While economic concerns impacted activity in the Regina housing market early in the year, buyers have steadily gained momentum in recent months. Year-to-date residential sales hover at 1,680, down from heady 2022 levels, but ahead of the 10-year average. Average prices fell just short of year-ago levels, currently sitting at about $312,000, but are up considerably from January to June.
Move-up Buyers Drive Regina Housing Market
Move-up activity represents the largest cohort in the Regina housing market, with the greatest activity noted between $200,000 and $350,000. Six hundred and thirty-eight properties have sold within those price points this year, representing approximately 38 per cent of overall sales.
Detached homes are a perennial favourite given Regina’s affordable housing stock, with neighbourhoods in the east, west, north and south ends of the city experiencing strong activity. Inventory constraints, however, remain front and centre in the Regina housing market, with available listings down about 15 per cent from last year. A 2.8-month supply were available in June, according to the Saskatchewan Realtors Association. Well-priced homes at popular price points are seeing multiple offers as a result. The market appears to show no signs of slowing heading into the summer months.
From an economic standpoint, Saskatchewan is expected to outperform all other provinces in GDP growth this year, supported by strong resource and agricultural sectors. This strength is expected to bolster consumer confidence and underpin steady move-up buyer activity in the residential real estate sector through year-end.
