It's a buyers market for Regina housing: Royal LePage
The aggregate home price in Regina dropped 3.5% compared to same time last year
It's a buyer's market for potential new homeowners in Regina as the aggregate home price — the average of all types of housing, including homes and condos — in Regina dropped to $321,122.
That represents a 3.5 per cent decrease in value over the same time last year, according to Royal LePage's House Price Survey. The median prices for a two-storey houses and bungalows dropped but condo prices saw an increase.
A two-storey home in Regina has a median price of about $388,981, a 4.2 per cent decrease over the same time last year.
Bungalows also saw a dip in prices, as the median price slid 3.5 per cent to $293,631 over the same time last year.
Condominiums saw an increase of one per cent to $227,542, compared to the same time last year.
"Although stress tests and rate increases have resulted in some listings taking longer to sell, well-priced properties in good condition will go quickly," said Mike Duggleby, managing partner with Royal LePage Regina Realty, in a press release.
Duggleby anticipates that new potash mines opening near Regina will result in more construction activity.
Royal LePage is forecasting the Regina region's aggregate pricing to decrease 4.9 per cent from the end of 2018.
"Immigration is also sustaining the market as the population of Regina continues to grow," the press release reads.
Looking ahead to the end of the year, Royal LePage is forecasting the region's aggregate price to decrease 4.9 per cent from year-end 2018.