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Market Watch October 2024

City of Regina
The City of Regina reported 364 sales in October, an increase of 18 percent year-over-year and 47 percent above long-term, 10-year trends. Further sales gains in October contributed to 3,447 year-to-date sales, the highest year-to-date sales figure ever reported through October in the Queen City.

New listings continue to struggle to keep pace with surging sales, resulting in a 31 percent year-over-year inventory decline and less than two months of supply available on market.

Regina reported a residential benchmark price of $321,000 in October, up from $320,700 in September and five percent higher than October 2023.

Tim Lipp Regina Realtor®
Regina Real Estate Agent
Royal LePage Next Level 306-737-8960
www.timlipp.com

Regina Realtors® Association 
Saskatchewan Realtors® Association 

Market Watch October 2024

City of Regina
The City of Regina reported 364 sales in October, an increase of 18 percent year-over-year and 47 percent above long-term, 10-year trends. Further sales gains in October contributed to 3,447 year-to-date sales, the highest year-to-date sales figure ever reported through October in the Queen City.

New listings continue to struggle to keep pace with surging sales, resulting in a 31 percent year-over-year inventory decline and less than two months of supply available on market.

Regina reported a residential benchmark price of $321,000 in October, up from $320,700 in September and five percent higher than October 2023.

CMHC Spring 2004 Outlook

Today, the Canada Mortgage and Housing Corporation (CMHC) released its Spring 2024 Housing Market Outlook, providing insight on affordability, supply, and other key issues in Canada’s census metropolitan areas (Regina and Saskatoon being the only qualifying Saskatchewan markets).

Regina Highlights 

Strong population growth and robust labour market conditions set up Regina for housing growth. We expect sales activity and price growth to pick up over the forecast horizon.
Relative affordability in Regina is increasing competition for housing, diminishing already tight inventories.
New housing construction is increasingly dominated by rental construction, and we expect to see a shift toward more multi-unit developments.
Tight rental market conditions will persist as supply is not likely to keep up with rising demand pressures in the near-term. We expect vacancy rates to decline further and average rent growth to remain high, above its historical average.

Tim Lipp Regina Realtor® Regina Real Estate Agent Royal LePage Next Level
306-737-8960
www.timlipp.com

Regina Realtors® Association 
Saskatchewan Realtors® Association 

#timlipp #reginarealtor #reginahomesforsale #yqrhomes #reginarealestate #reginarealestateagent #royallepage #royallepagenextlevel #reginahomes #forsale #timlipprealtor #reginalistings #buyinregina #sellinregina #reginarealestateagents #reginarealtors #reginarealestateagent #reginarealtors #interestrates #saskatchewan #saskatchewanrealestate
 

Market Watch March 2024

The City of Regina reported 312 sales in March, a year-over-year gain of over nearly 7 per cent and 23 per cent above long-term trends.

Strong monthly sales were met with a year-over-year decline in new listings, preventing any significant change in inventory levels. With just over two months of supply in the Queen City, persistent inventory challenges and above-average sales continue to place upward pressure on home prices.

The City of Regina reported a benchmark price of $313,100 in March, up from $310,600 in February and nearly 2 per cent above March 2023.

Tim Lipp Regina Realtor®
Regina Real Estate Agent
Royal LePage Next Level 306-737-8960
www.timlipp.com

Regina Realtors® Association 
Saskatchewan Realtors® Association 

#timlipp #reginarealtor #reginahomesforsale #yqrhomes #reginarealestate #reginarealestateagent #royallepage #royallepagenextlevel #reginahomes #forsale #timlipprealtor #reginalistings #buyinregina #sellinregina #reginarealestateagents #reginarealtors
 

Market Watch February 2024

The City of Regina reported 273 sales in February, a year-over-year gain of over 33 per cent and nearly 50 per cent above long-term trends.

While we typically see seasonal inventory gains in February, another month of strong sales resulted in a 25 per cent year-over-year inventory decline, with inventory levels sitting 40 per cent below long-term, 10-year trends.

The City of Regina reported a benchmark price of $310,600 in February, up from $301,900 in January and over 3 per cent above February 2023.

Tim Lipp Regina Realtor® Regina Real Estate Agent Royal LePage Next Level
306-737-8960
www.timlipp.com

Regina Realtors® Association 
Saskatchewan Realtors® Association 

#timlipp #reginarealtor #reginahomesforsale #yqrhomes #reginarealestate #reginarealestateagent #royallepage #royallepagenextlevel #reginahomes #forsale #timlipprealtor #reginalistings #buyinregina #sellinregina #reginarealestateagents #reginarealtors #reginarealestateagent #reginarealtors #interestrates #saskatchewan #saskatchewanrealestate

Half of sidelined homebuyers waiting for interest rate cuts to resume their purchase plans

🏘️ A new Royal LePage Survey reveals that more than half of buyers active in the Canadian real estate market have had to postpone their home purchase plans since the Bank of Canada began raising its key interest rate in March of 2022. 📈 Of those sidelined buyers, 51% say they will resume their search if interest rates start to fall.

Tim Lipp Regina Realtor®
Regina Real Estate Agent
Royal LePage Next Level 306-737-8960
www.timlipp.com

Regina Realtors® Association 
Saskatchewan Realtors® Association 

#timlipp #reginarealtor #reginahomesforsale #yqrhomes #reginarealestate #reginarealestateagent #royallepage #royallepagenextlevel #reginahomes #forsale #timlipprealtor #reginalistings #buyinregina #sellinregina #reginarealestateagents #reginarealtors

Why Rent your Water Heater

Areas of Saskatchewan including the city of Regina do have hard mineral filled water which can wreak havoc on your homes water heater.  If you aren’t diligent in checking and replacing your water tanks anode rode you could experience a water tank leak or worse.  

Taking chances can lead to positive experiences, but when it comes to your home's water heater, it's best not to risk it. Imagine owning a water heater that unexpectedly breaks down, leaving you with a hefty replacement cost and cold showers until it's fixed. With an average replacement price of around a thousand dollars, the financial burden and inconvenience can be daunting. That's where Renting comes in.

Renting a water heater from a reputable dealer provides affordable solutions with convenient billing and comprehensive protection plans even covering parts and labour. Say goodbye to unexpected fees and hello to peace of mind. Plus, with scheduled maintenance usually available, you can rest assured that your hot water needs are always met without hassle.

By opting for a rental, you eliminate the headache of sourcing and purchasing replacement parts. Licensed technicians handle everything, ensuring your home stays comfortable with minimal stress on your part. What's more, renting a water heater could even lead to discounts on your home insurance and rebates for eco-friendly units.

Tim Lipp Regina Realtor®
Regina Real Estate Agent
Royal LePage Next Level
306-737-8960
www.timlipp.com

#timlipp #reginarealtor #reginahomesforsale #yqrhomes #reginarealestate #reginarealestateagent #royallepage #royallepagenextlevel #reginahomes #forsale #timlipprealtor #reginalistings #buyinregina #sellinregina #reginarealestateagents #reginarealtors

Featured Neighbourhood - Cathedral

Cathedral
Discover the vibrant and dynamic Cathedral area, a hub of activity and culture in the heart of Regina. Nestled within this community are two top-rated elementary schools, a bustling public library, an enriching arts center, and a thriving community center. Renowned for hosting the celebrated Cathedral Village Arts Festival, this neighbourhood seamlessly blends historical charm with contemporary living.

Dating back predominantly to the 1940s, the architecture of Cathedral is a captivating fusion of timeless elegance and whimsical accents, contributing to its distinctive character. Stroll along tree-lined streets adorned with some of the city's most historic and impressive homes, offering picturesque views and a glimpse into Regina's rich heritage.

Experience the eclectic charm of 13th Ave, adorned with an array of independent boutiques, cozy cafes, and delectable restaurants. Enhancing the local shopping scene are conveniently located grocery stores and corner shops, ensuring easy access to daily essentials. Delight in the diverse selection of vintage clothing boutiques, upscale designer furniture stores, and charming used bookshops, adding to the neighborhood's allure.

Embrace an active lifestyle with amenities such as baseball diamonds, scenic bicycle paths, and ample green spaces, inviting residents to enjoy the outdoors and foster a sense of community. Cathedral's strategic location offers close proximity to downtown Regina, the city's premier off-leash dog park, educational institutions, parks, and vibrant nightlife, making it an ideal choice for families, students, and professionals alike.

Benefit from hassle-free commuting with convenient bus routes connecting Cathedral to the University of Regina, Sask Poly Tech campuses, and major shopping hubs, ensuring seamless access to essential services and recreational opportunities. Explore the endless possibilities that Cathedral has to offer, where history, culture, and modern conveniences converge to create a truly unique and desirable neighborhood experience.

Tim Lipp Regina Realtor®
Regina Real Estate Agent
Royal LePage Next Level
306-737-8960
www.timlipp.com

#timlipp #reginarealtor #reginahomesforsale #yqrhomes #reginarealestate #reginarealestateagent #royallepage #royallepagenextlevel #reginahomes #forsale #timlipprealtor #reginalistings #buyinregina #sellinregina #reginarealestateagents #reginarealtors

Market Watch January 2024

The City of Regina reported 179 sales in January, a year-over-year gain of over 35 percent and 25 percent above long-term trends.

New listing growth in January was not enough to offset strong monthly sales, as inventory levels dipped by nearly 19 per cent year-over-year and remain over 33 per cent below the 10-year average.

The City of Regina reported a benchmark price of $301,900 in January, up from $299,800 in December and nearly 2 per cent below January 2023.

Tim Lipp Regina Realtor®
Regina Real Estate Agent
Royal LePage Next Level
306-737-8960
www.timlipp.com

Regina Realtors® Association 
Saskatchewan Realtors Association 

#timlipp #reginarealtor #reginahomesforsale #yqrhomes #reginarealestate #reginarealestateagent #royallepage #royallepagenextlevel #reginahomes #forsale #timlipprealtor #reginalistings #buyinregina #sellinregina #reginarealestateagents #reginarealtors

The Crucial Role of Financing Pre-Approval: Why Realtors® Need to Know About Buyer Financing

Is it normal for your Regina Realtor® to ask a potential buyer the question, “have you been pre-approved for financing?” 

The simple answer is yes! And if they aren’t they should be.  

In the world of Regina real estate, the question of whether a potential buyer has been pre-approved for financing is more than just a routine inquiry – it's a pivotal step that can make or break a successful transaction. Here's why Realtors® prioritize this information:

1.  Serious Intentions
Knowing that a Regina home buyer has undergone the pre-approval process signals their serious intent to purchase a property. It demonstrates a level of commitment that assures Realtors® the buyer is not merely window shopping or kicking tires but is actively ready to make a substantial investment, possibly the biggest investment of their life.

2. Time Efficiency 
Regina Realtors® aim to optimize their time by focusing on buyers who are financially prepared.  They have lives outside of work, families, friends, other commitments. Understanding a buyer's pre-approved status streamlines the home-search process, allowing real estate agents to tailor their recommendations to properties that align with the buyer's budget and preferences.

3. Negotiation Strength
Armed with a pre-approval, Regina home buyers gain a significant advantage in negotiations. Realtors® can confidently present offers to sellers, assuring them that the buyer has the financial backing to follow through. This can be a game-changer in competitive real estate markets where the Realtor® can often use the pre-approval to their buyers advantage when writing the offer. 

4. Avoiding Disappointment
Nothing is more disheartening for both Realtors® and buyers than discovering that a dream property is out of reach due to financial constraints. By understanding a buyer's pre-approval status upfront, your Regina Realtor® can prevent disappointment and focus on properties that align with the buyer's financial capacity.

5. Smooth Transaction Process
Financing is a complex aspect of any Regina real estate transaction, and the pre-approval streamlines the process. Regina Realtors® can anticipate and address potential hurdles early on, ensuring a smoother journey from offer to closing. This proactive approach minimizes the risk of unexpected complications.

6. Seller Confidence
Sellers often feel more secure when dealing with pre-approved buyers. This confidence stems from the knowledge that the buyer has undergone a thorough financial evaluation, making the transaction less likely to encounter obstacles related to funding.  The seller is also vacating their home for viewings and doing so under the assumption that the potential buyers have the realistic capacity to purchase the home. 

7. Market Insights
Understanding the financing landscape through pre-approval data allows your Regina Realtor® to stay informed about market trends. This knowledge helps them guide buyers effectively, providing valuable insights into loan options and interest rates.

In essence, the question of pre-approval paramount in the real estate process. It empowers both Realtors® and buyers, fostering transparency, efficiency, and confidence in what can be a complex and emotionally charged journey to homeownership.  Financial pre-approval really is the first step in the home buying process.  

Tim Lipp Regina Realtor®
Regina Real Estate Agent
Royal LePage Next Level
306-737-8960
www.timlipp.com

#timlipp #reginarealtor #reginahomesforsale #yqrhomes #reginarealestate #reginarealestateagent #royallepage #royallepagenextlevel #reginahomes #forsale #timlipprealtor #reginalistings #buyinregina #sellinregina #reginarealestateagents #reginarealtors

Market Watch December 2023

The City of Regina reported 188 sales in December, a year-over-year gain of nearly 25 per cent and 24 per cent above long-term trends.

Despite significant new listing growth in December, the number of new listings decreased by 12 per cent in 2023. This resulted in further reductions in inventory levels, which remain over 33 per cent below long-term averages in the Queen City.

Strong sales and below-average inventory were not enough to prevent price adjustments in December, as the City of Regina reported a benchmark price of $299,800, down from $308,500 in November and 4 per cent below December 2022.

Tim Lipp - Regina Realtor®
Regina Real Estate Agent
 Royal LePage Next Level

#timlipp #reginarealtor #reginahomesforsale #yqrhomes #reginarealestate #reginarealestateagent #royallepage #royallepagenextlevel #reginahomes #forsale #realtor #regina listings #buyinregina #sellinregina

 

Market Watch November 2023

City of Regina

The City of Regina reported 240 sales in November, up nearly 16 per cent year-over-year and 14 per cent above long-term, 10-year trends.

Strong sales and a decline in new listings failed to offer any supply relief in November, as inventory levels were down 21 per cent on a year-over-year basis and remain over 30 per cent below long-term, 10-year trends.

With only 3.5 months of supply, Regina continues to experience significant supply challenges in the more affordable segment of the market. Despite strong sales and relatively tight market conditions, the Queen City reported a benchmark price of $305,000 in November, down from $308,500 in October and nearly 3 per cent below November 2022.


Tim Lipp - Regina Realtor®
Regina Real Estate Agent 
​ Royal LePage Next Level

#timlipp #reginarealtor #reginahomesforsale #yqrhomes #reginarealestate #reginarealestateagent #royallepage #royallepagenextlevel #reginahomes #forsale #realtor #regina listings #buyinregina #sellinregina


 

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