There was a decline in home sales in the Regina market in May, the first for the region so far in 2019.
Total sales through the MLS system of 340 was 6.8% lower than a year earlier the Association of Regina REALTORS® reported. Sales were well below both the 5-year average of 379 sales and 10-year average of 391.
“The effects of a relatively weak economy coupled with federal mortgage stress rules are continuing to have a cooling impact on demand levels,” says Gord Archibald, Chief Executive Officer of the ARR. “Indications are that we have now leveled out as far as both increasing levels of supply and decreasing demand. Price losses also appear to have bottomed out.”
There were 284 sales reported in the city, down 3.4% from 2018 when 294 were posted.
Year-to-date stats show the previous strength in the market during the first half of 2019; 1292 homes have sold in all areas – an increase of 6.8% over last year. In the city, 1,086 sales have been posted, up 9.7% from 2018.
Prices under pressure
For May, the MLS® Home Price Index (HPI) reported a Composite Benchmark Price of $266,500 for sales in the city, down 3.9% from $277,300 one year ago.
In the city, there were 1,575 active listings for sale on the market, down 9.2% from 1,734 at the same time in 2018, although still above historic levels.
“We are hopeful that the upcoming summer months will result in more sales taking place. There has been no better time for buyers to enter the marketplace in the past number of years than now, provided they can qualify for mortgage financing,” added Archibald.
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