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James Wruth Regina March 2023 Real Estate Market Report

Greetings Friends,

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


March 2023 Monthly Housing Market Trends Report

  

 

How Does This Compare to Saskatchewan Data? 

There were 1,213 sales recorded across the province in March, a 20 percent year-over-year decline. Despite year-over-year sales declines, this level of sales is still stronger than pre-pandemic levels and nearly 10 percent above long-term, 10-year trends. 

 

New listings decreased by over 17 percent on a year-over-year basis and remain significantly below the 10-year average. In the first quarter of 2023, properties priced below $400,000 contributed to the most significant decline in new listings. A reduction in the number of new listings relative to sales resulted in further year-over-year declines in inventory levels, which remain over 30 percent below long-term averages.

- Source https://saskatchewanrealtorsassociation.ca/market-watch-march-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! 


 


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New property listed in Glencairn, Regina

I have listed a new property at 159 Cavendish ST in Regina. See details here

Pride in home ownership is evident in this extremely well maintained and upgraded home as the seller cared for the property for multiple decades. This attractive bungalow is warm and inviting with exceptional curb appeal. Exterior upgrades in recent years includes PVC windows throughout the entire main floor, newer vinyl siding, upgraded soffit and downspouts, newer shingles and a composite front step. The interior of the home has also received updates including an upgraded kitchen to maple cabinets with new countertops, updated flooring along with fridge and dishwasher. The main floor bathroom has a newer matching maple vanity , new toilet and updated shower surround and fixtures. Other notable improvements include a main stack to ABS and replaced sewer line to ABS. This property has a wonderful yard with no maintenance aluminium post chain link fencing with lane access providing room for a future garage if desired. The home offers 3 bedrooms up plus a bedroom in the basement, 2 bathrooms, a bright living room with a large picture window letting in tons of natural light; a good size kitchen with lots of cabinets and storage with a deep closet pantry. The basement is fully developed with a large family room/rec area and a 3 pc bathroom. Additional features include central air and central vac. A great home and a must see. Contact the sales agent to book your own private viewing today!

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The Top 5 Reasons You Should Work With An Experienced Regina Realtor


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.



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New property listed in Transition Area, Regina

I have listed a new property at 702 2300 Broad ST in Regina. See details here

Luxury living with a Cityscape view from nearly every room. Welcome to Centre Square Place, a prestigious downtown Condominium offering rooftop patio, fitness centre with walking track, secure heated parking, two elevators, an impressive foyer, all within walking distance to downtown, Wascana Park, coffee shops, boutiques & shopping. This home features extensive upgrades not found in standard units including custom upgraded kitchen package featuring granite tops, under cab lighting, upgraded appliances, oven plus cooktop island and larger two tier island. Additional upgrades include expanded and custom lighting package, a control 4 built in sound system for nearly every room with wall mount TV's, premium bathroom fixtures including walk in showers and corner jetted soaker tub, custom closet organizers in hallways and bedrooms and more. The highlight feature of course is the 7th floor skyline views from nearly every room. A corner unit with a east view provides for an abundance of natural sunlight. This home offers plenty of space featuring a large master bedroom with walk in closet and 5pc ensuite featuring his and her sinks, walk in tiled shower and corner jetted soaker tub. The front office has a contemporary feel and comes complete with sliding pocket doors. The large, open concept dining room/living room is great for entertaining or relaxing. The living room with its a stone fireplace surround is a cozy corner for TV or relaxation. A second bedroom and guest 3 piece bathroom, along with a laundry and storage room area completes the suite. This unit comes with 1 underground parking space. Condo fees include Common Area Maintenance, External Building Maintenance, Heat, Water, Sewer, Reserve Fund, Snow Removal, Amenities Room, Elevator, Exercise Area and Recreation Centre. Don't hesitate to call to book your own private viewing of this amazing property!

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New property listed in Normanview West, Regina

I have listed a new property at 27 Hastings CRES in Regina. See details here

A great family home and pride of ownership is evident in this nearly 1100 sqft bi-level home built in the desirable neighbourhood of Normanview West. Walk on into this move-in ready home with a bright and cozy living room withs its hardwood floors; opening up to the dining area with patio doors accessing the massive deck and expansive yard. The warm & inviting kitchen offers views of the yard and is open to both the living room and dining area ; perfect for entertaining. A Corner pantry and ample counter space provided for all your cooking & baking needs. Down the hallway, is a large main floor bathroom, extra large primary bedroom with lots of closet space, and an additional bedroom. The basement is fully finished and a great space to watch movies or let the kids play. The basement offers a large rec room, additional 3 pc bath, bedroom, den and combined laundry /furnace and storage room. This home has been well cared for and upgraded by the owner and improvements included newer PVC windows throughout with the exception of two in the basement, newer high eff furnace, updated vinyl exterior with stack stone, updated shingles, soffit, fascia and downspouts; updated lighting and flooring including newer carpets and laminate, some newer bathroom fixtures, new exterior front door, newer interior doors and closets doors, updated baseboards, modern paint selection throughout and more! With a large lot, you have plenty of room on the round about driveway and lane access in the back provides options for a future garage if wanted. Don't wait, call the listing agent today to book your own private viewing!

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Rising Interest Rates and The Effects On The Market

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. In my latest real estate tip I tackle the subject of rising interest rates and how it may affect you as a homeowner ( or potential homeowner).  

When a rise in interest rates may affect you

A rise in interest rates often means that it will cost you more to borrow money.

A rise in interest rates may affect you if:

  • you have a mortgage, a line of credit or other loans with variable interest rates 

  • you’ll need to renew a fixed-interest-rate mortgage or loan

Your financial institution could also increase your interest rate if you don't make payments on your credit card or loan.

How interest rates work

Interest rates rise and fall over time. If you’re borrowing money, interest is the amount you pay to your lender to use the money. The interest rate is used to calculate how much you need to pay to borrow money. 

Financial institutions set the interest rate for your loan. This could be a mortgage, line of credit or another type of loan. 

You can find your interest rate in your loan agreement. Your financial institution must provide you with certain information about interest rates on your loan. 


Fixed and variable interest rate loans

When you get a loan, your financial institution may offer you a fixed or variable interest rate.

A fixed interest rate will stay the same for the term of your loan. A variable interest rate may increase or decrease over the term of your loan. 

Some lenders may offer you a lower introductory rate for a set period for certain types of loans. Make sure you can still afford the payments at the regular (higher) interest rate.

Dealing with a rise in interest rates

Pay down your debt as much as possible to deal with a rise in interest rates. If you have less debt, you may be able to pay it off more quickly. This can help you avoid the financial stress caused by higher interest rates and bigger loan payments.

You can deal with a rise by using these tips:

  • reduce expenses so you have more money to pay down your debt 

  • pay down the debt with the highest interest rate first to pay less interest over the term of your loan

  • consolidate high-interest debts, such as credit cards, into a loan with a lower interest rate 

  • avoid getting the maximum mortgage or line of credit that a lender offers you

  • avoid taking on unnecessary debt with things you want but don’t need

  • avoid borrowing more money as it could limit your ability to save for your goals

  • find ways to increase your income to help you pay down debt

  • make sure you have an emergency fund to deal with unexpected expenses, such as covering higher loan payments to avoid penalties

What is a trigger rate?

When your mortgage or loan has a variable interest rate with a fixed payment, you may reach your trigger rate if interest rises.

Your trigger rate is the rate at which your mortgage or loan payment will no longer cover the principal and interest due for that period. Once you've reached the trigger rate, your payment will only cover interest payments and no money will go toward paying down your principal.

Reaching your trigger rate means that you’ve stopped paying down your loan and you’re now borrowing more money. This is often called negative amortization.

The best way to find out your trigger rate is to review your mortgage or loan agreement. You can also contact your financial institution. They’ll be able to calculate the exact rate for you. They’ll also be able to let you know your options if you reach your trigger rate.

If you reach your trigger rate, you may be required to:

  • increase your payments

  • make additional payments to cover the excess interest

  • change to a fixed-rate mortgage

If you’re not at the maximum amortization period allowed, your financial institution may offer to extend your amortization. This would avoid having to increase your payments. However, extending your amortization means paying for a longer period and paying more interest in the long run.

Suppose you have a mortgage of $300,000 with a variable interest rate of 4% and 20 years left on your amortization. If you extend your amortization by 2 years, it’ll cost you $15,126.26 more in interest. The decision to keep the same payments while interest rates rise can become very expensive over time.

When interest rates are on the rise, contact your lenders as soon as possible to find out about your trigger rate and discuss your options.

Impact of a higher interest rate on your loan payments

The following examples show you how your mortgage, line of credit or loan payments may be affected when interest rates rise.

How a rise in interest rates could affect your monthly mortgage payments

Suppose you have a mortgage of $300,000 with a variable interest rate and a 25-year amortization. Your interest rate is currently 3% and it goes up to 4,5%. Your mortgage payment will go from $1,420 to $1,660. An increase of $240 a month.


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. 



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New property listed in Greens on Gardiner, Regina

I have listed a new property at 4617 Green Water RD E in Regina. See details here

Stylish luxury combined with a contemporary design, this 1923 square foot 'Mystic Canopy' home has it all. Perfect for the whole family, this home welcomes everyone with spacious living areas, a luxurious designer kitchen and an open concept main floor perfect for entertaining all year round. Shield your grown-up toys from our Saskatchewan winters in the expansive attached triple car garage. Whatever your needs are, the Mystic Canopy will definitely meet them all with taste and flair. Move-in ready, this home features a beautiful two-tone kitchen cabinetry with shaker oak island and warm white shaker cabinetry on the perimeter. The cabinetry is complimented by a stunning marbled grey and white quartz which is paired with a classic warm white subway tile throughout. A beautiful “Transitional” lighting package and chrome plumbing fixtures are a beautiful compliment to the light and airy colour palette in this home. The home is finished with a full stainless steel appliance package. Throughout the main level, an elegant, whitewashed oak laminate flooring adds a natural warmth to the space while a grey marbled grouted luxury vinyl tile welcomes you in the entryway and bathrooms. The living room features an elegant electric fireplace with custom millwork detailing and marbled grey tile. Upstairs, the three bedrooms and bonus room are completed with plush grey carpet under-foot. The bonus room includes a built-in desk area perfect for homework or colouring projects. The expansive primary suite with a well-sized walk-in closet and elegant ensuite bathroom with double sinks, a freestanding tub and tiled shower surround, its separate water closet allows for utmost discretion. The secondary bedrooms are well-sized and have their own bathroom with double sinks easing morning prep. To book your own private viewing contact the listing agent today.

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New property listed in Greens on Gardiner, Regina

I have listed a new property at 3518 Green Creek RD in Regina. See details here

Stylish luxury combined with a contemporary design, this 1923 square foot 4 bedroom Up, Mystic home has it all. Perfect for the whole family, this home welcomes everyone with spacious living areas, a luxurious designer kitchen and an open concept main floor perfect for entertaining all year round. Shield your grown-up toys from our Saskatchewan winters in the expansive attached triple car garage. Whatever your needs are, the Mystic will definitely meet them all with taste and flair. Move-in ready, this home features a beautiful two-tone kitchen cabinetry with black shaker lowers and crisp white shaker cabinetry on the perimeter. The cabinetry is complimented by a gleaming white quartz which is paired with a classic white subway tile and contrasting grey grout throughout. A beautiful “Modern Farmhouse” lighting package and black plumbing fixtures are a beautiful compliment to the dramatic colour palette in this home. The home will be finished with a full stainless steel appliance package (not shown). Throughout the main level, an elegant, beige oak laminate flooring adds a natural warmth to the space while a black marbled grouted luxury vinyl tile welcomes you in the entryway and bathrooms. The living room features an elegant electric fireplace with rustic black brick tile. Upstairs, the four bedrooms are completed with plush greige carpet under-foot. The expansive primary suite with a well-sized walk-in closet and elegant ensuite bathroom with double sinks, a freestanding tub and tiled shower surround, completed with its separate water closet to allow for utmost discretion. The secondary bedrooms are well-sized and have their own bathroom with double sinks, easing morning prep. For more information or to book your own private viewing call the listing agent today.

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New property listed in Broders Annex, Regina

I have listed a new property at 2105 Abbott ST in Regina. See details here

Location, location, location. This is a prime location for a possible future multi unit development being located next to amenities and services. Large corner lot with lane provides access on 3 sides. Current property is in good shape for rental with some newer laminate flooring and windows, furnace serviced and working, newer high efficient owned water heater. Contact agent for more details.

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James Wruth Regina February 2023 Housing Market Trends Report

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? 

 


Read

New property listed in McCarthy Park, Regina

I have listed a new property at 11 6585 Rochdale BLVD in Regina. See details here

Move in ready! Excellent location! Quiet end corner unit located on the second floor with lots of natural light. Located in a desirable residential neighbourhood within walking distance of the NW leisure center, Rochdale park, fitness facilities, shopping and many other amenities. This 2-bedroom unit offers two generous sized bedrooms with newer carpet in each. Other recent touches include updated lighting and modern paint tones. The home is self contained with in-suite laundry; updated high efficiency furnace/air conditioner to keep cool through the hottest summer days; and extra storage off balcony. Electricity for the assigned parking stall is controlled from within the unit. Newer shingles and siding installed on the building. Excellent for first time buyers or landlords. Owned by non-smoker. Contact the listing agent today to book your own private viewing.

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January 2023 Regina Real Estate Market Report

Greetings Friends,

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? 

 


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