I am pleased to be able to share my 2023 February Regina Real Estate Market Report!
February 2023 Monthly Housing Market Trends Report
How Does This Compare to National Data?
National Statistics
New home prices in Canada dropped by 0.2 per cent month over month in January, according to Statistics Canada data released Wednesday.
In its latest New Housing Index report, StatCan said higher mortgage rates continued to put downward pressure on new house prices.
“Borrowing costs rose again in January, as the Bank of Canada increased the policy interest rate an additional 25 basis points, bringing it to 4.5%,” StatCan said.
StatCan noted the Canada Mortgage and Housing Corporation (CMHC) reported that 18.7 per cent more single-family homes had been completed but not sold in December 2022 compared with the same month in 2021.
In addition, the price of softwood lumber went down again in January, declining a total of 61.2 per cent since the high in March 2022, reducing builders’ construction costs.
These changes were felt by builders who reported deteriorating market conditions and decreased construction costs as the reasons for the decline in new home prices, StatCan said.
It also reported that Winnipeg (-1.3 per cent) recorded the largest decrease in new home prices last month, followed by Victoria (-1.1 per cent) and Kitchener-Cambridge-Waterloo, Ont. (-0.9 per cent).
The association’s forecast amounts to 495,858 properties changing hands in 2023 and is based on sales “more or less” stabilizing since the summer, “suggesting the downward adjustment to sales activity from rising interest rates and high uncertainty may be in the rear-view mirror.”
The same factors are also expected to put a damper on the average home price, which CREA said will reach $662,103 in 2023.
I believe in personalized one-on-one service to fully understand you, and your real estate goals and I commit to being 100% accountable to you. I want to bring value before, during and after the sale of your home! If you are looking for a real estate agent who works tirelessly on your behalf and always offers honest and candid advice, please contact me today!
I am pleased to be able to share my 2023 January Regina Real Estate Market Report!
JANUARY 2023 Monthly Housing Market Trends Report
How Does This Compare to National Data?
National Statistics
Canada’s housing market ended off a turbulent year with prices at a 22-month low. Canada’s average home price has once again decreased on a monthly basis to $626,318 for December 2022. This is the lowest it’s been since January 2021. That’s a decrease of 1% from last month and it’s 12% lower compared to last year’s average sold price in December 2021, as Canada’s housing market continues to feel the effect of rate hikes and slowing demand. Nationally, sales during the month of December 2022 are down 39% year-over-year to 21,840 transactions.
Canada’s MLS Benchmark Price, which measures the price of a “typical” home in Canada, was $717,000 in December 2022. That’s a 7.5% drop compared to last year. The benchmark price has fallen on a monthly basis since March 2022, which was when housing prices in Canada peaked. Since then, multiple Bank of Canada rate hikes have caused Canadian mortgage rates and prime rates to rise, while Canada’s inflation rate remains elevated.
I believe in personalized one-on-one service to fully understand you, and your real estate goals and I commit to being 100% accountable to you. I want to bring value before, during and after the sale of your home! If you are looking for a real estate agent who works tirelessly on your behalf and always offers honest and candid advice, please contact me today!
I believe that relationships are more important than transactions. I started a career in real estate in 2006 with REMAX Crown Real Estate In Regina, and since that time, I have built a Regina real estate business around that philosophy. My goal is a personalized one-on-one service to fully understand you and your real estate goals and to be 100% accountable to you. In my latest blog post, I provide some expert real estate tips that stand the test of time.
Whether it’s buying, selling, or renting, a real estate transaction is a big undertaking.
Since I started my career in real estate, the market has seen significant shifts. Over the last several years, many parts of the Country have seen a sellers’ market, complete with multiple and “bully” offers, and record-high prices. Of course, there was (and is) the pandemic, which did not have the expected cooling effect on the market. And now, in early 2023, we are seeing the repercussions of increasing inflation and a buyers’ market.
No matter what kind of market we are in, however, my essential tips remain the same.
1. Understand the market. You’ve seen it in the news. Canada's housing market is cooling. In Regina and Saskatchewan we didn't see the crazy market and price increases that impacted buyers in Toronto and Vancouver, so now may be a more favorable time for buyers than sellers. However, it’s equally important to bear in mind that property values do fluctuate over time.
2. Assess your finances and priorities. Ask yourself these important questions: How much can you afford for a down payment and mortgage? How is your credit score? How much responsibility are you comfortable with? Do you care more about equity or having the freedom to move?
3. Set a clear budget. Make sure to account for the extra costs that come with buying a home — such as legal fees, land transfer tax, and utility costs.
4. Choose a Regina Real Estate Expert you can trust!
I believe that relationships are more important than transactions. I started a career in real estate in 2006 with REMAX Crown Real Estate In Regina, and since that time, I have built a Regina real estate business around that philosophy. My goal is a personalized one-on-one service to fully understand you and your real estate goals and to be 100% accountable to you. In my latest blog post, I share information for new immigrants to Regina who may be seeking information about what is required to purchase a property in the Queen City!
Are you new to Canada and wondering if you’re eligible to buy a house in Saskatchewan?
First and foremost—congrats! Let me be the first to welcome you to this great province of ours!
Question: Can you purchase a home as a new immigrant?
The answer? YES! As a newcomer to Canada, you can buy a home, even if you have immigrated here very recently. Plus, new immigrants to Canada can often qualify for a mortgage, so long as all standard financial requirements are met.
Anyone in Canada who can afford the costs of homeownership is eligible to own a home. In fact, you do not have to be a resident or citizen to own a home.
You must abide by Canadian taxation and real estate laws.
Most Canadian banks and lenders are more than happy to work with newcomers, even if they don’t have an established Canadian credit history. Canada is actually one of a handful of countries in the world where non-residents can qualify for a mortgage—they can even be at the same interest rates as citizens. Some of the larger lenders and banks have dedicated newcomer mortgage programs to help you finance your first home, as they understand the challenges that you might face.
PRE-APPROVAL - THE FIRST STEP.
In Canada, most banks and mortgage lenders offer pre-approval, which is a process where you learn the maximum loan amount for which you can qualify. This process also helps you estimate your potential mortgage payments. Sometimes, lenders will even let you lock in a current interest rate for up to 4 months!
To get pre-approved for a mortgage, you normally have to provide information about your income, assets, debts, and current employment information.
After you submit this information, a lender will assess your application and either approve or refuse your request within about 5 business days. If approved, you can start shopping for a home in Saskatchewan that falls within your pre-approval value limits.
Time to start looking for your new home in Regina and area?
During this stage, you’ll likely want to enlist the help of an experienced Regina real estate agent. When you are ready to make an offer on your desired property they will help you navigate all of the paperwork and processes involved. Making an offer on a house in Saskatchewan generally involves a deposit. The deposit and the down payment are different. Homebuyers provide a deposit at the time of making an offer to demonstrate to the sellers that they’re serious buyers but be warned, you would generally lose your deposit if you walk away from the agreement before the sale is finalized.
The deposit amount is rolled into your down payment when you close on the house. The down payment is the total amount that you put down on your home in cash as part of the mortgage lending process- In Canada, the minimum down payment is 5% for properties up to $500,000, but some lenders may require more. When the purchase price is above $500,000, the minimum down payment is 5% for the first $500,000 and 10% for the remaining portion.
If you were pre-approved for a loan, you’ll continue working with your lender to get your mortgage formally approved. This normally happens within a few weeks. Your realtor will assist you with organizing your home inspection, signing any necessary paperwork, and finalizing your home purchase.
LAST STEP Enjoy your new home and I hope you enjoy living the Canadian dream in your new home
I am pleased to be able to share my 2022 December Regina Real Estate Market Report!
DECEMBER 2022 Monthly Housing Market Trends Report
How Does This Compare to National Data?
Average Canadian house price fell 12% last year, new CREA numbers show
The average price of a Canadian home that sold in December was $626,318, a decline of more than 12 per cent from where it was the same month a year ago.
The Canadian Real Estate Association, which represents more than 150,000 realtors across the country, released new numbers about the country's housing market on Monday, showing that the number of homes sold and the prices they fetched were both sharply lower in December than they were the same month a year earlier.
Sales fell by more than 39 per cent from December 2021's level. And prices were also well down from an average of $713,500 at the end of 2021, and a peak of $816,720 reached in February 2022, before the Bank of Canada started aggressively raising lending rates.
The realtor group says the average selling price can be misleading since it is easily skewed by sales of expensive homes in places like Toronto and Vancouver. So it tabulates a different number — known as the House Price Index — that adjusts for the volume and type of housing sold.
The HPI was down by 13 per cent from its peak last year, with Ontario and British Columbia seeing the biggest declines, while just about everywhere else saw either small declines or even slight increases in some cases.
I believe in personalized one-on-one service to fully understand you, and your real estate goals and I commit to being 100% accountable to you. I want to bring value before, during and after the sale of your home! If you are looking for a real estate agent who works tirelessly on your behalf and always offers honest and candid advice, please contact me today!
I am pleased to be able to share my 2022 November Regina Real Estate Market Report!
NOVEMBER 2022 Monthly Housing Market Trends Report
How Does This Compare to National Data?
Canada’s housing market continues to feel the effect of rising interest rates as Canada’s average home price remains 10% lower year-over-year. Nationally, sales during the month of October 2022 were down 36% year-over-year to 33,698 transactions.
Over this past year, factors that have spooked Canadian home buyers have been rapidly rising Canadian mortgage rates, brought about by Bank of Canada rate hikes. The effect of this can be seen in prime rates, which have soared from 2.45% at the start of 2022 to 5.95% as of November 2022. While Canada’s inflation rate has cooled off in recent months, current elevated levels of inflation in Canadacontinue to put pressure on policymakers to increase interest rates.
Compared to February 2022's peak of $816,720, the average sold price in Canada is now 21% off from that record-breaking month. This means that the average home price in Canada has now fallen by 21%, or close to $172,000, in the span of seven months. This has occurred at the same time as the Bank of Canada’s rate hikes, which started in March 2022.
I believe in personalized one-on-one service to fully understand you, and your real estate goals and I commit to being 100% accountable to you. I want to bring value before, during and after the sale of your home! If you are looking for a real estate agent who works tirelessly on your behalf and always offers honest and candid advice, please contact me today!
Owning a house is like ‘being in a long-term relationship’, so it can be hard to break up!
I believe that relationships are more important than transactions. I started a career in real estate in 2006 with REMAX Crown Real Estate In Regina, and since that time, I have built a Regina real estate business around that philosophy. My goal is a personalized one-on-one service to fully understand you and your real estate goals and to be 100% accountable to you. In my latest blog post, I acknowledge that selling a home you love is NOT easy.
Breakin' Up Is Hard To Do!
So goes the famous Neil Sedaka song... and sometimes that is the truth!
You grew up in that home, or you raised your own family inside those four walls, so when it’s time to move on, downsize or sell for a multitude of reasons, it can very hard emotionally to let go!
Another reason why a breakup with your home is hard to go through can be explained by the Endowment Effect. This economic theory finds that people overvalue what they already own. They are comfortable with the status quo and feel threatened by change and the unfamiliar, which makes losing or parting from what they have particularly difficult. Now, they believe that their loss is more than it actually is.
Sure, this house was perfect, but the home selling and buying process isn’t finding “the one” that sticks around forever. It’s more about finding the home that fits your needs best based on your current situation. That gets easier if you can feel good about your next decision and give yourself closure over the past—so let’s dive into 5 tips to help you work through it.
Tip #1: Make sure you’re ready to ' FOLD It' from a financial perspective
When you mix money and love, things get complicated. Just ask the 1 in 5 partners who choose to keep their finances separate. Applying this division of church and state to selling the house can suck some of the emotion out of the process.
Above how you feel about the selling situation, you need to figure out the hard financials and timing of this sale. Can you afford to sell this home and buy another, and is now the time to do it?
You can start by getting a ballpark figure for what your home would go for in the current market. Then, factor in your expenses like home prep, repairs, and agent commissions. Make sure that after you sell the house, you’ll have enough money to pay off the mortgage and then some, ideally enough for a sizable down payment on the next house.
Then, find out if it’s the best time to sell your home in your market. Depending on where you live, seasonality makes a big impact—in fact, data shows that selling at an opportune moment can help you increase your profits significantly.
Take away?
Similar to a relationship break-up, selling a home shouldn’t be a rash, spur of the moment decision.
Tip#2: Reframe your mindset to focus on your ‘Why’
The first question I ask my seller clients is, “Why Are you Selling?”
Maybe you crave the carefree lifestyle that apartment/ condo living can provide, perhaps you want to move to be closer to the grandkids, or maybe you have to buy somewhere bigger to give your family more breathing room.
Take Away?
Focusing on the logic of your reason and your why, makes it easier to harness your attention to the future. Reframe your home sale as change (good change!) rather than loss. Then, selling your house becomes an opportunity for you to move on to a different chapter of your life.
Tip #3: Keep living your best life BUT keep on keeping up with the Jones's
The last thing you want to do after you decide to sell your house is to wallow in regrets and neglect home selling responsibilities.
Oftentimes, home sellers are also buyers, so their home purchase is contingent on their home sale. You must make sure that your home looks it's best. Then, take steps to detach from what you used to call your home. Trust your real estate agent and start the staging process. See how furniture works in different arrangements, change up the decor, and paint the walls neutral colors to begin depersonalizing the house without giving yourself whiplash. - you can find some helpful tips on curating curb appeal in the Regina real estate article I wrote about Selling A Home in A Slow Market
Once you have put effort into making the property look it's very best, you can channel your emotions and efforts toward figuring out what your future will look like, in terms of the house and your new neighborhood. That way, your next home becomes a productive distraction that will help you get over the initial home sale.
Take Away?
Be sure to keep up with maintenance and to work with your realtor to get the best price for both your existing property AND the new one!
Tip #4: Do the Emotional work
So, when you sell your house, don’t be afraid to:
Walk-through your home and revisit old memories.
Reflect on how the house has served its purpose for however long you lived there.
Talk about how you loved living here with your spouse, children, and family members.
This type of processing helps you to accept your emotions throughout the home sale. If you want to keep a snapshot of the home, take photos and use those as emotional anchors for you to look back on in the future.
Take Away?
It is healthy to mourn a loss!
Tip #5: Get proper closure
When selling a house, you don’t want to walk away with unfinished business or bitterness. You might not be emotionally prepared for the change, but don’t demand buyers to overpay for your home or leave the home in a sloppy state. Be respectful to the next set of homeowners, and take the time to get everything in shipshape for the final walkthrough.
A proper goodbye can also include a “house-cooling party” that lets you invite friends and family to your home for one last time before handing over the keys. Those who are important to you also have a chance to say goodbye to you and the home. Just don't go crazy, as the last thing you want is wine stains on those newly cleaned carpets!
Take Away?
Ready to sell the house you love? Partner up with me, I’m a top Regina RE/MAX Agent, and as an experienced Regina REALTOR® I can support you by inserting a degree of professional separation.
I am pleased to be able to share my 2022 October Regina Real Estate Market Report!
OCTOBER 2022 Monthly Housing Market Trends Report
How Does This Compare to National Data?
RE/MAX brokers and agents are anticipating the national average residential sale price in the Canadian housing market to decline 2.2 per cent in the final months of the year (September-December), according to RE/MAX’s 2022 Fall Canadian Housing Market Outlook Report. This market moderation comes on the heels of rising interest rates, record-high inflation and broader global and economic uncertainties that have impacted consumer confidence and market activity. Bucking the downward trend, seven out of 30 Canadian housing markets analyzed are likely to experience modest price appreciation between 1.5 and seven per cent. Meanwhile, RE/MAX brokers and agents expect a decline in sales this fall, in 18 out of 30 markets surveyed.
I believe in personalized one-on-one service to fully understand you, and your real estate goals and I commit to being 100% accountable to you. I want to bring value before, during and after the sale of your home! If you are looking for a real estate agent who works tirelessly on your behalf and always offers honest and candid advice, please contact me today!
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.
I believe in personalized one-on-one service to fully understand you, and your real estate goals and I commit to being 100% accountable to you. I want to bring value before, during and after the sale of your home! If you are looking for a real estate agent who works tirelessly on your behalf and always offers honest and candid advice, please contact me today!
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