REGINA REAL ESTATE MARKET UPDATE
Regina and Region
Sales in Regina were up 70.0% going from 213 in March 2020 to 362 in March 2021, and up 71.5% in the overall region, going from 260 to 446. In Regina, sales were 50.2% above the 5-year average (and 48.7% above the 10-year average), while in the larger region, sales were 55.3% above the 5-year average (and 56.2% above the 10-year average). Year-to-Date (YTD) sales in Regina rose 66.5% over last year, increasing from 477 to 794, while YTD sales in the larger region rose 65.8%, going from 573 to 950.
Sales volume was up 76.6% in the city, going from $65.5M to $115.6M in 2021 (53.8% above the 5-year average, and 50.8% above the 10-year average). In the region, sales volume was up 80.7%, going from $81.0M to $146.4M (62.3% above the 5-year average, and 62.5% above the 10-year average). YTD sales volume in the city was $239.9M, an increase of 70.9% from last year, while in the region, YTD sales volume was $291.9M, an increase of 68.9% from last year.
In Regina, the number of new listings in March 2021 rose 58.1%, going from 430 to 680 (22.8% above the 5-year average and 30.4% above the 10-year average), while in the region, new listings rose 49.1%, going from 562 last year to 838 this year (19.6% above the 5-year average and 26.3% above the 10-year average). YTD new listings in the city rose 23.0%, going from 377 to 464, while in the larger region, the number of new listings to date rose 16.1%, going from 481 to 558. Active listings fell 16.5% in Regina (down from 1,281 to 1,069) and fell 21.4% in the region (down from 1,760 to 1,383).
Inventory in Regina stood at 3.0 months (which is 50.9% below the level last year and 43.8% below the 5-year average), while the sales to listing ratio was 53.2%, suggesting balanced market conditions. Inventory in the larger region stood at 3.1 months (which is 54.2% below the level last year and 48.4% below the 5-year average), while the sales to listing ratio was 53.2%, suggesting balanced market conditions.
Homes in Regina stayed on the market an average of 41 days in March, down 39.7% from 68 days last year (but below the 5-year average of 57 days and below the 10-year average of 46 days). Homes in the region stayed on the market longer than homes in the city at 44 days on average in 2021, also down from an average of 74 days last year (and 29.9% below the 5-year average).
The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—saw the price of the benchmark composite home in Regina rise 9.5% year-over-year, going from $236,300 to $258,800.
Director of External & Government Relations
The REALTOR® Code
CREA’s REALTOR® Code has been the measure of professionalism in organized real estate for over 40 years. The first code was approved in 1913; members approved the first code of ethics specific to CREA members in 1959. The Code has since been amended many times to reflect changes in the real estate marketplace, the needs of property owners and the perceptions and values of society.
A REALTOR’s® ethical obligations are based on moral integrity, competent service to clients and customers, and dedication to the interest and welfare of the public. The REALTOR® Code, by setting high standards of professional conduct for REALTORS®, helps to protect Canadians’ rights and interests. It also creates a level of trust between REALTORS® and their clients.
A STRICT STANDARD OF CONDUCT
The REALTOR® Code establishes a standard of conduct, which in many respects exceeds basic legal requirements. This standard ensures the protection of the rights and interests of consumers of real estate services. As a condition of membership, all REALTORS® agree to abide by the Code.
Key items of the Code include:
- REALTORS® must disclose in writing whom they are representing as an agent in the transaction, and explain to parties in a transaction the details of the agency relationship; and
- REALTORS® can’t acquire an interest in property (either directly or indirectly) without disclosing the fact that they’re real estate professionals.
THE CODE AND THE LAW
The REALTOR® Code establishes obligations that may be higher than those mandated by law. However, in any instance where the code and the law conflict, the obligations of the law must take precedence.
Courtesy of: Canadian Real Estate Association (CREA) CREA.CA