Regina house, condo prices down: Royal Lepage

Regina house condo prices down Royal LePage

"Uneven regional economic growth has plagued Canada for much of the past decade, a challenge most evident in the nation's housing markets", said Royal LePage CEO Phil Soper.

The most dramatic shift was in the condominium market, where the average price dropped down to $234,263 by 7.8 per cent compared to previous year.

That's virtually tied with the Kitchener-Waterloo-Cambridge region for the highest increase of the 53 markets across Canada surveyed by Royal Lepage, and it's more than twice as high as the 13.3 per cent increase seen nationally.

So, about that whole cooling market for house prices thing ... yeah, not so much, according to the latest numbers released from Royal Lepage's third-quarter survey.

"Canadian housing is enjoying a Goldilocks moment - not too hot, and not too cold", Soper added.

Buyers who remained on the sidelines after the plan's implementation have now jumped back into the market while sellers, who attempted to capitalize on spring activity, have taken their homes off the market, says Royal LePage. "The cost of a down payment for a detached property in Greater Vancouver has already surpassed the average home price in many markets in Canada". "After a period of unsustainable price inflation and sharp market corrections, we are seeing low single digit appreciation in each. We anticipate a rise in both volumes and prices this fall, but not at the rate we were seeing in 2015/2016", says Soper. Bungalow prices increased by 24 per cent to about $487,000.

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Hamilton and Kitchener/Waterloo/Cambridge came out on top with the biggest annual price gains in the region of 27.9 per cent and 28 per cent, respectively. After a almost 10-month correction, the activity in the region rebounded but last quarter prices showed manageable growth.

The report, released Thursday, revealed prices in the Greater Toronto Area, Greater Vancouver, and Greater Montreal Area, Calgary, and Ottawa all rose at rates between 1.5 and 3.5 per cent on a quarter-over-quarter basis.

In Alberta, the province's economy continues to emerge out of a recession.

Royal LePage described the overall housing market as balanced and said the price of condos in Regina is down due to overbuilding a year ago. "While inventory levels are the same as last year, they are half of what was available a couple years ago".

The company expected house prices and sales in Regina to remain flat for the rest of the year.

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