Regina home prices rise as sales, listings dip in July

Regina home sales and listings dipped in July, while the residential benchmark price increased for the sixth month in a row.

There were 357 sales in the city for the month, down 2.2 per cent year over year, according to monthly real estate data released by Saskatchewan Realtors Association. Monthly sales are still well above the 10-year average.

Regina saw 525 new listings in July – down 4.4 per cent year over year. However, the realtors association said inventory levels will not be significantly affected by the single-month decline.

Inventory dipped slightly from June and is down over 13 per cent from last year’s levels.

“When considering the sales and inventory in the market, the months of supply remained above three months in July, still low relative to historical standards and last year’s levels, but an improvement over the levels seen earlier this year,” the report reads.

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The realtors association said the relatively low supply is creating modest upward pressure on home prices, but at a slower rate than was seen in the spring.

The benchmark price of a residential property in Regina rose to $330,600. Benchmark prices in the city have increased every month since January. The price is up 3.8 per cent year over year.

Sales also eased provincially, which the realtors association said could help shift the market towards more balanced conditions as the sales pullback outpaces declining new listings.

“As expected, gains in lending rates are having some cooling impacts on the housing market causing consumers to seek out more affordable options. The challenge will be product availability in the lower price ranges of the market,” Chris Guérette, CEO of Saskatchewan Realtors Association, said in the report.

“Supply levels are improving compared to earlier in the year, however, the year-over-year decline in inventory has been driven by homes priced below $400,000.”

The province is still experiencing the tightest conditions since 2009, with less than five months of inventory currently available, the realtors association said.

Those tight conditions are contributing to price increases in the province, while markets in some other markets in Canada see a retraction of prices.

“Moving forward, further rate increases are expected as concerns over inflation persist in the market. This will continue to weigh on housing markets across the country,” Guérette said.

“However, markets like Saskatchewan are expected to fare better than some of the larger centers in the country as they never experienced the same level of price growth throughout the pandemic.”