Overly optimistic developers and frigid weather appear to have put a bit of a dent in Regina’s housing market, reports The Globe and Mail.
Regina is the only major city where prices have fallen since the end of last year, according to the Canadian Real Estate Association’s home price index.
Regina’s economy has been one of the healthiest in the country. A few years ago low vacancies and strong in-migration were driving house prices up. Developers took notice. And they might have built a little too much, too fast.
Local developers have seen the error of their ways and housing starts have begun to fall. But in the aftermath of the construction boom, listings of existing homes have risen. According to Re/Max, Regina became a buyer’s market this winter, with total inventory in January and February rising 11 per cent from a year earlier to 1,137 (up from 953).
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