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