Regina has had a setback for housing prices, but a local broker and owner for Royal LePage expects it is a short-term situation.
The median prices for condos and bungalows are down with it increasing slightly for two-storey homes during the third quarter of 2015. For bungalows, it’s at $298,839, down three per cent. Condos fell to $250,879, a drop of 5.2 per cent. Two-storey homes are up 0.3 per cent to $423,917, according to the Royal LePage House Price Survey.
Mike Duggleby, broker and owner of Royal LePage Regina Realty, says overbuilding is the reason for the decline in condo prices. He doesn’t expect it to be an issue for long with unemployment at 4.3 per cent and large infrastructure projects starting. He foresees four to five years of increasing housing demand.
National figures show that homes in Canada are climbing in price. Bungalows are up 6.5 per cent at $$421,757. Condos climbed 2.8 per cent to $338,684. Two-storey homes saw an increase of 9.9 per cent to $615,304.