Overbuilding leaves Regina’s housing market moderately vulnerable, CMHC says
REGINA -- Due to overbuilding, Regina’s housing market continues to “exhibit a moderate degree of vulnerability” according to the Canada Mortgage and Housing Corporation (CMHC).
Evidence of overbuilding is lower than previous years, but remains high in Regina.
Overheating, price acceleration, overvaluation all received low risk ratings from the CMHC in the quarterly report.
In addition, the rate of apartment vacancy in the Regina Census Metropolitan area was 7.8 in October 2019, virtually unchanged from October 2018 with 7.7 per cent.
In the third quarter of 2019, home sales trended higher compared to the second quarter. Over the same period, new listings trended lower.
“We have maintained our low rating on price acceleration,” the CMHC said in a release.
Regina’s inflation adjusted average price was down by 1.8 per cent in the third quarter of 2019 from 2018.