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
CRA no longer requiring 'bare trust' reporting in 2023 tax return
The Canada Revenue Agency announced Thursday it will not require 'bare trust' reporting from Canadians that it introduced for the 2024 tax season, just four days before the April 2 deadline.
He didn't trust police but sought their help anyway. Two days later, he was dead
Jameek Lowery was among more than 330 Black people who died after police stopped them with tactics that aren’t supposed to be deadly, like physical restraint and use of stun guns, The Associated Press found.
Fluid in eye cells can 'boil' if you watch the eclipse without protection: expert
Millions of people in parts of Eastern and Atlantic Canada will be able to see the rare solar eclipse happening on April 8. But they should only look up if they have proper eye protection, experts say.
NEW More unauthorized products for skin, sexual enhancement, recalled: Here are the recalls of this week
Health Canada and the Canadian Food Inspection Agency recalled various items this week, including torches, beef biltong and unauthorized products related to skin care and sexual enhancement.
Where is the worst place for allergy sufferers in Canada?
The spring allergy season has started early in many parts of Canada, with high levels of pollen in some cities already. Experts weigh in on which areas have it worse so far this season.
Do these exercises for core strength if you can't stomach doing planks
Planks are one of the most effective exercises for strengthening your midsection, as they target all of your major core muscles: the transverse abdominis, rectus abdominis, external obliques and internal obliques. Yet despite the popularity of various 10-minute plank challenges, planking is actually one of the most dreaded core exercises, according to many fitness experts.
Grandparent scam: London, Ont., senior beats fraudsters not once, but twice
It was a typical Tuesday for Mabel Beharrell, 84, until she got the call that would turn her world upside down. Her teenaged grandson was in trouble and needed her help.
Polar ice is melting and changing Earth's rotation. It's messing with time itself
One day in the next couple of years, everyone in the world will lose a second of their time. Exactly when that will happen is being influenced by humans, according to a new study, as melting polar ice alters the Earth’s rotation and changes time itself.
The federal minimum wage is going up in April. Here's what you need to know
The federal minimum wage is set to increase next month. Here's what you need to know.