Housing News


 

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ASSOCIATION OF REGINA REALTORS® 

"October" MLS®  Stats

In October 2018, there were 255 sales  reported in all geographic areas, the same number of sales as  recorded in October 2017.   With exception of last year, this is the lowest level of sales since 2008 when 231 sales were recorded and well below the immediate past 5-year average of 285 sales and 10-year average of 288. There were 215 sales recorded in the city, an increase of  4.4% from 2017 when 206 sales were posted. The number of sales in the city was also below the 5-year average of 238 and 10-year average of 244.

For the October year-to-date there have been 2,687 sales recorded in all areas, a decrease of 6.5% from 2,874 in 2017. In the city, there have been 2,172 sales compared to 2,346 last year, down 7.4%. 

In the city, there were 1,594 active residential listings on the market at the end of October, an increase of 10.4% from 2017’s 1,444 but down from 1,652 listings at the end of September 2018.

There were 538 new listings placed on the MLS® System during the month in all geographic areas, down 1.7% from 2017’s 547. 

Homes that did sell in the city sold in average of 66 days in the city and 71 days in all areas. These compare to 61 and 63 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