Average home prices In Regina fell in February, in contrast to a nationwide increase of 10 per cent, reports the Regina Leader-Post.
New information released from the CMHC shows that Regina's average home price dropped 3.2 per cent over the past year. The main cause for this, says one of the country's big banks, is an increase in supply.
“Saskatchewan’s two larger cities are still seeing decent combined sales levels, but supply has caught up,” BMO Capital Markets said in a release. “As a result, benchmark prices are slipping.”
Home sales in Regina have been stagnant with an annual increase of zero per cent and a 1.5 per cent decline for the first two months of 2014 as compared to the same period last year.
However, there was a 4.9 per cent increase in sales in February from January. Average prices have been on a downward trend year-over-year, but have risen by 3.4 per cent in the first two months of 2014.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: