James Wruth 2024 Regina Housing Market Forecast.

James Wruth 2024 Regina Housing Market Forecast.

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.

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