Buyer's market in Regina as average home price drops to $253K
Prices up nationally due to greater Vancouver and Toronto areas
Regina's housing market has been a stand-out for all the wrong reasons as the Canadian Real Estate Association says there has been a 13 per cent drop in prices since 2015.
The average price of a home in Regina was $252,900 last month. By comparison, Saskatoon was up around $290,100.
Saskatoon's numbers are also down over the same amount of time but the drop in prices is not as severe as Regina's: an eight per cent drop since 2015.
"Ample supply across the Prairies and in Newfoundland and Labrador is resulting in ongoing competition among sellers," said Jason Stephen, president of CREA, in a news release.
The rest of Canada meanwhile? The average price of a home rose by 40 per cent since 2015, helped largely by surging prices in the greater Vancouver and Toronto areas.
Overall, the price of a home fell by three per cent nationally between December and January. Prices in Regina fell by 2.44 per cent between that month.