Decent Start Continues in February


Based on sales through the Regina and area MLS® System, the positive start to the 2019 residential

in January continued into February, said the Association of Regina REALTORS® Inc.

There were 197 sales reported during the month in all geographic areas, up 4.2% from 2018 when 189

sales occurred. This was slightly above the 5-year average of 193 but below the 10-year average of

222. There were 170 sales reported in the city, up 11.8% from 2018 when 152 were posted. The number

of sales in the city was above the 5-year average of 163 but below the 10-year average of 191 for the

month.

For the year-to-date, there have been 370 homes sold in all areas, an increase of 2.7% over last year.

In the city, 314 sales have occurred, up 6.8% from 2018.

For February, the MLS® Home Price Index (HPI), a much more accurate measure of housing price

trends than average or median price, reported a composite Benchmark residential price of $262,800

and index of 246.0 in the city, down 5.1% from $277,000 one year ago. The Benchmark price continued

its move in a downward direction, indicating downward pressure on home prices due predominately to

elevated supply levels and weakened demand. Over the last five years, the Benchmark price is down

12.3%. The HPI measures residential price trends based on four benchmark home types, with the index

set at a base of 100 for January 2005.

Total dollar sales volume in all areas was $60,5M, up 4.3% from 2018’s $58.1M. The YTD stood at

$109.8M, up 2.3% from $107.3M in 2018.

In the city, there were 1,219 active residential listings on the market at the end of February, down 4.7%

from 2018’s 1,279 at the same time.

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There were 384 new listings placed on the MLS® System during the month in all geographic areas, a

decrease of 27.6% from 2018’s 530. There were 301 listings posted in the city, down 24.8% from 400

in 2018.

The ratio of sales to new listings for the month was 56% in the city and 51% all geographic areas.

Balanced market conditions are generally in the 40-60% range – below 40% is considered to be more

of a buyer’s market - above 60% is considered to be a market favouring sellers. Although because of

the very low number of new listings for the month, we would caution against describing the market as

balanced. The trend has been more of a buyer’s market for a number of years.

“Although we are encouraged with the level of sales so far this year, economic factors coupled with

federal mortgage stress levels are negatively affecting demand levels. Stress rules have unnecessarily

taken buyers out of the market because they cannot qualify for mortgage financing even though they

can afford monthly payments,” said Gord Archibald, Chief Executive Officer of the Association of Regina

REALTORS® Inc.

“With some positive economic growth forecasted for the year locally, we are hoping this will translate

into job growth and further demand for housing. It would also help if the federal government relaxed the

impact of the mortgage stress rules, allowing more buyers to qualify for financing,” concluded Archibald.

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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.
read more . . .

Click here to read Previous Monthly Indicators.

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For Week Ending August 22, 2015

The Bank of Canada has surprised market watchers this year by cutting interest rates and keeping them low. David Watt, Chief Economist at HSBC Bank Canada, recently predicted that the market could begin to see a slowdown as buyers begin to balk at prices. While home prices in the U.S. have only recently recovered after a long period of decline, Canada never stopped seeing increases. When the U.S. Federal Reserve raises rates, there is a likelihood of impact on the Canadian housing market. Careful progression and preparedness can minimize that impact.

In the Regina region, for the week ending August 22:

  • New Listings increased 2.9% to 143
  • Firm Sales decreased 12.6% to 76
  • Inventory decreased 5.5% to 2,356

For the month of July:

  • Median Sales Price decreased 3.2% to $300,000
  • Days on Market increased 19.0% to 50
  • Percent of Current List Price Received remained flat at 96.6
  • Months Supply of Inventory increased 7.9% to 6.8
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For Week Ending August 15, 2015

According to the Canadian Real Estate Association, Regina was one of the only markets that lost on average home prices. Rising prices remain the norm in cities like Toronto and Vancouver, but Saskatchewan seems to have reached a point of normalization in the market. Time will tell if the trends remain in a state of stasis, but the remaining daylight hours of the selling season may yet curtail declining numbers as interest rates continue to remain at remarkably low levels.

In the Regina region, for the week ending August 15:

  • New Listings decreased 22.7% to 143
  • Firm Sales increased 8.4% to 90
  • Inventory decreased 6.0% to 2,363

For the month of July:

  • Median Sales Price decreased 3.2% to $300,000
  • Days on Market increased 19.0% to 50
  • Percent of Current List Price Received remained flat at 96.6
  • Months Supply of Inventory increased 7.9% to 6.8

read more . . .

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For Week Ending August 8, 2015

That time of year is on its way: School. The summer's fun is winding down. Perceived as good for some weary parents, bad for some summer-loving kids and standard fare for real estate professionals that know August as a quiet identifier of the expectation of housing market slowdown. There have been some year-over-year inventory and price drops of late, but there's still little to be concerned about in the midst of what was largely expected after years of continuous increases.

In the Regina region, for the week ending August 8:

  • New Listings increased 3.2% to 159
  • Firm Sales decreased 13.9% to 62
  • Inventory decreased 6.0% to 2,336

For the month of July:

  • Median Sales Price decreased 3.2% to $300,000
  • Days on Market increased 19.0% to 50
  • Percent of Current List Price Received remained flat at 96.6
  • Months Supply of Inventory increased 6.3% to 6.7

read more . . .

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For Week Ending July 18, 2015

We have likely seen the peak of the summer selling season, and as anticipated, the numbers weren't quite as shiny as last year up to this point, but they were still nothing to complain about. Trends have maintained their line with past years, just at a quieter pace. Year-over-year comparisons may show declines, but in the grander scheme, all is still well. Complacency is not a recommended reaction, but overstating the situation is not either.

In the Regina region, for the week ending July 18:

  • New Listings decreased 18.7% to 148
  • Firm Sales decreased 13.8% to 75
  • Inventory decreased 3.5% to 2,423

For the month of June:

  • Median Sales Price increased 3.2% to $303,500
  • Days on Market remained flat at 40
  • Percent of Current List Price Received decreased 0.4% to 96.5%
  • Months Supply of Inventory decreased 20.0% to 5.6

read more . . .

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For Week Ending July 11, 2015

Earlier this summer, economists synthesized rising interest rates in conjunction with possible jumps in U.S. rates. However, in a rather unexpected move, the Bank of Canada dropped interest rates to 0.5 percent. As it stands, this is the second interest rate cut of the year and it comes with more than a few mixed reviews. Even though lower rates can entice previously ineligible buyers to the scene, it could provoke an undesirable off-kilter market in the future if lending is not made responsibly. Seeing what the second half of summer reveals will help dispel or cook up rumours that a change is gonna come.

In the Regina region, for the week ending July 11:

  • New Listings decreased 9.1% to 169
  • Firm Sales decreased 17.2% to 82
  • Inventory decreased 3.7% to 2,415

For the month of June:

  • Median Sales Price increased 3.2% to $303,500
  • Days on Market remained flat at 40
  • Percent of Current List Price Received decreased 0.4% to 96.5%
  • Months Supply of Inventory decreased 20.0% to 5.6

read more . . .

 

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Certain markets in Canada have experienced heavy price increases over the last seven or eight years. While a rise in prices is natural due to inflation, extreme jumps are the antithesis of a sustainable marketplace. Income equality has been a burgeoning topic of conversation, as a lack thereof could lead to a strain on housing and a new generation of buyers. At least Regina continues to be on more stable footing and should continue along that track through the remainder of the summer.

In the Regina region, for the week ending July 4:

  • New Listings increased 4.1% to 177
  • Firm Sales increased 37.5% to 88
  • Inventory decreased 1.8% to 2,455

For the month of June:

  • Median Sales Price increased 3.2% to $303,500
  • Days on Market remained flat at 40
  • Percent of Current List Price Received decreased 0.4% to 96.5%
  • Months Supply of Inventory decreased 21.4% to 5.5

read more . . .

 
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FIRST HALF ENDS WITH SALES SURGE IN JUNE

Based on activity through the Regina & area MLS® System, residential sales in June surged well above 2014 while the level of listings for sale in the city continued at twenty-year plus highs, said the Association of Regina REALTORS® Inc. 

There were 433 sales reported in all geographic areas, up 21% from 2014 when 357 sales were posted. The number of sales was above both the immediate past five-year average of 384 and the ten-year average of 369 for the month. It marked the second highest number of sales for any June (behind only 453 occurring in 2007) and the largest number of sales since May 2012. There were 348 sales reported in the city only, an increase of 27% from 2014 when 273 sales occurred. 

For June, the MLS® Home Price Index (HPI) reported a composite index level of 268.2 and residential price of $282,700 for the city. These are down 3.4% from last year’s levels of 277.7 and $292,700. This indicates that residential selling prices have fallen in the Regina market over the past year. The HPI also shows selling prices as being down 5.0% over the past three year period. The HPI is a much more accurate measure of housing price trends than average price. 

The average sales price in all market areas for the month was $315,904, an increase of 3% from 2014’s $308,158. The average in the city was $316,559, down 3% from last year’s $325,401. There is close to a $35,000 difference between the HPI composite price and average price for the city – the higher average price is entirely attributable only to a larger proportion of higher priced homes selling and should not be interpreted as an indication of property values.  

Sales in all areas totaled $136.8M compared to $110.0M in 2014 – a 24% increase. Dollar volume in the city of $110.2M was up 24% from last year’s $88.8M. 
For the year-to-date to the end of June, 1,706 sales have been reported in all areas – a 6% decline from 1,818 in 2014. 

In the city, 1,398 sales have been reported, a decrease of 5% from last year’s 1,472. The YTD average price to the end of June was $315,511, up 0.2% from last year’s $314,932. YTD sales volume stood at $538.2M, down 6% from 2014’s $572.6M. During June, homes which sold in the city were on the market for an average of 37 days before selling at an average of 96.9% of the asking price, both identical to 2014..   

In the city there were 1,499 homes for sale at the end of the month, an increase of 5% from last year’s 1,431 and 45% from 2013’s 1,036. This is the largest number of homes for sale at the end of June in over 20 years although is down slightly from the high posted so far in 2015 in May of 1,549. There were 587 new listings in the city placed on the MLS® System during the month, up 1% from 583 in 2014. 
The ratio of firm sales to new listings for the month in the city was 59% and 52% in all geographic areas. Balanced market conditions are generally in the 40-60% range – below 40% is considered to be a buyer’s market - above 60% is considered to be a market favouring sellers.   

“After several months of sales activity being below historical levels, sales really took off in June. In fact, it was exceptional with the number of sales being the second highest ever in any June. It also helped check the growth in the elevated number of listings for sale in the city which was down for the first time this year from the previous month”, said Gord Archibald, Chief Executive Officer of the Association of Regina REALTORS® Inc. 

“Although one month does not make a long term trend, it does speak to the underlying strength of the local economy and real estate market”, concluded Archibald. 

The Association operates the Multiple Listing Service® System in Regina and area and publishes the Regina Real Estate Review. The MLS® System is a co-operative marketing system used only by Canada’s real estate Boards to ensure maximum exposure of properties for sale.

Additional market information may be accessed here:  

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The past teaches meaningful lessons to the present and future. An interesting comparison of the 2015 housing market to the 1981 market was recently made in a Globe and Mail article. Homes may have been less expensive in 1981, but interest rates hung above 20 percent at one point. With today's prevailing rates for the medium-priced home at 10 percent down, monthly mortgage payments are about $1,000 lower, showing that low mortgage rates are more impactful on affordability than high sales price.

In the Regina region, for the week ending June 27:

  • New Listings decreased 3.8% to 177
  • Firm Sales remained flat at 91
  • Inventory decreased 2.8% to 2,469

For the month of June:

  • Median Sales Price increased 3.2% to $303,500
  • Days on Market remained flat at 40
  • Percent of Current List Price Received decreased 0.4% to 96.5%
  • Months Supply of Inventory decreased 22.9% to 5.4

read more . . .

 

Click here to read Previous Weekly Activity Reports.

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For Week Ending June 13, 2015

With overly priced homes still being a touchy subject for national market discussions, Saskatchewan's role in the country's housing story continues to differ. Prices in Regina are pretty consistent compared to last year, with only a mild decrease from 2014. The region continues to be a bastion of affordable living and many choices.

In the Regina region, for the week ending June 13:

  • New Listings decreased 24.7% to 168
  • Firm Sales decreased 6.7% to 83
  • Inventory increased 0.9% to 2,451

For the month of May:

  • Median Sales Price decreased 1.1% to $302,500
  • Days on Market increased 7.7% to 42
  • Percent of Current List Price Received decreased 0.3% to 96.6%
  • Months Supply of Inventory increased 30.4% to 7.3

read more . . .

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For Week Ending May 23, 2015

In year-over-year comparisons, weekly metrics have consistently struggled to keep up with 2014 numbers. The differences have been minor, for sure, and the slight lowering of volume is not exactly unexpected. The Regina market has performed well for years, and although this year may not ultimately set any records, it is still very much reliable.

In the Regina region, for the week ending May 23:

  • New Listings increased 13.7% to 207
  • Firm Sales decreased 11.0% to 81
  • Inventory increased 2.1% to 2,341

For the month of May:

  • Median Sales Price decreased 1.1% to $302,500
  • Days on Market increased 7.7% to 42
  • Percent of Current List Price Received decreased 0.3% to 96.6%
  • Months Supply of Inventory increased 23.2% to 6.9

read more . . .

 

Click here to read Previous Weekly Activity Reports.

 

 

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For Week Ending May 16, 2015

The market has been, in a word, predictable. And that is a good thing. Although it may not make for flashy tales for the children to sing songs of at summer camp, it's good for the general state of housing. Inventory has been increasing lately and even firm sales have shown some year-over-year pop. Yes, the market could use a consistent run on new listings, but there have been enough timely increases to keep any real worry at bay.

In the Regina region, for the week ending May 16:

  • New Listings decreased 1.0% to 205
  • Firm Sales decreased 23.5% to 75
  • Inventory increased 1.8% to 2,288

For the month of April:

  • Median Sales Price increased 5.3% to $320,000
  • Days on Market increased 7.0% to 46
  • Percent of Current List Price Received decreased 0.7% to 96.6%
  • Months Supply of Inventory increased 26.4% to 6.7

read more . . .

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SUPPLY RICH MARKET CONTINUES IN APRIL

Based on activity through the Regina & area MLS® System, residential sales in April were down while the number of active listings for sale in the city continued at twenty-year plus highs, said the Association of Regina REALTORS® Inc.

There were 326 sales reported in all geographic areas, down 17% from 2014 when 391 sales were posted. The number of sales was below both the immediate past five-year average of 383 and the ten-year average of 354 for the month. There were 252 sales reported in the city, a decrease of 21% from 2014 when 317 sales occurred.

For April, the MLS® Home Price Index (HPI) reported a composite index level of 269.3 and residential price of $283,800 for the city. These are down 3.7% from last year’s levels of 279.3 and $294,300. This indicates that residential selling prices have fallen in the Regina market over the past year. It also shows selling prices as being down 2.1% over the past three year period. The HPI is a much more accurate measure of housing price trends than average price. It measures residential price trends based on four benchmark home types, with the index set at a base of 100 for January 2005.

The average sales price in all market areas for the month was $335,534, an increase of 6% from 2014’s $316,680. The average in the city was $338,863, up 3% from last year’s $330,198. There is over a $55,000 difference between the HPI composite price and average price for the city – this is entirely attributable to a larger proportion of higher priced homes selling and should not be interpreted as an indication of rising property values.

Sales in all areas totalled $109.4M compared to $123.8M in 2014 – a 12% decrease. Dollar volume in the city of $85.4M was down 18% from last year’s $104.7M.

For the year-to-date to the end of April, 945 sales have been reported in all areas – a 9% decline from 1,042 in 2014. In the city, 775 sales have been reported, a decrease of 10% from last year’s 858. The YTD average price to the end of April was $313,514, down 1% from last year’s $315,908. YTD sales volume stood at $296.3M, down 10% from the previous year’s $329.2M.

During April, homes which sold in the city were on the market for an average of 39 days before selling at an average of 97.0% of the asking price. This compares to 34 days and 97.5% in 2014.

In the city there were 1,393 homes for sale at the end of the month, an increase of 15% from last year’s 1,215 and 74% from 2013’s 803. This is the highest number of homes for sale at this time of the year in over 20 years. There were 606 new listings in the city placed on the MLS® System during the month, down 5% from 639 in 2014.

The ratio of firm sales to new listings for the month in the city was 42% and 38% in all geographic areas. Balanced market conditions are generally in the 40-60% range – below 40% is considered to be a buyer’s market - above 60% is considered to be a market favouring sellers.

“Elevated supply levels carried over from 2014 have persisted so far this year providing buyers with a wide range of choices in most areas and price ranges. This has led to downward pressure on prices and extended periods of time for homes to sell. Sellers are well advised to set their asking price to reflect these conditions”, said Gord Archibald, Executive Officer of the Association of Regina REALTORS® Inc.

“Despite the slower market, economic fundamentals are supporting steady demand for housing in the area. However the current number of homes for sale is having an impact”, concluded Archibald.

The Association operates the Multiple Listing Service® System in Regina and area, and publishes the Regina Real Estate Review. The MLS® System is a co-operative marketing system used only by Canada’s real estate Boards to ensure maximum exposure of properties for sale.

Additional market information may be accessed here.

 



 

HPI

Association of Regina REALTORS® Inc.
MLS® System Residential Statistical Summary
April 2015

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HPI

Association of Regina REALTORS® Inc.
MLS® System Residential Statistical Summary
April 2015

chart

 


 

HPI

Association of Regina REALTORS® Inc.
MLS® Home Price Index Summary Report
April 2015

chart

The MLS® HPI measures price trends over four property type categories, as outlined above.

  • Single Family - Composite of One- and Two-storey single family homes.
  • Composite - includes all homes used in models, including One- and Two-storey single family homes, Townhouses and Apartments

Sales transactions reported through the MLS® System of the Association of Regina REALTORS(R) Inc. are the source of data on which the MLS® HPI is estimated.

The base (reference) period against which indices are compared for all property types in the MLS® HPI is January 2005. The base index is 100. Ex. A HPI value of 250 indicates a 150% price increase from January 2005.

Benchmark Price = comparison of price levels

Home Price Index (HPI) = assessment of price growth (retraction)


 

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Tim Chicilo
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