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?
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.
