REGINA REAL ESTATE MARKET UPDATE
Sales in Regina were up 44.9%, going from 138 in December 2019 to 200 in December 2020, and up 48.2% in the overall region, going from 164 to243. In Regina, sales were 43.9% above the 5-year average (and 32.0%above the 10-year average), while in the larger region, sales were47.1% above the 5-year average (and 38.7% above the 10-year average).Year-to-Date (YTD) sales in Regina rose 17.0% over last year, increasing from 2,594 to 3,036, while YTD sales in the larger region rose 22.0%, going from 3,081 to 3,758.
Sales volume was up 45.7% in the city, going from $38.2M to $55.6M in 2020(36.7% above the 5-year average, and 23.4% above the 10-yearaverage). YTD sales volume in the city was $926.8M, an increase of18.5% from last year. In the region, sales volume was up 23.7%, going from $925.2M to $1,144.3M (42.9% above the 5-year average and 32.6%above the 10-year average). YTD sales volume increased 23.7% in the region, rising from $925.2M in 2019 to $1,144.3M in 2020.
In Regina, the number of new listings in December 2020 rose 48.4%, going from 157 to 233 (17.8% above the 5-year average and 17.6% above the10-year average), while in the region, new listings rose 42.6% from195 last year to 278 this year (13.7% below the 5-year average and14.5% above the 10-year average). YTD new listings in the city fell1.6%, going from 5,080 to 4,997, while in the larger region, the number of new listings to date fell 3.1%, going from 6,428 to 6,227.Active listings fell 23.2% in Regina (down from 1,179 to 905) and fell 27.5% in the region (down from 1,624 to 1,177).
Inventory in Regina stood at 4.5 months (which is 47.0% below the level last year and 46.5% below the 5-year average), while the sales to listing ratio was 85.8%, suggesting that market conditions favour sellers. Inventory in the larger region stood at 4.8 months (which is 51.1%below the level last year and 50.9% below the 5-year average), while the sales to listing ratio was 87.4%, suggesting that market conditions favour sellers.
Homes in Regina stayed on the market an average of 58 days in December—down18.3% from 71 days last year (but below the 5-year average of 62 days and above the 10-year average of 53 days). Homes in the region stayed on the market longer than homes in the city at 64 days on average in2020, but also down from an average of 76 days last year (and 5.3%below the 5-year average).
Median home prices in Regina went from $266,104 to $271,000 (an increase of1.8%) and were approximately 5.5% below the 5-year and 6.3% below the10-year average median price. The MLS® Home Price Index (HPI)—amore accurate measure of house price trends—is up 6.5% from$267,300 to $284,700. Year-to-date, the median home price in Regina was $289,340 which is 1.1% above the $286,230 price from the same time last year. Median home prices in the region went from $265,000to $274,900 (an increase of 3.7%) and were approximately 3.4% below the 5-year and 3.7% below the 10-year average median price. Year-to-date, the median home price in the region was $287,575 which is 1.2% above the $284,208 price from the same time last year.
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