Housing News


 

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ASSOCIATION OF REGINA REALTORS® 

"August" MLS®  Stats

In August 2018, there were 305 sales  reported in all geographic areas, down 15.8% compared to 362 sales recorded in 2017.   This is the lowest level of sales since 2008 when 254 sales were recorded and well below the immediate past 5-year average of 360 sales and 10-year average of 351. There were 248 sales recorded in the city, a decrease of 16.8% from 2017 when 298 sales were posted. The number of sales in the city was also below the 5-year average of 289 and 10-year average of 285.

Inside the city of Regina at the end of July, there were 1,751 residential properties for sale.  

For the August year-to-date there have been 2,195 sales recorded in all areas, a decrease of 5.6% from 2,324 in 2017. In the city, there have been 1,762 sales compared to 1,898 last year, down 7.2%. 

In the city, there were 1,750 active residential listings on the market at the end of August, an increase of 13.9% from 2017’s 1,537 and virtually identical to 1,751 at the end of July. The number of active listings has been in the 1,750 range since May, contributing to some stability on the supply side of the market.

There were 652 new listings placed on the MLS® System during the month in all geographic areas, down 9.6% from 2017’s 721. In the city, there were 513 new listings added, a decrease of 10.0% from 570 in 2017. This also contributed to stabilizing the level of supply in the city. Homes that did sell in the city sold in average of 62 days in the city and 68 days in all areas. These compare to 53 and 57 days respectively last year. 

Homes that did sell in the city sold in an average of  62 days in the city compared to 68 days in all areas.  These compare to 53 and 57 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