Why the Regina Real Estate Market is a Great Place to Buy Right Now

If you are looking for somewhere else to live in Canada, then you should consider the Regina real estate market.

For many households that are aiming to achieve the Canadian dream of homeownership, it has been a struggle because of a lack of affordability nationwide. The average selling price for homes in the Canadian housing market is around $600,000. At a time when the average mortgage rate is above six per cent – and the mortgage stress test is close to nine per cent – attempting to purchase a residential property is proving to be a challenge for families everywhere.

This is why many more affordable places not named British Columbia or Ontario are seeing exceptional migration levels, be it from other Canadian cities or around the world.

Indeed, Regina is not only an incredibly affordable municipality to live in, but it also possesses many crucial characteristics that people desire, from a stable economy to terrific neighbourhoods. This is true of both Regina and the broader Saskatchewan housing market.

Before we dive deeper into the exceptional traits of the Saskatchewan capital, let’s take a look at the state of real estate in Regina.

State of Regina Real Estate

According to the Saskatchewan Realtors Association (SRA), residential property sales rose 7.4 per cent year-over-year in September, totalling 305 units. Additionally, sales activity was 15 per cent above the 10-year average for this time of the year.

New listings slumped, and the months of inventory slipped, resulting in the tightest Regina real estate market since 2011. At the same time, home prices have tumbled at a modest pace.

Association data show that Regional real estate prices dipped a little more than one per cent to $308,700.

The Regina Economy

Economic concerns might be one of the reasons why some may be hesitant to relocate to Regina.

Well, this might not be something you need to worry about. The industries representing Regina’s diverse economy consist of agriculture, education, health care, manufacturing, and oil and gas.

While small businesses are ubiquitous, there are many substantial employers in Regina and elsewhere in the province, such as Farm Credit Canada, the University of Regina, SaskPower, and the provincial government. Moreover, because of the many attractions throughout Regina, there are other opportunities, be it for employment or recreation, such as the Saskatchewan Science Centre, the Royal Saskatchewan Museum, the MacKenzie Art Gallery, and the Regina Symphony Orchestra.

It might not seem like it on the surface, but Regina maintains an incredible cultural climate.

Population in Regina

According to Statistics Canada, the population of the Regina Census Metropolitan Area advanced by nearly two percent last year, reaching close to 269,000. The upward tick in the number of people living in Regina was driven by a natural boost (824) and net international migration (6,291).

Believe it or not, much of Regina’s population is youthful, with the average age at around 38. As a result, there is plenty of potential for economic growth and business development in Regina and across Saskatchewan.

Neighbourhoods in Regina

Regina maintains a diverse array of neighbourhoods that provide good value and robust living standards. They extend a welcomed combination of new and older residential homes, unique styles, and various sizes for different needs. Moreover, households can take advantage of the numerous amenities in these neighbourhoods and elsewhere in Regina, such as reliable public transit, parks, schools, and shopping malls.

Best of Both Worlds in Regina Real Estate

Of course, the major selling point in real estate in Regina is the affordability factor. In today’s Canadian housing market, the idea of acquiring a detached house for roughly half the national average is quite amazing for the typical family.

But there is more to Regina than housing affordability. In fact, market analysts will purport that Regina possesses a balance between urban and rural living. Indeed, the city in the middle of the Prairies has all the conveniences and services of a modern urban centre. It is an ideal place to live because it maintains easy access to nature and the outdoors as it is surrounded by lakes, scenic views, and activities, whether camping or fishing.