Home prices slide 7-8% in Regina

 

REGINA — Average prices for single-family homes in Regina have fallen seven to eight per cent during the past year, but increased slightly for condominiums, according to the Royal LePage house price survey.

The average price for standard two-storey homes decreased 6.9 per cent to $346,450 and detached bungalows decreased by 7.9 per cent to $307,250, the report said Wednesday. Meanwhile, the average price for standard condominiums saw a modest increase of 1.0 per cent year-over-year to $214,748.

Mike Duggleby, managing partner with Royal LePage Regina Realty said the Regina market is taking a breather after seven years of unprecedented price appreciation.

“The inventory levels available on the market right now are approximately 40 per cent higher than usual, which has created a supply-demand imbalance and pushed home prices down,” Duggleby said. “Strong unit sales this quarter have not been enough to support previous price levels.”

Homes listed for sale on the Regina multiple listing service (MLS) are at 20-year highs, partly due to the large number of unsold new housing units, which virtually doubled to about 420 single-family and condo units at the end of September, compared with the same period last year, according to Canada Mortgage and Housing Corp.

Nationally, the average price of a home in Canada rose between 4.4 per cent and 6.1 per cent year-over-year in the third quarter of 2014, Royal LePage said. The average price of a standard two-storey home rose 5.5 per cent to $441,714, while detached bungalows increased 6.1 per cent to $405,101. Condominiums on average showed slightly lower year-over-year gains, posting a 4.4. per cent increase to $257,377.

Phil Soper, president and chief executive of Royal LePage, said he expects home prices to continue to grow in the months ahead, but at a slower rate than we have seen in recent years.

“In the seven years since the Canadian housing market began its recovery from the worldwide recession, home price growth has been robust, often greater than the long-term average of approximately five per cent,” Soper said in a press release.

“We are now experiencing a natural slowing in the rate of year-over-year price appreciation, with real estate markets moderating in most parts of the country, a transition to what our agents refer to as a ‘Goldilocks market,’ one that is neither too hot, nor too cold,” Soper added.

Based on MLS data, the average price for a home sold last month was $408,795, up 5.9 per cent compared with a year ago, the Canadian Real Estate Association said Wednesday.

Excluding the Vancouver and Toronto markets, the average price was $325,406, up 4.5 per cent from September 2013. The aggregate composite MLS home price index was up 5.28 per cent compared with a year ago.

With files from The Canadian Press
© Copyright (c) The Regina Leader-Post

 

 

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