REGINA REAL ESTATE MARKET UPDATE
Released October 6, 2020
Sales in Regina were up 33.5%, going from 254 in September 2019 to 339 in September 2020, and up 43.2% in the overall region, going from 301 to 431. In Regina, sales were 31.6% above the 5-year average (and 30.1% above the 10-year average), while in the larger region, sales were 38.3% above the 5-year average (and 37.1% above the 10-year average). Year-to-Date (YTD) sales in Regina rose 9.2% over last year, increasing from 2,105 to 2,299, while YTD sales in the larger region rose 14.6%, going from 2,498 to 2,863.
Sales volume was up 32.4% in the city, going from $80.5M to $106.6M in 2020 (32.3% above the 5-year average, and 30.4% above the 10-year average). YTD sales volume in the city was $709.1M, an increase of 10.7% from last year. In the region, sales volume was up 16.9%, going from $756.5M to $884.0M (40.9% above the 5-year average and 41.6% above the 10-year average). YTD sales volume increased 16.9% in the region, rising from $756.5M in 2019 to $884.0M in 2020.
In Regina, the number of new listings in September 2020 rose 30.6%, going from 376 to 491 (9.3% above the 5-year average and 6.4% above the 10-year average), while in the region, new listings rose 23.6% from 483 last year to 597 this year (8.6% below the 5-year average and 5.2% above the 10-year average). YTD new listings in the city fell 5.0%, going from 4,247 to 4,035, while in the larger region, the number of new listings to date fell 6.2%, going from 5,422 to 5,087. Active listings fell 15.6% in Regina (down from 1,511 to 1,276) and fell 21.6% in the region (down from 2,194 to 1,720).
Inventory in Regina stood at 3.8 months (which is 36.7% below the level last year and 35.8% below the 5-year average), while the sales to listing ratio was 69.0%, suggesting that market conditions favour sellers. Inventory in the larger region stood at 4.0 months (which is 45.3% below the level last year and 43.0% below the 5-year average), while the sales to listing ratio was 72.2%, suggesting that market conditions favour sellers.
Homes in Regina stayed on the market an average of 52 days in September—down 17.5% from 63 days last year (but below the 5-year average of 54 days and above the 10-year average of 45 days). Homes in the region stayed on the market longer than homes in the city at 58 days on average in 2020, but also down from an average of 68 days last year (and 2.7% below the 5-year average).
Median home prices in Regina went from $309,200 to $288,000 (a decrease of 6.9%) and were approximately 3.8% below the 5-year and 4.1% below the 10-year average median price. The MLS® Home Price Index (HPI)—a more accurate measure of house price trends—is up 0.8% from $286,900 to $290,700. Year-to-date, the median home price in Regina was $291,147 which is 0.5% above the $289,572 price from the same time last year. Median home prices in the region went from $308,400 to $290,000 (a decrease of 6%) and were approximately 3.4% below the 5-year and 2.6% below the 10-year average median price. Year-to-date, the median home price in the region was $289,333 which is 0.7% above the $287,278 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