Average house price fell in Regina, Saskatoon: real estate firm says

A report by the real estate company Re/Max says house prices in Regina and Saskatoon have dipped, compared to a year ago, because there are more homes for sale on the market.

The report, which the company called a housing market outlook, examined sales figures in both cities.

In Saskatoon a recent flurry of construction activity "has created market conditions modestly favouring the buyer," the report said. "Currently, there are four months of inventory on the market and inventory is expected to increase as more of these new builds come to market next year."

Average price dips

The outlook noted that the average sale price for a home in Saskatoon was $361,000 last year. It is now at $354,000 — a two per cent drop.

The company also provided a profile of what buyers are seeking in Saskatoon.

"Single-family homes priced between $350,000 and $425,000 were in highest demand," the report said. That demand was coming from first-time buyers and people looking to move out of a condo and into a detached home. Young people, with two incomes, were especially interested in two-bedroom homes in an older neighbourhood.

Saskatoon also saw many new condos being built, the report said, noting that inventory "is higher for condos than single-family homes", adding that most buyers preferred new builds.

Regina market

The report found similar market conditions in Regina, where there has also been a lot of new construction taking place.

"High inventory kept Regina in a buyer's market throughout 2015," the report said. "However, as construction slows and inventory is absorbed a more balanced market is anticipated [for 2016].

Read Full Story: Average house price fell in Regina, Saskatoon: real estate firm says