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Condo prices have dropped while home prices have remained flat in Regina.
Royal LePage released their third quarter survey for 2016 on Thursday.
The report states condominium prices have dropped eight per cent in the city. The new median price tag for a condo is now $253,880.
The cost of an average home remained relatively flat with a slight increase of 0.6 per cent to $332,540.
When broken out by housing type, two-storey home prices rose 4.1 per cent to $408,126, but bungalow prices were down one per cent to $298,584.
“We’re seeing that our inventories are back under control in the resale market, especially with regard to single-family dwellings,” said Mike Duggleby, broker and managing partner, Royal LePage Regina Realty.
“We started the year with a lot of listings inventory and new dwellings, and we’ve worked through that. Now it feels like a balanced market. Record low interest rates and stable home prices mean affordability in Regina is as good as it’s ever been.”
Nationally, Canada’s residential real estate market continued to grow in the third quarter of 2016, posting a 12 per cent growth for a home to $545,414. The price of a two-storey home rose 13.7 to $649,635 and the price of a bungalow increased 11 per cent to $459,481. During the same period, the price of a condominium increased 5.8 per cent to $360,679.
On Oct. 3 Federal Finance Minister Bill Morneau announced new measures specifically designed to cool the country’s housing market and curtail foreign buying activity.
