As we approach the end of the new year’s first quarter, we can judge how the Regina housing market is performing. Using data from sales and lettings coupled with industry knowledge and expertise, households and investors can make informed decisions based on this data.

In this article, I’m going to break down the performance of the Regina market and offer tips that current and new property owners can use.

Low Inventory

In the years that I’ve been involved in purchasing and selling housing options, the first few months of 2022 have revealed the least opportunities in the property market. Chris Guerette, the CEO of Saskatchewan’s Realtors Association, echoes my experience. The inventory levels, specifically in the month of January, have been the lowest the local market has experienced since 2012.

There are a number of factors that can be blamed for this shortage in housing options, though the main culprit is the Covid-19 pandemic. The pandemic brought most industries to a halt and destabilized the economy.

This phenomenon is not only being experienced in the local market but also in the wider Canadian housing market. If you followed the federal election in 2021, you would remember that this was a major talking point. The pressure on the housing industry could increase even more according to CBC News. The federal government has put policies in place to bring in over a million migrants over the next 3 years.

However, there’s been an improvement as new listings enter the market. This improved supply bodes well for the market as Covid-19 restrictions and measures are eased. Soon, the Regina market will be booming and the new housing options will be easily absorbed.

An Increase in Price

Property has often proved the go-to investment for those looking for an asset that increases in value over time. Regina real estate proved exactly that as prices in January 2022 have risen by a whopping 7% compared to the same month in 2021.

This can be attributed to the increased demand for housing over the past two years. Governments all over the world advised companies to implement work from home measures and remote working. The move led to an increased immigration to the suburbs and for larger spaces by individuals and households.

Work from home measures are still in place and more professionals are considering it as a full-time or part-time switch. In my view, these measures are bound to be in place for a few more years as we learn more about the pandemic and manage it better.

An increase in sale price was also evidenced in certain markets in the country. A report compiled by REMAX revealed a property price increase of 2% in Calgary. The market in Muskoka was hotter and recorded double-digit increases in property prices.

As things stand, I project that there will be a further increase in sale price in the year 2022. If you’re looking to invest in real estate, the time is now.

Sales

2021 was a difficult year for most as funds were scarce and savings were probably routed to medical needs. This has also been evidenced at the start of the year as property sales in the month of January have dropped.

In my opinion, it’s only a matter of time until the Regina housing market registers an upward trajectory. Choosing the right real estate agent can help you get ahead of this.

What Should We Expect from the Regina Housing Market in 2022?

We should expect an increase in new property listings. There’s a shortage in the housing market as supply is significantly below demand. I expect that the different players involved on the supply side (property developers, authorities, local and the federal government) will implement policies to balance out the shortage.

We should also expect a possible appreciation in price. With housing stock low, the advantage lies with those who are selling i.e. a seller’s market. They can better dictate terms. Before things even out, there’s bound to be an increase in property value.

The pandemic has scarred a lot of households with the hospitalization and loss of loved ones. Some individuals will take a lot of time to recover from the trauma. As a result, virtual home viewing and buying have become a trend. Consumers are enjoying the experience and convenience that it offers.

One of the platforms which has been at the center of it all is REMAX. The platform brings new listings to potential clients and also offers virtual tours. It is a safe and secure platform that will cement its place in the property industry. You should be aware that I am a REMAX Crown real estate agent.

Who better ease your entry into the market?

The Role of Expert Property Management in Regina's Real Estate Market

While investing in Regina's real estate market is a promising opportunity, the success of your investment often hinges on effective property management. This is where Leenan Properties comes into play, offering top-tier residential property management services that can significantly enhance the value and appeal of your investment.

Why Choose Professional Property Management?

1. Maximizing Your Investment: Professional property management companies like Leenan Properties understand the local market dynamics and can help maximize your rental income while minimizing vacancies. Their expertise in pricing and marketing ensures your property is never undervalued or overlooked.

2. Quality Tenant Acquisition and Retention: Finding the right tenants is crucial. Leenan Properties conducts thorough background checks to ensure reliable and responsible tenants occupy your property. They also focus on tenant retention, which is key to maintaining a steady income stream.

3. Hassle-Free Maintenance and Repairs: Property maintenance can be challenging, especially if you own multiple properties or live far from your rental property. Leenan Properties offers comprehensive maintenance services, ensuring that your property remains in top condition, which is vital for preserving its value and appeal.

4. Legal Compliance and Smooth Operations: Navigating the legal aspects of property rental can be daunting. With their expertise in local property laws, Leenan Properties ensures that your property complies with all regulations, reducing your risk of legal complications.

5. Personalized Attention: Every property and property owner has unique needs. Leenan Properties prides itself on offering personalized services, ensuring that your specific goals and requirements are met, whether you're an experienced investor or new to the property market.

Integrating Property Management into Your Investment Strategy

Incorporating a property management company like Leenan Properties into your investment strategy can be a game-changer. It allows you to enjoy the benefits of property ownership without the day-to-day hassles. Whether you're looking to expand your portfolio or manage your existing properties more efficiently, Leenan Properties offers the expertise and services to help you achieve your real estate goals in Regina's dynamic market.

For more insights on how professional property management can enhance your real estate investment, visit Leenan Properties.

Bottom Line

Are you looking to invest in a multi-family rental in the Regina area? Maybe you are looking to upgrade from a bungalow to a four-bedroomed maisonette in the suburb? You will need the help of a reputable and experienced realtor with local knowledge of the area.

Your friendly neighbourhood real estate agent, Jennica George, is the professional to rely on. I have a passion for the real estate industry and promise dedication, professionalism, and quality in every service that I offer. You can rely on me to make your next real estate journey smooth and free of any encumbrances.

Get in touch with me today and book a free appointment.

“Should I rent or buy a home?” – This is a common question on many people’s minds! And rightly so, it’s a major decision that can have a major impact on both your lifestyle and financial health.

Many people see property ownership as an investment vehicle that can help them build equity and allow them to benefit from tax savings. But renting has its advantages as well. Among other things, renting provides one with much needed flexibility and freedom.

Currently, Canada is predominantly a nation of homeowners. According to the latest statistics, around 68% of Canadians own homes while the rest live in rented premises.

So, which option is best for you? Should you rent or buy a home? To make the right decision, the following are the pros and cons of each option.

Pros of Buying a Home

1. Price Appreciation

Generally speaking, home values increase over time. For example, in Canada, the housing market has had an average annual appreciation rate of around 6.11% according to a study done by Reviewlution.ca.

2. Stable Housing Costs

Buying a home comes with a bevy of expenses, including down payments and closing costs. Also, as a Regina homeowner, there are plenty of maintenance costs to think about as well.

Luckily, homeownership costs tend to be consistent especially with a fixed-rate loan. Even in case the insurance rates and property taxes increase, your mortgage payments will remain relatively the same year to year.

3. Equity

Equity is simply the portion of the home that you actually own. It’s calculated by subtracting the mortgage loan balance from the value of the property. You build equity every time you make a mortgage payment.

This isn’t the same case with renting a home. As a renter, you won’t be able to recoup any money you paid as rent.

4. Ready Cash

This is another advantage of buying a home rather than renting. By owning a home, you’re able to tap into your equity to help pay off personal debt or fund home improvements.

5. Tax Advantages

The Canadian government offers several credits and tax breaks for homeowners to take advantage of. For example, if you’re a first time home buyer, you may qualify for the First-Time Home Buyers’ Tax Credit (HBTC) of $5,000.

6. Freedom to Personalize

Owning a home allows you to take complete control over any projects you may want to take on. As long as the projects follow all local laws, you’re free to personalize your home to your liking.

7. Stability

When renting a home, your landlord may at some point decide to terminate your lease or fail to renew it when the time comes. Moving is one of life’s most stressful events. In addition, it’s also expensive and inconveniencing.

On the other hand, owning a home comes with stability and peace of mind. As the owner, you call the shots and that is priceless.

Cons of Buying a Home

1. High Upfront Costs

Upfront costs of buying a home in Regina include a down payment, mortgage lender fees, HOA fees, and escrow fees.

2. Maintenance & Repair

You’ll need to set aside anywhere between 1- and 3% of your home’s purchase price annually for maintenance and repairs.

3. Property Taxes

The property tax rate in Regina is around 1.030228%. And besides the property tax, you’ll also be required to pay for other fees, as well. Including, HOA fees and utility fees.

4. Less Flexibility

Unlike renting, owning a home doesn’t provide you the flexibility to move if you’d like a change of pace.

Pros of Renting a Home

1. Flexibility

When you rent, you have the freedom to live in lots of different areas.

2. No Downpayment

The only ‘down payment’ you may probably have to put down is a security deposit. That said, it’s refundable at the end of the tenancy as long as you abide by the terms of the agreement.

3. Might be Cheaper

This may be true at least in the short-term and is relative based on your rental and where you live. But generally speaking, renting is usually cheaper than owning a home.

4. Less Maintenance Responsibilities

While you may be responsible for some maintenance tasks, you won’t be on the hook for major ones. The responsibility to maintain a property to certain health and safety standards is your landlord’s.

Cons of Owning a Home

1. Zero Tax Benefits

There are no tax breaks associated with renting a home.

2. Restrictions

Most landlords have restrictions on things like smoking, subletting, and even whether you can keep a pet or not. You also won't have full creative freedom to personalize the space, at least not in the same way a homeowner would.

3. Rents Can Increase

Landlords in Regina have the right to increase rent in accordance with the terms of the lease.

4. No Permanence

Really, there is no guarantee of permanence when it comes to renting a home. While it’s possible to rent a home for decades, there’s a strong likelihood that you’ll have to leave at some point.

5. No Equity

There is no way to build equity when renting a property. Yes, it’ll be your home/ place of residence, however, it won’t be your asset.

6. Zero Returns

No matter how long you rent, you won’t benefit from any appreciation in the value of the property.

Which Option is Best for You?

Clearly, each option has its own set of pros and cons. If you’re the kind of person that travels a lot – whether for business or for pleasure – then renting can be a good option to consider.

But for people looking to set down roots, buying a home is a no-brainer. It can help you build long-term wealth, as well as enable you to make many exciting decisions, from renovations to landscaping to furniture selection.

If you would like help buying or selling your home hire the service of a licensed realtor. I, Jennica George, am ready to help you achieve your real estate buying and selling goals!

Staging your home before listing it is key. That’s because it’ll make your home shine in comparison to others online.

The goal of staging a home is to help highlight the most impressive assets your home has. If you do it right, you’ll be able to attract a large pool of prospective buyers and therefore sell your home relatively quickly. It can also help drive up the price of your home if prospective buyers find themselves in a bidding war.

Best of all, staging a home isn’t necessarily a costly affair. The following tips should get you started.

1. Get Rid of Personal Details

You want a prospective buyer to visualize the home as their own. As such, and as hard as that may seem, you need to depersonalize the house to sell it.

While this step can be difficult and emotional, it’s in your best interest. Some personal items that you may need to pack away while showing the home include family photos, accent walls, busy wallpaper, and personal collections.

You’ll also want to keep clothes out of sight and keep the bathroom countertops clear.

2. Focus on Specific Rooms

When it comes to staging, not all rooms are created equal. Some have more potential when it comes to influencing buyers’ decisions than others.

According to a report by the National Association of Realtors, the kitchen, master bedroom, and the living room are the most important in the eyes of most buyers. Therefore, these are the rooms you’ll want to focus your staging efforts on.

Rooms with less influence include bathrooms, children’s bedrooms, and guest bedrooms. If you have the time and budget to stage these you may do so, but they don’t need to be your top priority.

3. De-clutter Rooms

Space is what sells, and clutter makes spaces look and feel smaller. Remember, less is more when selling a home!

De-cluttering the space will open up the room and make your home more appealing to prospects. Of course, this doesn’t mean you’re required to everything from the space, but you should try packing them away during the staging phase.

The following are some spots you’d want to focus your decluttering efforts on:

• Tidy up any play areas
• Hide computer cords and other wires and clear off your desk in the home office
• Beautify the bathroom
• Organize the closets
• Curate what is in the kitchen

4. Make a Good First Impression

The first impression matters. The front entrance is the first space prospective buyers will see when they walk up to your house.

Do you have a front stoop? If so, scrubbing off any dirt, or even power washing it can go a long way in the eyes of potential buyers. You may also want to add a simple doormat to help add a touch of hominess. A potted plant or two may also provide some added curb appeal.

If the outside is well-maintained, prospective buyers will be more excited to see what else the home has to offer.

5. Use Neutral Tones

This tip can make a world of difference in determining the price of the home and the amount of time your listing stays on the market.

Although bright colors help people personalize their homes, they can be a turn-off for prospective home buyers. So, when listing your home for sale, consider using a neutral color pallet. Examples of neutral colors include taupe, white, and gray.

You want to make it easy for the next owners to put their touches on the home.

6. Make the Place Look Nice

This seems obvious but it goes a long way when selling a home. You can begin by going room to room removing any scuffs from walls and floors. Next, you’ll want to patch up any holes, scratches, and tiny cracks you may find.

Ask yourself if the paint looks chipped? If so, consider doing some paint touch-ups. A fresh coat of paint can do wonders in brightening up a room.

7. Deep Clean the Home

Go all out when cleaning the space, leave no space untouched! From the corners of your ceiling to the baseboards and everywhere in between, make every square inch shine.

When planning your cleaning checklist, focus on areas that potential buyers are most interested in. These include the bathroom, kitchen, dining room, and living room. Then during the cleaning, follow the top-to-bottom, left-to-right rule for cleaning each room. This will ensure that no surface is overlooked.

Besides cleaning the rooms, make sure all appliances are spotless.

8. Improve Your Home’s Lighting

Dark spaces aren’t enticing to potential buyers. Brighten up the rooms by allowing as much light inside the house as possible. You should turn on all the lights in the home, including closet lights and lamps, for showings.

You’ll also want to open all the curtains to let in more light and if your yard has some problem areas, you may keep the blinds down but open up the slats to bring in some natural slight.

By letting in more light you make the rooms appear more spacious.

9. Freshen Up the Home

Make your home feel fresh and inviting by including a few potted plants. If you have a lot of plants, space them out so they don’t overwhelm a specific area of the home and get rid of dead or dying plants.

10. Hire a Professional Realtor

Want to get the best price for your home and be taken seriously by sellers’ agents? Consider hiring a real estate agent as opposed to selling your home yourself.

Jennica George is an experienced realtor with a passion for interior design. Her services all come with the same promise of quality, dedication, and professionalism.

Summary:

There you have it, 10 tips on how to stage your home. The goal of staging a home is to appeal to as many potential buyers as possible. Best of all, the more potential buyers are willing to submit their offers, the higher the price your home will sell for.

For more information, contact Jennica George today!

Are you looking to buy a home in Regina, SK? If you are, then you may be wondering where the best neighbourhoods are. Rest assured that you’ll have plenty of amazing areas to choose from, it all just depends on the kind of home and lifestyle you’re hoping for.

There are several things to consider before you begin your search for your forever home. The first thing to consider is the size and style of the home. The next step is to set your budget including buying and closing, and renovation costs. Finally, you need to consider your lifestyle. Ask yourself:

• Do I want to be close to work?
• Do I want to live near good schools?
• Is having access to community centres and outdoor spaces important to me?
• Do I want to be near downtown for easy access to restaurants and shops?

Once you’ve considered all these factors you’ll be able to speak to a licensed realtor who will help your nail down the perfect location!

That being said, here is a list of some of the best areas in Regina to help you get started.

Central Regina Neighbourhoods

Central Regina offers many older homes with plenty of character and charm. Many of the streets are lined with beautiful, mature trees and the area is near Wascana Lake & the bike path, offering lots of opportunities to enjoy the outdoors.

Lakeview

Lakeview is a cozy community that has been attracting many families over the years. This is in part due to its proximity to many amazing parks, schools, and community gardens. This neighbourhood features many pre and post-war-style homes.

River Heights

River Heights is another excellent Regina neighbourhood to live in. If you’re looking for a quiet area to settle down in this is the place for you! Real estate in the area mostly consists of comfortably sized single, detached houses.

This is also a great option for families because of its proximity to the Neil Balkwill Civic Arts Centre which offers plenty of activities and classes for children and adults. The neighbourhood is also near the inviting Kiwanis Park.

South Regina Neighbourhoods

South Regina is home to many family-orientated neighbourhoods. You can find a range of styles from mid-sized bungalows to large homes on quiet bays.

Albert Park

This is a very popular option in Regina due to its proximity to many amenities and good-quality schools. You’ll be able to find small apartment buildings and detached single homes in the area. Residents can enjoy shopping at the Southland Shopping Center which includes a movie theatre or spend the day at the local community center. The area is also home to a number of restaurants, cafés, and local shops, giving locals plenty of things to do on their days off.

Whitmore Park

If you’re looking to settle down in a more relax and laid-back area, Whitmore Park is a great neighbourhood! Residents can enjoy quiet streets and access to several incredible parks.

Many homes in the areas were built in the 1960s and 1970’s giving the Regina neighbourhood a lot of charm. You’ll be able to choose from split-level and two-storey homes and bungalows. There are also apartments and condominiums available making a perfect place for young professionals, students, and families to live.

East Regina Neighbourhoods

The area of Regina is home to many fantastic parks, walking paths, and bike paths making it a great area for the outdoor enthusiast.

Varsity Park

This is a wonderful neighbourhood to live in with many of the homes being build in the 1980s. The homes in Varsity Park are often reverted for their craftsmanship and style. There are many two-storey split homes and bungalows with an average of 3 to 6 bedrooms to choose from, making a great area for growing families.

Emerald Park

Buyers are often attracted to the area for its large lots and privacy. You’ll have your pick of two-storey split levels, two-storey homes, and bungalows if you buy in the area. Many homes were built in the 1980s however you’ll also find new builds popping up in the area.

Residents will be able to enjoy the extensive bike and walking paths, an ice skating arena, a golf course, and a soccer pitch. There are also two schools in the areas making it a wonderful community for families to settle in.

Summary

Regina offers residents plenty of outdoor spaces, cultural amenities, restaurants, and shops. What’s more, if you move to any of the neighbourhoods mentioned in this piece, you’ll be able to enjoy quiet comfort in well-sized homes.

If you’re looking for a realtor to help you buy or sell your Regina home contact Jennica George today!

When sellers think of hosting an open house, they may think of strangers walking through every room of their house and the costs incurred in the preparation of the event. They can often forget the many benefits that come with an open house.

In a competitive property market such as Regina, an open house is a tried and tested method of generating needed visibility for your property. In this article, I, Jennica George, offer my take on the benefits of hosting an open house.

The Benefits of Hosting an Open House

Set Your Property Apart

While creating an appealing online listing for your properties, complete with photos is an important step in the marketing process, it doesn’t allow people to fully envision themselves living in the space.

From my experience as a realtor and interior designer in Regina, an open house is a perfect opportunity to convince the prospective buyer that your property is their new home. The idea behind a professional property showing is to allow prospective buyers to get a better idea of what they could do with the property if it were theirs.

If you are worried about the time and effort required to host an open house, you can leave it up to me. I have the experience and resources to implement a professional staging and I’ll be by your side through the entire selling process.

Breaks Down the Tension

Having an open house allows prospects to see the space in real-time and it allows them to ask any questions they may have about the property. Being able to address their concerns head-on helps them feel more secure when deciding to make an offer. Getting an appraisal for your home is also a good idea.

I can offer tours of the property, highlighting the standout features and amenities, and answer questions. Before the day of the open house, I will conduct several walked through the home to familiarize myself with the layout and the various amenities.

An open house also allows prospects to see how much interest there is in the property. This allows them to assess what kind of offer to place.

Calm First Time Buyers

The home buying process can be a daunting experience for a first-time buyer. They don’t know where to start and at times, would like clarification on certain details. By attending the open house, not only can they envision themselves living there, they can learn more about the buying process.

As your property partner, I’ll make sure to guide them through how the process works. You can rest easy knowing that your prospective buyers are in the most capable hands in Regina.

Meet and Greet Opportunity

Have you built up a good rapport with your neighbours? This is the perfect time to have them swing by. You can ask them to introduce themselves to a few ‘serious’ buyers. The introduction will work wonders. Your neighbours can sell the neighbourhood better since potential buyers will be more inclined to take their word.

If you have great neighbours, it’s only a matter of time for the potential buyers to become excited with the idea of living next door to them too.

Save on Marketing Costs

The costs of marketing and property showings are a common concern for many property owners. However, a solid investment in the market can reap wonderful rewards. With an open house, you can forego having individual showings that typically involve calling up a professional cleaning service and incurring the cost of utilities.

To guarantee a high attendance on the day of the showing, proper advertising of the open house is necessary. Many buyers make use of brokerage websites and social media platforms to search for property deals in an area. Some of the websites that I use to advertise my Regina properties include Kijiji, Realtor.ca as well as Instagram, Facebook ads, and Twitter.

Speaking of high attendance, I advise my clients to schedule their open houses on the weekend. Your potential buyers are likely people who have jobs and tight schedules during the week. It’s only on the weekend that they have the time to go looking for a home.

Potential for Free Advertising

Speaking of neighbours, they could offer free advertising and marketing of your property. Your neighbours will be concerned about your departure and would only want a neighbour as good as you. Your neighbours will likely know of someone looking to buy a house so they can help with getting the word out there too.

Show Off Neighbourhood Amenities

A property is only as good as the neighbourhood it’s in. People want to know that the community they’re setting up roots in is safe, comfortable, and filled with opportunity.

An open house is a perfect opportunity to sell the locational benefits of your property. I include printed takeaways that contain information on the top schools, transportation routes, and highly rated eateries and establishments in the area.

If prospects are excited about living in the area, there’s a better chance that they’ll put an offer in on the house.

Conclusion

Holding an open house comes with many benefits to sellers. It’s an opportunity for people to envision themselves living in the home, learn more about the neighbourhood and ask questions about the property and buying process.

Serving areas in and around Regina as well as Emerald Park/ White City and Lumsden, I, Jennica George am an experienced realtor that you can call upon for property brokerage services.

Get in touch with me today and book an appointment. We can discuss your need over a cup of tea or coffee!

Home appraisals are key in certain real estate transactions like when buying or selling a home or during mortgage refinancing. Appraisals are used to determine whether a home’s sales price is appropriate given its features, location, and condition.

Lenders, for example, use an appraisal to ensure they aren’t handing the borrower more money than their home’s worth.

The following is everything you need to know when it comes to the home appraisal process in Regina’s housing market.

Three Property Valuation Approaches

In Saskatchewan, three property valuation approaches are used to determine the value of a home. They are the cost approach, sales comparison approach, and property income approach.

• Cost approach - This approach values a property based on its replacement cost, less depreciation, factoring land values based on recent sales. The approach is especially useful in situations such as when the comparable sales are few or when there is no information on rental income and expense.
• Property income approach - This one values a property based on the potential rental income. The appraiser will take into account both the rental expenses and the potential income to estimate the property value.
• Sales comparison approach - This approach works well in areas with active sales markets, like residential property situated in a metropolis.

“Ad Valorem” Mass Appraisal System

The appraisal system in Regina, SK is based on “ad valorem.” Ad Valorem simply means “according to value.” According to this appraisal system, the amount of tax payable by a property owner must be proportional to their property value.

The accepted standard for property assessment in North America is based on market value. Mass appraisal valuation represents the patterns in supply and demand for a group of properties in a market instead of a single property.

For maximum accuracy of the final assessed values, appraisers will also factor in other crucial data. Including, prevailing property values, rental income information, and using the valuation approach to estimate the best value for various property types.

The Appraisal Report

Once the appraisal has been done, the appraiser will write a report of their findings. The following are a couple of things the appraiser will include in their report:

• A street map showing the property that has been appraised.
• Comparable sales that they used to arrive at the property’s value.
• The sketch of the exterior building.
• Some calculations on how they calculated a home’s square value.
• Some photos of the back, front, and street scene of the home.
• Photos of comparable homes used.
• Other important information, such as public tax records, public land records, and market sales data.

Other things a home appraisal will look at include the housing market, neighbourhood, appliances, basement, and attic features, and even the home’s age. To get the highest appraisal, make sure your house is rent-ready and staged.

What a Home Buyer Should Know About Appraisals

Are you looking to buy a home in Regina? If you are, then an appraisal will be one of the initial steps in the closing process, especially if you’re buying a home under contract.

As a buyer, the appraisal process gives you an upper hand. If the appraisal value is low, it can be a negotiating tool for you to convince the seller to lower the asking price. After all, your bank won’t lend you more than what the home is worth.

That being said, a seller may feel reluctant to lower the sale price because they may feel the appraisal value was inaccurate. In such a case, it may be best for both of you to consider getting another appraisal from a different professional, as it isn’t uncommon for appraisers to make mistakes.

What a Home Seller Should Know About Appraisals

When selling your Regina home, a low appraisal can seem like a deal-breaker. After all, it may mean selling your home lower than you had anticipated.

Certain factors can be responsible for a low appraisal value. They are as follows:

Market Conditions

A home appraiser will go beyond just beyond looking at similar properties. They will also examine other things such as vacancy rates, foreclosure rates, and forecasts on demand and supply.

Renovations

Have you overly personalized your home? If you have, then that can have an impact on your home’s valuation. Your taste may not be everybody’s taste.

Home Size

Of course, how big or small your home is will have an impact on the appraisal value. Besides the square footage, the number of bathrooms and bedrooms will also impact the appraisal.

Deferred Maintenance

Deferred maintenance is arguably one of the factors that reduces a home’s appraisal value. A roof leak that may have cost you a few hundred dollars to fix a year ago can end up resulting in thousands of dollars of repair costs.

When this comes to the attention of the appraiser, the appraisal value will certainly go down. So, before having an appraiser go through your home, make sure all maintenance issues have been taken care of.

Home Location

Location is an important factor when it comes to an appraisal assessment. Of course, it wouldn’t make sense to compare a home in Rosemont with one in Germantown. Appraisers will consider things like the quality of roads, proximity to schools, neighbourhood amenities, and how near the home is to the street.

Curb Appeal

The phrase “Don’t judge a book by its cover” doesn’t apply when it comes to homes. An appraiser will judge how your Regina home looks from the street because that’s one of the factors potential buyers will consider. It’s a fact that an attractive home will attract more interest on the market.

How Long Does a Home Appraisal Take?

On average, expect a home appraisal to take anywhere between 7 to 10 days. The appraiser will visit your property and spend an hour or two inspecting its exterior and interior.

Bottom Line

Except in a case involving an all-cash buyer, a home appraisal is a must whether buying/selling a home or refinancing your existing mortgage. Having a basic understanding of how the appraisal process works can only work in your favour.

If you’re still unsure how to navigate appraisals, get in touch with me, Jennica George. I’m an experienced realtor in the Regina, Emerald Park/ White City and, Lumsden areas that can help you with any of your property brokerage needs.

Are you looking to buy a home in the near future? Or, do you currently own a home and simply want to learn more about how property tax works in Regina? Whatever the reason, if you’re looking to buy a property, you need to understand the associated taxes.

Recently, property owners in Regina have witnessed a rapid increase in property taxes. In 2018 alone, property taxes shot up by 4.5 percent. And while property tax is applicable on all types of real estate, the specific amounts vary depending on certain criteria, including location and assessment value.

But is there a chance that you could be overpaying your taxes? Or, could you be eligible for a tax abatement? Well, let’s find out! The following is everything you need to know about property tax in Regina.

Expensive Properties are Subject to Higher Taxes

As already mentioned, property taxes will vary based on various factors. One such factor is assessment. This means that a more expensive property will have higher property taxes. This is based specifically on the city of Regina’s assessment.

An example of this would be a property valued at $269,900 in Rosemont. This property will have taxes of $2,637 every year. On the other hand, a homeowner in Lakewood Addition will need to pay about $6,000 in property taxes every year.

You Can Challenge the City’s Assessment

The assessment on your property should always be lower than your home’s value. It should never at any point be above it.

No standard difference exists between market value and the assessed value. So, if the city has done an assessment that exceeds the home’s selling price, you should fight the assessment. In such a case, you’d need to request that the city of Regina conduct a reassessment of your property taxes for that year.

Check to See if You Qualify for a Tax Abatement

Are you building on an infill lot? If you are, chances are that you qualify for a tax abatement. Regina encourages improvements in older neighborhoods and will approve a certain number of infill properties every year.

So, if you’re building an infill, you may be eligible for a 5-year tax exemption. The application for the exemption can be made once you have acquired the building permit and before the occupancy limit has been issued.

Improvements to Your Regina Home Will Attract More Taxes

Are you considering adding a deck to your property? Or, are you currently finishing the basement area of your property? You should know that those ongoing improvements will increase the value of your home. And remember that the higher the value of the property the higher the property taxes.

There are several reasons this makes pulling permits for improvements so crucial to the city. First and foremost, they require permits in order to ensure that any improvements being done meet the code. And secondly, to ensure that they are able to keep track of properties for tax reassessment purposes.

You Could Qualify for a Tax Incentive Program

Plenty of condos are available in Regina and some are even offered with a 5-year tax abatement program. Some home builders like Porchlight Developments offer a tax incentive program. You should check with them to see if you qualify.

Tax Payment Options

There are a variety of options when it comes to the payment of taxes. Such options include paying your taxes in full or paying them through a monthly payment plan called a Tax Installment Payment Plan Service (TIPPS).

If you choose to pay them in full, then you must do so by June 30th by any of the following three ways. You can do it online, in person at City Hall, or by mail. Please note that you cannot pay your property taxes using a credit card.

If you choose to pay using TIPPS, then you’ll have to do so in 12 monthly installments. You can enrol in the payment plan at any time. If you choose to do so for the following year, then ensure you have paid off your account balance by December 15th.

Please note that all payments you make using the Tax Installment Payment Plan Service are non-refundable.

Updating a Property Tax Account

The City of Regina gets an owner’s mailing address when you registered with the Information Services Corporation. You have two options when it comes to updating your mailing address. You can do so online via eProperty, or by filling out a form to change your mailing address and send it to the city.

The other requirement when updating a property tax account has to do with your school tax declaration. This is a declaration of faith. It applies to all properties under your name. You can do so online, or by completing an individual or organization declaration form and mailing it to the city.

Under The Education Act, if you don’t complete the school tax declaration with the city, you’ll be deemed to be a taxpayer of the public school system.

Property Tax Penalties

Outstanding balances after the tax deadline will attract a late fee penalty of 1.50%. However, if you participate in the TIIPS program, no penalties will apply.

If you fail to pay your property taxes after December 31, your property will be in arrears. Consequently, you’ll be penalized at 1.75 percent per month. What’s more, the address of your property, as well as the outstanding amount, will be included in a Leader-Post advert of accounts with tax arrears. This will be done in accordance with the Tax Enforcement Act.

If your account is still in arrears by April of the following year, a tax lien will be registered by the City of Regina. The city will then have authority, under the Tax Enforcement Act, to pursue taking your property’s title.

Tax Exemptions

Non-profit organizations are exempt from the payment of taxes. To qualify, non-profit organizations must comply with all the requirements under the City’s Community Non-Profit Tax Exemption Policy.

Summary

As a property owner or soon-to-be owner, it’s important that you familiarize yourself with property tax rules and exemptions.

If you have a specific question in regards to property tax in Regina get in touch with Jennica George right away. I’m an experienced realtor that can make your real estate experience a walk in the park!

Whether you are buying or selling your home, the process requires energy, patience, and experience in the real estate industry. Most people often seek the services of a real estate agency to ensure that the process goes smoothly.

With so much value attached to the property, you can’t select any real estate agent. It is recommended that you hire a trusted and experienced professional who can guide you through the buying/ selling process.

In this post, you’ll learn how to confidently choose a real estate agent.

Hiring the Right Real Estate Agent

When looking for a real estate agent you should look for someone with local experience and industry knowledge. But you also want to ensure that you find someone that you trust. Buying and selling homes is a stressful and emotional process so you want to find someone who will have you back every step of the way.

Here are some things to look for when hiring an agent:

Full-time Agents

Many part-time real estate agents in Regina are great at what they do. But the difference between a part-time and full-time agent is the convenience and availability they offer. If you’re needing to buy or sell a home relatively quickly a part-time agent might not be able to meet those time constraints.

A full-time agent, however, will work with your schedule and be more available to answer your questions throughout the process.

Local Expertise

You should only hire an agent who knows the area and its neighbourhoods like the back of their hands. You want someone who has interacted with the area and knows its dynamics. Their experience can come in handy when negotiating the best price for your property or advising you on neighbourhoods to buy in.

Agents You Click With

Your real estate agent is your representative. For you to close on a property, you must be on the same page in terms of prices, ideal property, and other pertinent issues. This requires some level of coordination and communication.

When you find an agent that understands your wants and needs the home buying/ selling process is made easy. What’s more, when you have this connection you can feel more confident in your decisions when buying/ selling your home.

Someone Who Offers Advice

Your real estate agent should be in a position to offer changes, suggestions, or advice that will make the buying or selling process easier. The best agents in the business will offer you sound advice, based on their experience to ensure that you find the right home or sell for a great price.

Questions to Ask a Real Estate Agent

Truth be told, buying a property will be one of the most significant investments of your life. Therefore, it’s important to choose the right real estate agent. Here are some questions you should ask a potential real estate agent:

How much experience do you have?

In a typical interview, the experience would refer to how long the particular individual has been in the business. But this isn’t the only way to see a real estate agent's experience. To better gauge, an agent’s experience, test their knowledge of the local market and the price of homes compared to your property.

Before the interview, do some research on your local housing market as well as on the area's economic performance. As you interact with the agent, gauge their answers. If they have many years of experience and can prove that they understand the market and stay up-to-date on any changes to it then this is a sign that you can trust the agent with your time and money.

What does your marketing plan look like?

Don’t receive a one-paragraph answer for this question. Expect a detailed breakdown of what your agent is going to do. The plan should include creative and tested solutions that will make your property stand out from others on the market.

Thanks to the internet and developments in technology, digital marketing is a crucial part of the marketing process. The agent should have web listings that use high-resolution images and video tours to advertise the property. A good real estate agent will know how to market your property in ways to attracts plenty of buyers.

What is your commission rate?

Generally speaking, real estate agents typically charge around 6% in commission. This is divided between the buyer’s agent and the sales agent. The commission is however not set in stone. You can bring out your negotiation skills and get the best price possible.

In the negotiations, inquire about the budget and any sales-related expenses that the agent will be required to pay.

Can you provide any references?

This is one that many homeowners or to-be purchasers forget. Once you get the names of previous clients, reach out and ask about the quality of services that you can expect from the agent. An agent with plenty of satisfied clients is one you can trust.

In Conclusion

Finding a trust worth real estate agent is so important when looking to buy or sell a home. If you’re looking for a trusted real estate agent, teach out to Jennica George and book an appointment today!

The sales and prices of real estate across the country are surging.

Unsurprisingly large urban centers like Toronto, Montreal, and Vancouver are behind the push. However, recently trends have changed due to the effects of the Covid-19 pandemic and low interest rates. The combination of these two factors has resulted in a surge in demand in more rural places and small towns and cities across the country.

Admittedly, the national averages on housing prices can be misleading at times. You may get caught up in those numbers and think that all markets across the nation are properly represented by that value. However, this isn’t always the case.

The truth of the matter is that some smaller markets are be doing quite well despite what the national averages might suggest. Take Saskatchewan, for instance. The province usually tends to be an outlier in regards to national figures.

However, even with its number presenting below the average price of houses in surrounding provinces, Saskatchewan continues to post remarkable figures.

Below, we’ll look at Regina’s housing market and how it fares in comparison to other markets.

A Look into Regina’s Housing Market

Admittedly, the real estate market in Saskatchewan isn’t quite as steep as other parts of the country. Be that as it may, it’s still heating up. Regina, in particular, has seen a surge in residential sales since the start of the year.

According to the Saskatchewan Realtors Association (SRA), real estate sales in Regina soared by up to 70%. Specifically, the market saw an increase in sales from 213 in March of 2020 to 362 in March of 2021.

This is not only a huge increase in a 12-month period for the city of Regina. However, if we look further back we see a 50.2% and 48.7% increase over the 5-year and 10-year average respectively.

What’s more, this growth didn’t stop in March. It continued through to April as home sales in Regina increased even further to 392 during that month. This was an increase of over 172% when compared to the same period last year.

As for the year-to-date sales, they shot up by a whopping 91% compared to the first four months of 2020; surging from 621 units to a staggering 1,186 units.

And with the sales increasing, so did the housing prices. According to the measurements conducted by the MLS Home Price Index (HPI), the price for a single-family home rose by around 8.5% during that period. That is, from $241,300 to $261,800 for a benchmark single-family home.

While this increase isn’t as extreme compared to what other larger markets have experienced it is still quite notable.

You might think that higher prices would have an impact on people’s buying habits. However, even with increasing home prices, demand has managed to remain consistent. This can be chiefly attributed to the volumes of homes being sold, which for Regina more than doubled.

In the period spanning April 2020 and April 2021, the sales volume went up from $43.9 million to $135.0 million, representing a 207.3% increase.

The right equilibrium between market demand and supply is key to keeping housing prices low. The number of active listings in Regina have gone down slightly. Nonetheless, levels remain robust enough to ensure there won’t be any drastic increases in prices in the near future.

But while active listings have fallen slightly, they still represent a 129.8% increase over last year. According to the Saskatchewan Realtor Association, the listings rose to 655 from just 285.

Typically, in Regina, a house will stay on the market for an average of 52 days. But as things stand, a home will now stay for 12 days less on average based on current real estate market trends.

What is Driving Demand for Regina Real Estate?

Currently, those driving up demand in the Regina real estate market are move-up buyers. This is expected to continue through to the end of this year. The most popular property type with move-up buyers is the one-storey detached home.

Typically, young couples make up the largest proportion of first-time home buyers. And this demographic is usually particularly interested in single-detached homes. In Regina, single-detached homes normally cost anywhere between $250,000 and $350,000.

The condominium market in Regina, Saskatchewan is mostly popular with single homebuyers. And although the demand for condos has fallen slightly, other markets appear to be faring well. Families, on the other hand, remain keen on buying homes with more space. But while the supply has been on an upswing, the same cannot be said about the demand.

What Should We Expect Moving Forward?

Experts expect the Regina real estate market to continue posting positive numbers. This is according to a recent report released by the Canadian Mortgage and Housing Corporation (CMHC) in May 2021.

Summary

There you have it, an overview of Regina’s housing market. If you have more questions, please get in touch with Jennica George. I am an experienced Regina realtor who can help you buy the home you want, in the neighbourhood you want, for the price you want it at.