Housing prices creeping up in Regina
Residential property values up about $4K from November
After three years of decline, housing prices have slightly risen in Regina.
According to the latest forecast from the Canadian Real Estate Association, residential property values increased $4,000 from November to the end of February. The modest spike puts home prices on par with where they were a year ago.
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"I think that hopefully it means that we've reached the bottom of the market," Mike Duggleby, a broker with Royal LePage Regina Realty said.
Duggleby said that at the start of 2015 there was a large oversupply of newly constructed homes.
"We are back into a much more balanced approach in the market. I expect that prices will plateau for a little bit and hopefully we will start seeing some increases towards the end of the year," he said.
According to the Association of Regina Realtors, there were 210 homes sold last month.
Dugglebly added that it's a little bit too early to call it a trend, but he is optimistic.
"A year from now I expect average pricing up about three per cent overall," he said.
Home prices are down about three per cent from this time last year in Saskatoon.