Housing News


 

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ASSOCIATION OF REGINA REALTORS® 

"September" MLS®  Stats

In September 2018, there were 238 sales  reported in all geographic areas, down 19.3% compared to 295 sales recorded in 2017.   This is the lowest level of sales since 2005 when 228 sales were recorded and well below the immediate past 5-year average of 318 sales and 10-year average of 316. There were 195 sales recorded in the city, a decrease of 19.4% from 2017 when 242 sales were posted. The number of sales in the city was also below the 5-year average of 258 and 10-year average of 263.

For the September year-to-date there have been 2,433 sales recorded in all areas, a decrease of 7.1% from 2,619 in 2017. In the city, there have been 1,957 sales compared to 2,140 last year, down 8.6%. 

In the city, there were 1,652 active residential listings on the market at the end of September, an increase of 11.1% from 2017’s 1,482 but down roughly 100 listings from the summer months. 

There were 502 new listings placed on the MLS® System during the month in all geographic areas, down 16.2% from 2017’s 599. 

Homes that did sell in the city sold in average of 61 days in the city and 68 days in all areas. These compare to 54 and 61 days respectively last year. 

“A slower economy coupled with federal mortgage rules making it more difficult for buyers to qualify for financing have had an effect on the demand side of the local market. These rules, primarily intended to cool off overheated markets in Vancouver and Toronto, have been applied to all markets in the country whether needed or not”, said Gord Archibald, Chief Executive Officer of the Association of Regina REALTORS® Inc. “The effect of a slower economy has only been exacerbated by these rules which were not needed in this market. This has not only hurt buyers, but also sellers and all home owners through lower home values and equity. They should be applied on a regional basis where needed, not with a broad-brush across all Canadian markets”, concluded Archibald. The Association operates the Multiple Listing Service® System in Regina and area and publishes the Southern Sask Real Estate Review. The MLS® System is a co-operative marketing system used only by Canada’s real estate Boards to ensure maximum exposure of properties for sale. 

Association of Regina REALTORS® Inc.


For more Regina real estate stats go to

www.reginarealtors.com

Source of information from the Regina MLS® System


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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.


 Download the REALTOR® Code (PDF).


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:


  1. 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
  2. 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



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Shirley MacFarlane
Shirley MacFarlane
Salesperson