According to the Association of Regina Realtors, the number of residential properties for sale in Regina has increased 20 per cent compared to the same time last year, yet prices remain stable.
At the end of July, there were 1,512 residential properties for sale compared to 1,263 listings in July 2016.
The composite residential price — which the association says is a more accurate measurement than an average or median price — is $306,800. This number is up 3.6 per cent compared to last years price of $296,200.
Rob Reynar, manager of operations and member services with the Association of Regina Realtors, said normally when there is an increase in listings, prices tend to drop, but Regina hasn’t seen that happen yet.
He said the fact that 28 per cent of the active listings are condominium properties may have something to do with it.
“You could be looking at a little bit of a subset of a market that might be holding pricing where it is,” said Reynar. “Maybe there isn’t as much demand for condo(s) — there’s an oversupply of condo(s) — but maybe there’s a balanced supply of other types of residential properties.”
He said of the approximately 1,500 listings, 430 of those are condominiums and pricing for apartment style condos has gone down over the past three years.
That leaves approximately 1,100 other types of residential properties like single-dwelling homes, which he said is not an oversupply for a city that has grown like Regina has over the years.
“This pattern has been going on for several years now. Slightly fewer homes trading hands at slightly higher prices. And I think it’s probably a really positive trend under the circumstances,” said Doug Elliott of Sask Trends Monitor, a monthly statistical newsletter.
He said the alternative is a crash or a boom, of which we want neither.
Elliott said the current trend shows a maturing — or a levelling out — of the housing market since the boom that occurred in the mid-2000’s.
“Our housing prices were so low and the population was growing and a whole bunch of people (were) moving into this province. So the price of housing effectively doubled, the volume of sales increased dramatically,” said Elliott.
As the market stands right now, Reynar said it may be leaning slightly in favour of
buyers, but not by much.
“Right now we’re cautioning sellers to say ‘Hey. Be aware of your pricing. There are more listings than we have seen in the past,’ ” said Reynar. “But that’s where more analysis is needed because maybe a lot of those are condominium properties and those other residential types can still command what they want.”
Elliott said he has been expecting Regina’s economy to slow because of the latest provincial budget — the effects of which will be in the market by now. Between the high number of civil servants and public-sector employees in the city and agriculture not doing well in the area compared to the rest of the province, he said Regina can expect to have a bad year.
“It doesn’t seem to have affected sales yet, but it may have prompted a number of people to put their houses on the market,” said Elliott. “(People) may be considering a move or considering buying something cheaper.”