February 2010 has seen an increase in sales in the city of Regina.
For the month there were 170 residential homes that sold for an average sale price of $266,362.00.
These homes sold in an average of 34 days.
For the month there were 61 condos that sold for an average sale price of $241,414.00. These condos sold in an average time of 46 days.
Overall numbers in the city there were a total of 231 sales with an average selling price of $259,774.
At the end of February there were a total of 357 homes and 155 condos for sale on the system.
Sunday, February 28, 2010
Wednesday, February 24, 2010
Prices are going up.
Reported By Natalie Geddes
Posted February 18, 2010 - 5:52pmNumbers coming out of the Canadian Real Estate Association may not be as drastic as they appear.
A recent report showed the average selling price of a home in Saskatoon lost 3 percent in a one month period between January and December. During that same time Regina gained 12.5 percent.
But Richard Corriveu with the Canada Mortgage and Housing Corporation says the month to month number don't tell the whole story. In fact he predicts both cities will see home prices increase slightly more than the rate of inflation this year.
As of January the average home price in Regina was at $240,274, while in Saskatoon it was $270,191.
Tuesday, February 16, 2010
Finance Minister Jim Flaherty announced new rules
Finance Minister Jim Flaherty announced new rules Tuesday aimed at preventing homebuyers from getting into financial difficulty when mortgage rates rise.
After consulting with major Canadian lenders, Flaherty outlined the latest weapons at Ottawa's disposal aimed at removing some of the speculative froth in the housing market.
"There is no evidence of a housing bubble, but we're taking prudent steps today to prevent one," he said at a press conference in Ottawa.
Broadly speaking, the plan unveiled has these components.
1) First, Ottawa will require that all borrowers meet the standards for a five-year fixed-rate mortgage, even if they choose a variable mortgage with a lower rate or a shorter term.
"This will guard against higher rates in the future," Flaherty said.
Second, the proposed rules would lower the maximum Canadians can withdraw when refinancing their mortgages to 90 per cent of the value of their home, from 95 per cent.
2) And finally, Ottawa will now require a minimum 20 per cent down payment to qualify for CMHC insurance for non-owner-occupied properties purchased as an investment.
The last rule is aimed at reining in would-be real estate speculators who own multiple properties beyond their primary residence.
"We want to discourage the tendency some people have to use a home as an ATM, or buy three or four condos on speculation," Flaherty said.
There had been speculation the Department of Finance might implement legislation raising the minimum down payment from five to 10 per cent of a home's value, or reduce the maximum amortization period from 35 years to 30 years.
Those measures were not part of Flaherty's announcement on Tuesday, but all options are still on the table should circumstances change, Flaherty said.
After consulting with major Canadian lenders, Flaherty outlined the latest weapons at Ottawa's disposal aimed at removing some of the speculative froth in the housing market.
"There is no evidence of a housing bubble, but we're taking prudent steps today to prevent one," he said at a press conference in Ottawa.
Broadly speaking, the plan unveiled has these components.
1) First, Ottawa will require that all borrowers meet the standards for a five-year fixed-rate mortgage, even if they choose a variable mortgage with a lower rate or a shorter term.
"This will guard against higher rates in the future," Flaherty said.
Second, the proposed rules would lower the maximum Canadians can withdraw when refinancing their mortgages to 90 per cent of the value of their home, from 95 per cent.
2) And finally, Ottawa will now require a minimum 20 per cent down payment to qualify for CMHC insurance for non-owner-occupied properties purchased as an investment.
The last rule is aimed at reining in would-be real estate speculators who own multiple properties beyond their primary residence.
"We want to discourage the tendency some people have to use a home as an ATM, or buy three or four condos on speculation," Flaherty said.
There had been speculation the Department of Finance might implement legislation raising the minimum down payment from five to 10 per cent of a home's value, or reduce the maximum amortization period from 35 years to 30 years.
Those measures were not part of Flaherty's announcement on Tuesday, but all options are still on the table should circumstances change, Flaherty said.
Thursday, February 11, 2010
January sales topped 2009 levels
Regina and area home sales through the Regina and area Multiple Listing Service System in January have topped 2009 levels. .
For the entire MLS® System including all geographic areas there were 183 residential sales recorded. In the city there were 154 residential sales.
The average price of residential properties sold inside the city was $238,589, up 12%from 2009’s $213,167.
Homes sold in January were on the market for an average of 49 days before selling compared to 52 in December of 2009. Homes sold at an average of 96.6% of asking price.
For the entire system including all geographic areas there were 980 active listings on the market at month end including 580 in the city. There were 346 new listings received during the month.
Starting the year off, we really need to keep our eye on a potential supply shortage. Looking ahead with the decrease in new listings in January and assuming demand remains strong, there may not be sufficient supply to fully satisfy that demand in upcoming months. This is particularly the case in the city where vast majority of home sales will take place. This has some potential for upward pressure on prices.
For the entire MLS® System including all geographic areas there were 183 residential sales recorded. In the city there were 154 residential sales.
The average price of residential properties sold inside the city was $238,589, up 12%from 2009’s $213,167.
Homes sold in January were on the market for an average of 49 days before selling compared to 52 in December of 2009. Homes sold at an average of 96.6% of asking price.
For the entire system including all geographic areas there were 980 active listings on the market at month end including 580 in the city. There were 346 new listings received during the month.
Starting the year off, we really need to keep our eye on a potential supply shortage. Looking ahead with the decrease in new listings in January and assuming demand remains strong, there may not be sufficient supply to fully satisfy that demand in upcoming months. This is particularly the case in the city where vast majority of home sales will take place. This has some potential for upward pressure on prices.
Monday, February 1, 2010
Just Listed - 309 Osler Street
Absolutely gorgeous open style 3-bedroom bungalow. Main floor completely renovated. Hardwoods floors in living room, kitchen and all 3 bedrooms. Main 4 piece bath updated with double sinks and new lino. New kitchen cabinets, center Island, new counter top, microwave, built in dishwasher, fridge, range and light fixtures. Backyard is completely fenced with a 10 x 12 deck. Basement if open for development.
Monday, January 11, 2010
REGINA SYSTEM POSTS EXCELLENT YEAR IN 2009
The number of residential sales processed through the Regina and area Multiple Listing Service in 2009 resulted in the second best year on record.
There were 3,691 residential properties sold in all geographic areas during the year, up 10% from 3,347 sales in 2008. This is the second highest number on record, only behind 4,043 sales recorded in 2007. The average sales price set a new high of $244,328, an increase of 7% from the previous high set in 2008 of $228,850. Total dollar volume of sales of $901.8M also set a new record by surpassing the previous high of $766M recorded in 2008 by 18%.
Sales inside the city followed the same pattern with 3,245 sales being posted, up 15% from 2,812 in 2008 and trailing only 3,380 reported in 2007. The average annual sales price of $247,005 was the highest ever recorded, up 3% over 2008’s $239,719. The total sales volume of $801.5M eclipsed the former high set in 2008 of $674.1M by 19%.
For the month of December, there were 192 sales in all geographic areas, an increase of 11% over last year’s 173. This marked the eighth consecutive month that sales exceeded 2008 levels. The average sales price for the month was $241,644, setting a new high and up 8% from 2008’s $224,308.
Monthly sales in the city of 170 were up 7% from 2008 when 159 were recorded. The average sale price was $244,329, also a new high which surpassed the previous record in 2008 of $233,156.
Homes, which sold in the city during December, were on the market for an average of 46 days before selling, compared to 44 days in November. Homes sold at an average of 96.0% of asking price.
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