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!