First-time and move-up buyers driving Regina market, prices to increase 1-2%
The Regina housing market is currently balanced which is expected to continue into 2020. The RE/MAX average residential sale price expectation for Regina is +1-2% due to an increase in sales and less listings on the market. If this continues into 2020, prices should adjust slightly upwards.
Currently there are 7.7 months worth of inventory left, as we move into spring 2020 this will reduce slightly. The mortgage stress test has made buyers more cautious about home ownership.
First-time home buyers are most interested in the popular property type, which is single detached homes, while retirees drive the condo market and are interested in townhouses with two or more bedrooms.
Move-up and first-time home buyers are expected to continue to drive demand in 2020 and there has been a slight increase in the luxury sales year over year, which is likely to continue in 2020.
From a national perspective, RE/MAX anticipates a leveling out of the highs and lows that characterized the Canadian housing market in 2019, particularly in Vancouver and Toronto, as we move into 2020. Healthy price increases are expected, with an estimated 3.7-per-cent increase in the average national residential sales price.
As more Canadians have adjusted to the mortgage stress test and older Millennials move into their peak earning years, it is anticipated that they will drive the market in 2020, particularly single Millennials and young couples. A recent Leger survey conducted by RE/MAX found that more than half (51 per cent) of Canadians are considering buying a property in the next five years, especially those under the age of 45.
Click to read the full RE/MAX 2020 Housing Market Outlook Report.