REGINA REAL ESTATE MARKET UPDATE
REALEASED MARCH 6, 2020: Regina and area sales continued to dip below 2019 levels in February, with 154 sales in the city down 9.9% from 171 last year, and down 5.2% in the full region from 191 to 181.
These were in line with the 5-year average of 183, but below the 10-year average of 202.
YTD sales were also down – 14.9% in the city from 315 to 268, and 12.7% in the region from 362 to 316.
The dip in sales was reflected in the sales dollar volume, with the city’s $45.9M down 11.2%
and the region’s $54.8M down 7.6%. YTD, volume was down 18.7%in the city to $76.1M and
down 14% in the region from $108M last year to $93M.
New listings were up in both city and region; 17.4% from 304 to 357 and 20% from 371 to 446, respectively.
There were 1215 active listings in the city, and 1631 in the region, above 5-year regional
averages of 1603 and 10-year averages of 1365.
The sales to listing ratio of 43% in the city and 41% in the region indicate near-balanced
market conditions, although edging towards favouring buyers.
Homes took an average of 79.2 days to sell in Regina, up one day from last year,
and took 79.5 days in the region, down 2 days from 2019, well above the 5-year average
of 69.8 days and 10- year average of 60.7.
Average prices in Regina were $298,052, down 1.4% from February 2019,
and in the region, $302,652 down 2.5%.
The MLS® HPI Composite benchmark price in Regina decreased 5.5%
from $264,200 last year to $249,800.
“In Regina, we’re seeing opposite conditions from Saskatoon. Sales are down
and listings are up – this combination is driving prices down however we are hopeful
that the changes in mortgage rules coming up this April will have a positive
affect on the residential market here in Regina,” says Yochim.
“In the meantime,it continues to be a great market if you’re looking to purchase a home.”
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