, judge says
A Quebec court judge has ruled that the case against a former RCMP officer charged with helping China conduct foreign interference can go ahead in the province.
Steve Albini, legendary producer for Nirvana, the Pixies and an alternative rock pioneer, dies at 61
Steve Albini, an alternative rock pioneer and legendary producer who shaped the musical landscape through his work with Nirvana, the Pixies, PJ Harvey and more, has died. He was 61.
Ippei Mizuhara, ex-interpreter for baseball star Shohei Ohtani, will plead guilty in betting case
The former interpreter for Los Angeles Dodgers star Shohei Ohtani has agreed to plead guilty to bank and tax fraud in a sports betting case in which prosecutors allege he stole nearly US$17 million from the Japanese baseball player to pay off debts, federal prosecutors said Wednesday.
Watch fighter jet pilots pummel fake enemy ship off coast of Philippines
The United States and Philippines held annual joint-training drills just off the Southeast Asian nation’s western coast on Wednesday. Military forces sunk a 'mock' enemy warship – the BRP Lake Caliraya, which was a decommissioned tanker made in China.