JOSH BUCHANAN

January 19, 2019

On a couple of occasions in the past, I have briefly looked at Regina’s residential real estate market to offer some insight as to how they are performing compared to Saskatoon.

In post #176 I did an update on Saskatoon’s current home prices and thought it would be a good idea to check on Regina as well. Below is the HPI benchmark graph from the Canada Real Estate Association website for Regina.

For single-family homes in Regina, the peak HPI benchmark price in the past 5 years reached $313,600 in May 2016 but as of December 2018, these properties are selling for $277,300. This is a drop in market value of $36,000 or 11.6%. For the same style of properties, Saskatoon has seen a $22,500 drop or 6.8% when comparing the peak price in the past 5 years to the current selling price as of December.

For townhouses in Regina, the peak price for the past 5 years came in June 2014 when it reached $272,600. As of December 2018, these properties were selling for $240,200 which is a decrease of $32,400 or 11.9%. When looking at the same time frame for Saskatoon, townhouse prices peaked at $273,400 in August 2016 and are currently selling for $215,800. This is a decline in market value of $57,600 or 21.1%.

For Regina apartments, the 5-year peak price was $216,600 back in July 2014 but has now dropped by $46,300 or 21.4% as these properties are currently selling for $170,300 as of December. Saskatoon apartments have dropped in value from $210,100 to $178,900 as of December which is a $31,200 or 14.9% decline.

Keep in mind, the HPI benchmark value only looks at very specific types of properties and these values do not reflect the exhaustive list of detached houses, townhouses, and apartments for Saskatoon and Regina. The criteria for each property can be found in post #176.

Conclusion:

When previously analyzed, it appeared as though Regina had a more balanced market than Saskatoon which should have suggested that prices wouldn’t decline as much. While Saskatoon has seen a much more significant hit to townhouse values, Regina has performed much worse in the categories of detached and apartment properties.

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