The average price of a house in Regina has dropped slightly due to uncertainty in the energy and resource sector, according to a Canadian real estate survey.
Royal LePage’s House Price Survey released on Thursday said the price of a two-storey house in Regina fell by 2.3 per cent in the last year down to $395,817.
The average price of a bungalow remained close to the same, falling only slightly by less than one per cent to $298,351.
The most dramatic shift was in the condominium market, where the average price dropped down to $234,263 by 7.8 per cent compared to last year.
Royal LePage described the overall housing market as balanced and said the price of condos in Regina is down due to overbuilding last year.
The survey also suggested the uncertain future of the North American Free Trade Agreement (NAFTA) may have people waiting to buy a house.
“There is some disappointment in the cancellation of the Energy East pipeline, however, Regina is an affordable region and the stabilization of oil prices has improved consumer confidence,” Mike Duggleby, broker and managing partner of Royal LePage Regina Realty said in a news release.
The company expected house prices and sales in Regina to remain flat for the rest of the year.
Royal LePage said housing markets in Toronto and Vancouver are levelling off after years of “unsustainable inflation and sharp market corrections.”
The report added that the Calgary market seems to be improving after the drop in oil prices a few years ago.
Across the country, the housing market is showing a steady increase, with the average price of a house in the top 53 real estate markets calculated at about $628,411.