It looks as if 2016 is starting out as a buyer’s market for housing in Regina.
Figures from the Regina and area Multiple Listing Service (MLS) system show residential sales were down seven per cent from 2015 to 2014. A total of 3,392 sales were reported in 2015 compared to 3,642 sales in 2014. The MLS system hasn’t recorded sales that low since 2008.
House sales in Regina dropped by six per cent year-over-year from 2014 to 2015.
Supply was at the highest level in over twenty years which caused a drop in prices.
Gord Archibald, CEO of the Association of Regina Realtors, suspects lower economic and job growth levels have helped soften demand.
“Going into 2016, most economic forecasts for the area remain modest at best. Unless there is an unexpected spike in economic and job growth levels, this will continue to temper demand compared to recent years,” Archibald said in a news release.
“Supply levels will likely continue at elevated levels as well, at least for the first quarter of the year. This will provide a great deal of choice and options for buyers.”
The MLS Home Price Index (HPI) showed the average sales price in Regina for December was $293,328, down seven per cent from $314,641 in 2014.