Regina’s residential housing market was stable in 2016, with the average sale price and number of sales similar to those the year previous.
According to RE/MAX, the number of sales rose slightly from 2,426 in 2015, to 2,514 in 2016. The average residential sale price declined slightly from $319,857 to $318,785.
The average residential sale price dropped 10 per cent in October compared with 2015, something RE/MAX said was due to the new mortgage rules introduced by the federal government which softened the market. This is only expected to be a short-term effect.
Heading into 2017, RE/MAX has a positive outlook for the city’s real estate market and the economy as drilling in Saskatchewan’s oil and gas sector is expected to rise.
There was plenty of demand for upper-end properties in Regina in 2016, with sales for homes between $800,000 and $900,000 up 70 per cent year-over-year. Activity in this market is expected to remain steady in 2017.
The RE/MAX 2017 Housing Market Outlook Report suggests the average residential sale price in Regina will be around $318,785, the same number forecasted for 2016. That’s slightly lower than 2015’s number of $319,857, 2014’s number of $329,379, and 2013’s number of $320,430.
The report said high inventory is a factor in Regina with a good selection being offered to first-time and move-up buyers.
In Saskatoon, RE/MAX stated activity dropped about six per cent between January and October in 2016 compared with that same period the year previous.
Saskatoon’s mark is expected to be stable in 2017.
Residential sales in Saskatoon are expected to be around $351,032 in 2017, the same number forecast as 2016. That’s lower than 2015’s forecasted number of $355,653, and 2014’s number of $361,031.