Regina’s housing market remains steady as prices fluctuate nationally

WATCH: As Sierra D'Souza Butts explains, Regina's housing market is bucking national trends, by remaining active and competitive.

Regina’s housing market is seemingly impervious to national trends, as prices and scarcity continue to support a seller’s market, according to a new report from Royal LePage.

Based on the real estate company’s second quarter house price survey and market forecast update, the actual price for a home in Regina increased by 3.5 per cent year-over-year to $398,100, and is projected to rise to $406,707 by the end of the fiscal year.

“Regina’s persistent seller’s market remains firmly intact. While global conflict and trade uncertainty have led to softening activity in other parts of the country, there has been little effect on market momentum here,” said Gayland Panko, owner and manager of Royal LePage Next Level in news release.

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From the 64 cities included in the report, 38 saw year-over-year home prices rise or remain roughly flat. The other 26 cities, located mainly in Ontario, saw prices decline.

Quebec City continues to lead the country in aggregate home prices - increasing by 13.5 per cent.

Although the report highlights Regina as one of the country’s “most affordable major cities,” the market for available homes remains stagnant.

“Usually that’s a warning sign,” said Panko, referring to the approximately 400 houses currently for sale in the city.

“We have about two months of inventory, which healthy would be probably four to five months. [This] puts upward pressure on prices and until we can balance the supply and the demand, there’s only one way this market goes and that’s up.”

Rory Clark, associate broker of Boyes Group Realty, said more inventory would help balance out the demand for housing.

“We’re under ... 390 single family houses for sale. We should be in that 700 to 750 range this time of year,” Clark explained.

“Anything that’s coming on the market, if it’s a good house, if the price is right, it’s selling. [We’re] just maintaining we don’t seem to be gaining or losing [housing] right now.”

Although the market may be challenging for buyers, Clark encourages people who are looking to sell to do so immediately.

“If anybody is thinking of getting in the market get out there and get looking for sure,” he explained.

“If anybody’s been on the fence looking to sell, you should do it now.”

Compared to other housing markets across Canada, Panko explained why Regina’s home prices are standing out.

“I think it’s more just rebalancing. We didn’t take off like the rest of the country did during COVID[19], where some of these places like in the east, along the ocean, New Brunswick, Nova Scotia, they had huge price increases,” he said.

“It wasn’t so much that we’ve changed. We stayed the same and the rest of the country was majorly over-inflated. Now everyone’s paused, taking a breath and they’re looking around and saying, ‘Oh wow, Saskatchewan’s actually really affordable.’”

The report also found that while the median price of a single family home rose 4.9 per cent year-over-year, the median price of a condo decreased by 4.3 per cent.