REGINA REAL ESTATE MARKET UPDATE
Released August 5, 2020
Sales in Regina were up 51.2%, going from 254 in July 2019 to 384 in July 2020, and up 57.8% in the overall region, going from 308 to 486. In Regina, sales were 40.1% above the 5-year average (and 33.8% above the 10-year average), while in the larger region, sales were 42.8% above the 5-year average (and 38.7% above the 10-year average). Year-to-Date (YTD) sales in Regina rose 0.6% over last year, increasing from 1,604 to 1,613, while YTD sales in the larger region rose 6.1%, going from 1,889 to 2,004.
Sales volume was up 58.4% in the city, going from $76.3M to $120.9M in 2020 (40.0% above the 5-year average, and 33.4% above the 10-year average). YTD sales volume in the city was $491.7M, an increase of 1.1% from last year. In the region, sales volume was up 7.3%, going from $568.0M to $609.5M (40.4% above the 5-year average and 36.1% above the 10-year average). YTD sales volume increased 7.3% in the region, rising from $568.0M in 2019 to $609.5M in 2020.
In Regina, the number of new listings in July 2020 rose 10.6%, going from 502 to 555 (14.3% above the 5-year average and 11.9% above the 10-year average), while in the region, new listings rose 7.6% from 645 last year to 694 this year (12.7% below the 5-year average and 10.7% above the 10-year average). YTD new listings in the city fell 10.9%, going from 3,428 to 3,055, while in the larger region, the number of new listings to date fell 11.4%, going from 4,401 to 3,900. Active listings fell 20.6% in Regina (down from 1,655 to 1,314) and fell 24.3% in the region (down from 2,390 to 1,809).
Inventory in Regina stood at 3 (which is 47.5% below the level last year and 40.4% below the 5-year average), while the sales to listing ratio was 69.2%, suggesting that market conditions favour sellers. Inventory in the larger region stood at 4 (which is 52.0% below the level last year and 44.5% below the 5-year average), while the sales to listing ratio was 70.0%, suggesting that market conditions favour sellers.
Homes in Regina stayed on the market an average of 48 days in July—down 11.1% from 54 days last year (but below the 5-year average of 49 days and above the 10-year average of 41 days). Homes in the region stayed on the market longer than homes in the city at 55 days on average in 2020, but also down from an average of 59 days last year (and 2.2% above the 5-year average).
Median home prices in Regina went from $277,500 to $300,000 (an increase of 8.1%) and were approximately 0.5% above the 5-year and 0.2% below the 10-year average median price. The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—is up 3.1% from $276,000 to $284,500. Year-to-date, the median home price in Regina was $289,632 which is 1.3% above the $285,993 price from the same time last year. Median home prices in the region went from $276,750 to $290,000 (an increase of 4.8%) and were approximately 1.2% below the 5-year and 2.0% below the 10-year average median price. Year-to-date, the median home price in the region was $287,714 which is 1.4% above the $283,836 price from the same time last year.
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