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2015 Year in Review

Current Indicator

 

December 2015

The general trend over the last year has been a continual influx of new inventory for a market that is not calling for more. Sales have declined in year-over-year comparisons in many local regions and even prices – which have been on the rise for several years now – have shown signs of flattening out. But let's not create reasons for drama where none needs to exist. Compared to the likes of Vancouver and Toronto, the whole of Saskatchewan has maintained a healthy balance

New Listings in Regina Areas 1–5 were down 23.6 percent to 210. Firm Sales decreased 9.3 percent to 147. Inventory shrank 1.8 percent to 938 units.

Prices were still soft as the Median Sales Price was down 0.4 percent to $288,000. Days on Market increased 23.9 percent to 57 days. Months Supply of Inventory was up 8.5 percent to 6.4 months, indicating that supply increased relative to demand.

If the national economic headwinds change drastically in the new year, it is possible that there will be more firm sales in 2016 than in 2015. That's a tough thing to predict. National forecasters are starting to cast back on 2015 as a recessionary year that saw sluggish to no growth in most economic sectors. Some are predicting a cut in interest rates by the second quarter of 2016 or sooner if oil prices continue to drop.
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Tim Chicilo
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