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August 2022 Regina Monthly Housing Market Trends Report

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August 2022 Regina Monthly Housing Market Trends Report

Greetings Friends,

I am pleased to be able to share my 2022 August Regina Real Estate Market Report! 


August 2022 Monthly Housing Market Trends Report



September 7, 2022



How Does This Compare to National Data? 

As a consequence of the Bank of Canada’s rate hikes, the Canadian housing market is on the verge of a cliff, as rapidly rising mortgage rates threaten the stability of Canadian home values. The average home price in Canada was $629,971 in July 2022, a decrease of 5% from the previous year and 5% from the previous month. This is a stunning turnaround from the extraordinary price rises seen earlier in the year when a new record was reached in February of 2022. Canada’s average home price has decreased for the sixth consecutive month. Compared to the peak of $816,720 in February 2022, the average sales price in Canada has decreased by 23%. In the previous five months, the average Canadian home price has plummeted by 23%, or around $190,000. However, the MLS Benchmark Price continues to increase annually. In July 2022, the national average home price in Canada increased by 7% year-over-year to $782,300 but fell by 3% month-over-month.

Regarding annual home price growth, the Prairie Provinces lagged behind the rest of the country. In July 2022, the average home price in Alberta was $437,028, a 3% year-over-year increase. Calgary’s housing prices have climbed by just 1% yearly, whereas Edmonton’s have increased by 2%. In July 2022, the benchmark price in Saskatchewan climbed by 5% annually, reaching $335,000. Meanwhile, the yearly average home price in Manitoba grew 5.5% to $353,309. That is a substantial monthly decline of 6% for Manitoba home values.

British Columbia is the most expensive province in Canada to buy a home. In July 2022, the average price of a home in British Columbia was $915,841, an increase of 3% year-over-year but a decrease of 3% month-over-month. According to the British Columbia Real Estate Association (BCREA), the average home price in British Columbia in July 2022 was $923,449, a 4% year-over-year rise. This is still more than the average Ontario home price of $831,473. The average property price in Powell River has climbed by 35% annually, whereas the average home price on Vancouver Island has increased by 17% annually.


 


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