I prioritize relationships over transactions in my approach to real estate. Commencing my career in 2006 with Remax Crown Real Estate in Regina, I have steadfastly built a Regina real estate business based on this principle. My commitment is centred on delivering personalized one-on-one service, seeking to grasp your unique needs and real estate objectives comprehensively. I am dedicated to being 100% accountable to you throughout the entire process. In my most recent real estate tip, I offer insights on optimizing every space in your home to ensure a successful sale.

Selling your home is an exciting but challenging process. In a competitive real estate market, making your property stand out and appeal to potential buyers is essential. One effective strategy is to unlock the potential of every space in your home, showcasing its versatility and functionality. Follow these home-selling tips to maximize the appeal of every nook and cranny, creating a lasting impression on prospective buyers.

1. Declutter and Depersonalize:

Before diving into the details of each space, start with a clean slate. Decluttering and depersonalizing your home allow potential buyers to envision themselves in the space. Remove personal items, excessive furniture, and unnecessary decorations. A streamlined and neutral environment makes it easier for buyers to see the potential of each room.

2. Define Each Room's Purpose:

Clearly define the purpose of each room to highlight its functionality. If you've been using a spare room as a storage space, consider transforming it into a home office, guest room, or workout area. This helps buyers visualize how they can utilize the space, making it more appealing and valuable in their eyes.

3. Lighting Matters:

Proper lighting can dramatically enhance the perceived size and atmosphere of a room. Ensure that each space is well-lit by combining natural and artificial lighting. Replace outdated fixtures, clean windows, and consider using mirrors strategically to reflect light and create a brighter, more inviting atmosphere.

4. Neutral Colors and Cohesive Design:

Painting is a cost-effective way to refresh a space and make it more appealing to potential buyers. Stick to neutral colours that create a clean, cohesive look throughout the home. Consistent design elements, such as matching hardware or cohesive decor, can tie different spaces together, providing a harmonious flow.

5. Furniture Arrangement:

Reevaluate your furniture arrangement to maximize the functionality and flow of each room. Avoid blocking natural pathways and ensure that the furniture complements the room's size. Create conversational groupings in living spaces and arrange bedroom furniture to highlight the room's purpose and size.

6. Showcase Unique Features:

Every home has unique features that can be accentuated to captivate potential buyers. Whether it's a cozy nook, a built-in shelving unit, or a picturesque window, draw attention to these features. Arrange furniture and decor to emphasize these points of interest, creating memorable focal points that make your home stand out.

7. Invest in Smart Storage Solutions:

Buyers appreciate ample storage space. Invest in innovative storage solutions to showcase the functionality of closets, cabinets, and other storage areas. Consider installing shelving or organizers to maximize space and create a clutter-free environment.

By unlocking the potential of every space in your home, you increase its overall appeal and help potential buyers envision themselves living there. Taking the time to declutter, define room purposes, enhance lighting, use neutral colours, arrange furniture thoughtfully, highlight unique features, and invest in storage solutions can significantly attract and impress prospective buyers. These home-selling tips will expedite the selling process and increase the perceived value of your property in the eyes of potential buyers.

Partner with me; I'm a top Regina RE/MAX Agent 

If you are looking for a Regina Realtor who works tirelessly on your behalf and always offers honest advice, I will be an expert at your side. 

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. I aim to provide personalized one-on-one service to fully understand you and your real estate goals and be 100% accountable to you. In my latest real estate tip, I share some expert insights and real estate opportunities for both buyers and sellers! 

Navigating the dynamic realm of real estate requires staying abreast of evolving trends, a crucial endeavour for buyers and sellers. This article delves into a wide-ranging array of expert insights designed to address the distinctive challenges and prospects within the real estate industry. These tips can help you better anticipate the trends shaping the 2024 real estate landscape, whether you are a home buyer or seller.

Homebuyer Tips

Embrace Technological Advancements

These days, technology plays an integral role in the home-buying process. Virtual reality tours, augmented reality applications, and online platforms offer immersive experiences, enabling buyers to explore properties from the comfort of their homes. Maintaining a tech-savvy approach streamlines your search and facilitates informed decisions. 

Neighbourhood Trends

Beyond individual properties, understanding trends in specific neighbourhoods is paramount. Accessing information about local schools, amenities, and future development plans significantly influences decision-making. Work with a knowledgeable local agent and engage with community platforms to comprehensively understand the property, neighbourhood, and community dynamics.

Explore Flexible Financing Options

Tailor your research to financing options that align with your needs. Given fluctuating interest rates and evolving mortgage products, collaborating closely with financial advisors is essential for securing the best deal. A solid understanding of the economic landscape ensures a purchase that aligns with your long-term goals. Prioritize communication with mortgage brokers and financial advisors to make informed decisions.

Prioritize Home Inspection

Invest time and resources in a thorough home inspection that goes beyond standard checklists. To avoid post-purchase surprises, focus on potential future issues, such as plumbing and electrical systems. Patience in closing on your dream house, coupled with a meticulous home inspection, can prevent costly repairs in the initial year of homeownership.

Insights for Sellers

Enhance Digital Presence 

Collaborate with a local REALTOR® who crafts an engaging marketing campaign with high-quality photos, engaging descriptions and a marketing plan! A robust online presence attracts potential buyers and sets your property apart, potentially leading to a faster and more competitive sale. Be sure to choose a realtor that is more than just posting- list, list, list, sell, sell, sell ( and most definitely avoid one that does not post online at all!). Choose a local real estate expert who provides tips, insights, information and education - one who builds a following, is friendly and builds a brand people can trust! 

Strategic Pricing

In a dynamic market, pricing becomes pivotal. Leverage data analytics and consult with an experienced real estate professional to determine the optimal pricing strategy for your property. Competitive pricing facilitates quicker sales, while strategic negotiations ensure you receive the best value for your home.

Prioritize Energy Efficiency

Acknowledge the increasing importance of environmental considerations. Make your home more sustainable by incorporating eco-friendly elements like high-efficiency furnaces, energy-efficient windows, appliances, and smart home systems. These features not only add value but also broaden your potential buyer pool. There are government grants available to assist! 

Curb Appeal Matters

First impressions are crucial. Invest in enhancing your property's curb appeal with well-maintained landscaping, fresh paint, and an inviting entrance. A visually appealing exterior significantly influences a buyer's decision.

In the intricate world of real estate, adaptation to the evolving landscape is imperative for both buyers and sellers. The trends in 2024 underscore the importance of embracing technology, staying informed about neighbourhood dynamics, and exploring flexible financing options for buyers. On the other hand, sellers can distinguish their properties by enhancing their digital presence, adopting strategic pricing, incorporating energy-efficient features, and prioritizing curb appeal. Armed with these insider tips, confidently navigate the 2024 real estate landscape.

Partner with me; I'm a top Regina RE/MAX Agent 

If you are looking for a Regina Realtor who works tirelessly on your behalf and always offers honest advice, I will be an expert at your side. 

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. I aim to provide personalized one-on-one service to fully understand you and your real estate goals and be 100% accountable to you. My latest real estate article is a 2024 Regina Housing Market forecast.

REGINA, SK, Housing Market Outlook

The Regina housing market experienced a 4.4 percent year-over-year decline in the average sale price from 2022 to 2023, dropping from $321,480 to $307,214. Concurrently, sales decreased by 7.1 percent, falling from 3,248 in 2022 to 3,016 in 2023. Anticipated for 2024 is a two percent decrease in the average residential sales price across all property types, along with a projected two percent decline in the number of sales transactions.

Despite the low inventory, the market is active, especially among empty nesters and downsizers exploring the condo market for smaller, affordable spaces with access to amenities like grocery stores, parks, and recreational activities. Homebuyers in Regina prioritize affordability and proximity to schools for liveability.

Ongoing new construction developments align with plans driven by the provincial PST rebate and the Secondary Suite Incentive Program, encouraging developers to complete and initiate new projects. Though recently implemented, these government initiatives are expected to enhance affordability and increase rental units in the region.

In 2024, Regina's housing market is projected to maintain balance, influenced by low inventory and higher interest rates. Jeremy Cossette, Manager at RE/MAX Crown Real Estate, notes that despite rising interest rates, the market remains attractive due to affordability compared to other urban centers nationwide. Young families and immigrants seeking single-detached homes are key contributors to sustained demand, thereby keeping inventory low.

Top Regina Real Estate Trends:

1. Regina is presently a balanced market, and this equilibrium is expected to persist in 2024.
2. Single-detached homes are anticipated to experience heightened demand in 2024, with first-time homebuyers and new immigrants eyeing homes in the $200,000 to $400,000 range for an affordable entry into the housing market.
3. Government initiatives such as the provincial PST rebate for new construction and the Secondary Suite Incentive Program are poised to stimulate new construction developments in the region.
4. Although interest rates have led to a slight decrease in demand, Regina's affordability remains a compelling factor drawing homebuyers into the market.
5. Proximity to schools emerges as a growing trend in many young families' homebuying decisions.

*Source: Historical values are sourced from CREA or Local Board statistics. Estimates and forecasts are based on the opinion of independent RE/MAX brokers/owners and affiliates. "Outlooks" and forward-looking statements are estimates only.: https://blog.remax.ca/regina-housing-market-outlook/

Partner with me; I'm a top Regina RE/MAX Agent 

If you are looking for a Regina Realtor who works tirelessly on your behalf and always offers honest advice, I will be an expert at your side. 

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 be 100% accountable to you. My latest real estate tip is a festive-focused one! 

As the winter season moves in, navigating the real estate market in Saskatchewan can present unique challenges. Here's a valuable tip from your Regina expert Realtor to help you make the most of this season when buying or selling your home:

Embrace Winter Curb Appeal 

While it's true that the vibrant colours of spring and summer might not be as prominent in December, there's a unique charm to a winter landscape that you can use to your advantage. Make your property stand out with these strategies:

Snow Removal: Remove your driveway, walkways, and entrance from snow and ice. Buyers will appreciate easy access to your home, showing you're diligent about maintenance.

Exterior Lighting: With shorter daylight hours, outdoor lighting becomes crucial. Consider adding some well-placed, tasteful lights to create a warm and inviting atmosphere during showings, especially in the evenings.

Winter-Ready Landscaping Highlight the beauty of your yard even in winter. Place potted evergreens, winter-blooming plants, or seasonal decorations near your entrance to create a welcoming first impression.

Comfort and Warmth When showing your home set a cozy and inviting atmosphere indoors. Use throw blankets, warm colours, and even a lit fireplace if available. Make potential buyers feel at home as soon as they step inside.

Clear Gutters and Downspouts Make sure your gutters are free of leaves and debris. This ensures proper drainage and prevents icicles from forming, which could deter potential buyers.

Heating and Insulation Highlight the energy efficiency and effectiveness of your home's heating system. A warm and comfortable home is a major selling point during the chilly Saskatchewan winter.

Staging: Emphasize Space  With holiday decorations, it's easy for homes to feel cluttered. Keep your decorations tasteful and minimal so potential buyers can appreciate the space.

Flexible Showings  Be accommodating with your showing schedule. With the holidays and potential weather disruptions, it might be necessary to be flexible with showing times.

Selling or buying a home in December in Regina, Saskatchewan, can be a unique and rewarding experience. The key is to embrace the season and use it to your advantage. By following these tips, you can make the most of the winter real estate market and find the perfect home or buyer for your property. 

Partner with me; I'm a top Regina RE/MAX Agent 

If you are looking for a Regina Realtor who works tirelessly on your behalf and always offers honest advice, I will be an expert at your side. 

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 be 100% accountable to you. In my latest real estate tip, I discuss the accuracy of automated property evaluation software on Real Estate websites. 

FAQ: Can You Get an Accurate House Evaluation from a Realtor Website?

In today's digital age, obtaining information about real estate has become easier than ever, thanks to the plethora of real estate websites available. One common feature these websites offer is the ability to get an estimated house evaluation with just a few clicks. However, the question arises: Can you truly rely on these online evaluations for accuracy? This blog post will delve into the pros and cons of using realtor websites for house evaluations and provide insights into their reliability.

Pros of Using Realtor Websites for House Evaluations:

Convenience: Realtor websites offer quick and easy access to estimated house values, giving users an instant idea of their property's worth.

General Market Trends: These websites often incorporate data from recent property sales and market trends, providing a snapshot of the current real estate landscape.

Initial Benchmark: Online evaluations can serve as a starting point to gauge the potential value of a house before engaging with real estate professionals.

Cons of Using Realtor Websites for House Evaluations:

Limited Data: Online evaluations rely on algorithms and publicly available data, which might not capture all the specific features and conditions of a property that can affect its value.

Local Nuances: Real estate is highly localized, and the value of a property can be influenced by factors not considered by generic algorithms, such as neighbourhood dynamics, school quality, and local amenities.

Lack of Personalization: Online evaluations lack the ability to account for unique aspects of a property that can impact its value, such as renovations, upgrades, or maintenance.

Fluctuating Accuracy: The accuracy of online evaluations can vary significantly. They might overestimate or underestimate a property's value due to limitations in the algorithms used.

Professional Expertise: Realtor websites can't replace the nuanced insights provided by experienced real estate agents who intimately understand the local market.

So How Do You Find Balance?

While real estate and realtor websites can provide a rough estimate of a property's value, they should be used as just one tool in the valuation process. To get a more accurate assessment, it's advisable to consult with a Trusted local real estate professional like James Wruth, who can consider both the online estimate and additional factors that influence property value.

Realtor websites offer a convenient way to obtain an initial house evaluation, but their accuracy is limited due to their reliance on algorithms and general data. For a more precise valuation that considers local nuances and property-specific features, contact James Wruth. He can provide the guidance of a knowledgeable Regina real estate expert, which will always remain invaluable. Balancing the convenience of online evaluations with the expertise of a local professional is the key to making well-informed real estate decisions.

Partner with me; I'm a top Regina RE/MAX Agent

If you are looking for a Regina Realtor who works tirelessly on your behalf and always offers honest advice, I will be an expert at your side. 

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 be 100% accountable to you. In my latest real estate tip, I share the top 6 reasons to choose me as your Regina realtor

Top Reasons to Choose James Wruth - Your Remax Crown Real Estate Agent in Regina

When it comes to buying or selling real estate in Saskatchewan, having the right agent by your side can make all the difference. James Wruth, a Trusted Regina Remax Crown real estate agent, brings a wealth of experience and a proven track record to the table. In this blog post, we'll explore the compelling reasons why choosing James Wruth as your Remax agent in Regina is a smart decision for your real estate needs.

1. Local Expertise:
Navigating the real estate market in Regina,Saskatchewan requires an in-depth understanding of the local neighborhoods, property values, and market trends. James Wruth's extensive knowledge of the area gives him a competitive edge when helping clients buy or sell properties. His insights can help you make informed decisions, whether you're looking for your dream home or aiming to sell at the best price.

2. Proven Track Record:
With a history of successful real estate transactions, James has built a reputation for delivering results. His dedication to achieving the best outcomes for his clients is evident in the numerous satisfied testimonials and repeat business he receives. When you choose James, you're enlisting the services of a professional who is committed to your real estate success.

3. Personalized Approach:
Every client's real estate journey is unique, and James understands this well. He takes the time to listen to your goals, preferences, and concerns, tailoring his services to meet your specific needs. This personalized approach ensures that you receive the attention and guidance necessary to achieve your real estate objectives.

4. Effective Negotiation Skills:
Negotiation is a critical aspect of real estate transactions, and having a skilled negotiator on your side can save you time and money. James Wruth's proven negotiation skills help you secure the best deal, whether you're buying your dream home or selling your property. His strategic approach maximizes your advantage in negotiations.

5. Comprehensive Marketing:
Selling a property involves more than just listing it on a website. James Wruth employs a comprehensive marketing strategy to showcase your property's best features and attract potential buyers. From professional photography to engaging property descriptions, to being a Trusted Regina Realtor. This means his online and social media marketing efforts are ampilfied tremendously, reaching 10,000's more local prospects via the Trusted Regina platforms.His marketing efforts ensure that your property receives the attention it deserves in the highly competitive Regina real estate market.

6. Trusted Network:
Over the years, James Wruth has built strong relationships within the real estate industry and the Saskatchewan community. These connections can be invaluable when it comes to accessing off-market listings, local service providers, and other resources that contribute to a smooth real estate experience.

Choosing James Wruth as your Remax Canada agent in Regina, Saskatchewan is a decision that brings expertise, dedication, and a personalized touch to your real estate journey. With his local insights, proven track record, negotiation skills, and comprehensive marketing approach, James is well-equipped to guide you through the complexities of buying or selling property in Saskatchewan. When you work with James Wruth, you're not just getting a real estate agent – you're gaining a Trusted partner who is committed to your success.

Partner with me; I'm a top Regina RE/MAX Agent 

If you are looking for a Regina Realtor who works tirelessly on your behalf and always offers honest advice, I will be an expert at your side. 

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 be 100% accountable to you. In my latest real estate tip, I share my best piece of advice. 

James Wruth Shares His Best Regina Real Estate Advice. 

Working with an experienced Regina realtor can make the real estate process more efficient, less stressful, and ultimately more successful.

While there are many valuable pieces of advice a realtor can provide, this is my most important:

"Be realistic and well-informed about your expectations, budget, and the local market."

This advice encompasses several key aspects:

1. Realistic Expectations:
A good realtor will help you set realistic expectations about the buying or selling process. I will educate you about market conditions, potential timelines, and the challenges that may arise. Managing expectations from the beginning can help avoid disappointment and frustration later on.

2. Budget Awareness:
As your agent, I will encourage you to understand your financial situation and establish a realistic budget. I am here to assist you in determining what you can comfortably afford, factoring in the purchase price and additional costs like taxes, closing fees, and ongoing homeownership expenses.

3. Market Knowledge:
As your realtor, I  will provide insights into the local real estate market, such as current trends, property values, and neighbourhood dynamics. Staying well-informed about the market will empower you to make informed decisions and navigate the process more effectively.

4. Communication and Collaboration:
I cannot stress enough about the importance of open and honest communication. Clear communication between you and I will ensure that your needs and goals are understood and that they can tailor their services accordingly. Collaboration and trust are crucial for a successful real estate transaction.

5. Due Diligence:
I will advise you on conducting the proper research and due diligence on properties of interest. This includes reviewing documents, inspecting the property, and considering any potential issues or risks. Taking the time to gather information and make informed decisions will help protect your interests.

Remember, as your realtor, my best advice will be tailored to your specific situation and needs. As a skilled and experienced realtor, I will guide you throughout the process, offering personalized guidance and expertise to help you make the best decisions for your real estate journey.

Partner with me; I'm a top Regina RE/MAX Agent and an experienced Regina REALTOR®. 

If you are looking for a Regina Realtor who works tirelessly on your behalf and always offers honest advice, I will be an expert at your side.

Greetings Friends,

I am pleased to be able to share my 2023 MAY Regina Real Estate Market Report! 

MAY 2023 Monthly Housing Market Trends Report

How Does This Compare to Saskatchewan Data? 

There were 1,736 sales recorded across the province in May, resulting in a four per cent year-over-year decline. However, despite the year-over-year decline, sales levels were 20 per cent above long-term, 10-year averages.

Stronger sales in May were possible due to recent monthly gains in new listings. While the seasonal boost in new listings also caused inventories to trend up over the last month, inventory levels remain lower than levels reported in the previous year. They are at their lowest level reported in May since 2008. While year-over-year inventory levels have improved for homes priced above $300,000, more was needed to offset the declines occurring in the lower price ranges.

City of Saskatoon
The City of Saskatoon reported 538 sales in May, nearly identical to sales in May 2022 and well above long-term averages. Despite seasonal gains in new listings, inventory levels remain well below the 10-year average.

Higher sales and lower-than-average new listings prevented any significant change in inventory levels, causing the months of supply to fall to two months. As expected, tighter market conditions are placing upward pressure on home prices. Saskatoon’s benchmark price reached $380,100 in May, a monthly gain of nearly two per cent.

I believe in personalized one-on-one service to fully understand you and your real estate goals and commit to being 100% accountable. 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, don't hesitate to contact me today! 

Greetings Friends,

I am pleased to be able to share my 2023 April  Regina Real Estate Market Report! 

April 2023 Monthly Housing Market Trends Report

How Does This Compare to Saskatchewan Real Estate Data? 

Saskatchewan reported 1,216 sales in April, down 21 percent year-over-year and slightly below long-term, 10-year averages. Aligning with seasonal trends, sales and new listings increased above levels seen earlier this year. Although inventory levels experienced a 4 percent year-over-year decline and remained over 30 percent below 10-year trends, the adjustments in sales and new listings have resulted in the months of supply rising to nearly five months.

“Our market continues to struggle with supply and has since the start of the pandemic,” said Association CEO Chris Guérette. “While inventory challenges remain a concern for us, recent trends point to potential supply relief. Should these trends persist, we may see more balanced conditions play out in the market in the second half of the year.”

The provincial benchmark price reached $323,600 in April, up from $321,400 in March and slightly below prices recorded last April.

“As province-wide figures are showing signs of more balanced conditions, it’s important to keep in mind that there is variation depending on location and price range. Conditions remain exceptionally tight in lower-priced products, while more balanced conditions exist in higher price ranges,” said Guérette. “Higher lending rates have driven more purchasers to seek out lower priced options, while it is proving more difficult for existing homeowners to move up in the market.

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, don't hesitate to get in touch with 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 be 100% accountable to you. In my latest blog post, I provide expert real estate tips that stand the test of time. In my latest real estate tip, I share the top 5 reasons you should work with an experienced Regina Realtor.

James Wruth's Top 5 Reasons You Should Work With An Experienced Regina Real Estate Agent

Working with an experienced realtor can be beneficial in several ways:

1. Knowledge and expertise: An experienced realtor will have a thorough understanding of the local real estate market and can provide you with valuable insights and guidance on the buying or selling process.

2. Access to resources: An experienced realtor will have access to a network of professionals, such as home inspectors, appraisers, and lenders, that can help make the buying or selling process smoother and more efficient. 

   Only real estate agents can get your home through multiple listing services (MLS).
   One of the biggest challenges of selling a home without a real estate agent is finding the best way to distribute your home listing to potential buyers. Advertising is a pay-for-play process, so selling your home alone will require you to spend money upfront to get your listing in front of as many eyes as possible. Working with a real estate agent provides your home access to the MLS, which is generally considered the primary system all real estate agents use to search for the most up-to-date home listings. MLS listings are what most buyers look at when searching for a home.

3. Negotiating skills: An experienced realtor will have strong negotiating skills and can help you get the best deal possible, whether buying or selling a property.

4. Time-saving: An experienced realtor can save you time by handling the paperwork and administrative tasks involved in the real estate transaction.

5. Peace of mind: An experienced realtor can provide peace of mind by answering your questions and addressing your concerns throughout the buying or selling process.

Working with an experienced Regina realtor can make the real estate process more efficient, less stressful, and ultimately more successful.

Partner with me; I’m a top Regina RE/MAX Agent and an experienced Regina REALTOR®. 

If you are looking for a Regina Realtor who works tirelessly on your behalf and always offers honest advice, I will be an expert at your side.

Greetings Friends,

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.

READ MORE: Home prices in Canada could fall 5.9% in 2023, CREA forecasts

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).

 

In January, the Canadian Real Estate Association (CREA) predicted house prices could fall almost six per cent this year from 2022, which ended in a sluggish market as sellers and buyers sat on the sidelines.

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 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! 

Partner up with me, I’m a top Regina RE/MAX Agent, and an experienced Regina REALTOR® 

If you are looking for a Regina Realtor who works tirelessly on your behalf and always offers honest and candid advice, I will be an expert at your side.