Regina sales continue hot pace in October

Residential sales through the Regina and area continued at a torrid pace in October.
There were 259 residential properties sold inside the city, up 205 sales posted in 2008. It also represents the sixth consecutive month that sales have exceeded 2008 levels.
For the year-to-date 2,843 homes have sold in the city, up from 2,503 sales recorded in 2008 and behind only 2007’s 2,950 for the same period.
The average price of residential properties sold inside the city was $248,533, and the average price for the year-to-date was $246,798.
Homes that sold in the city during October were on the market for an average of 42 days before selling, compared to 38 days in September. Homes sold at an average of 96.5% of asking price.
Inside the city there were 749 active residential listings on the system at the end of the month marking the lowest number of active listings so far this year.
This level of demand combined with a steady decline in inventory levels, particularly in the city, may lead to some upward pressure on prices in the months ahead.

September shattered monthly records!

In the month of September there were 292 residential properties sold inside the city, up 18% from 2008. This marked the seventh consecutive month that sales have been above the 300 level – the longest such streak in the history of the Multiple Listing System.

For the year-to-date 2,586 homes have sold in the city, with the average price of residential properties sold inside the city was $247,859, and the average price for the year-to-date was $246,580.

Homes, which sold in the city during September, were on the market for an average of 38 days before selling, a decrease from 45 days in August and at an average of 96.4% of asking price.

Inside the city there were 813 active residential listings on the system at the end of the month. This marks the lowest number of active listings so far this year.

September exceeded all expectations for sales.

The City is growing ...

This is what the new interchange for the Trans-Canada Highway and Lewvan Drive will look like when it is completed in the next 3 years. Yes Regina is growing!

Housing market to see ‘significant growth'

Canada's housing market has weathered the recession relatively well and now seems poised for “significant growth” in the final quarter of this year, as report by a local real estate company. He went on to say, “While there may still be some challenges down the road, the worst is definitely behind us in the housing industry,”

The bounce-back that began in early spring has made this recession one of the shortest on record for real estate. Low interest rates, pent-up demand, and improved affordability levels have all played a role in the recovery now under way.

Across the country
Vancouver leads the recovery; with sales are 14 per cent ahead of last year's figures for the January to August period at 23,158 units, with a lot of the activity generated by first-time buyers who were previously priced out of the market.

Alberta markets crawl back. In Calgary, while concerns about the oil and gas industry still weigh on the market, unit sales are almost on par with 2008 levels. Year-to-date prices, at $380,489, are 7.5 per cent off last year's pace.
In Edmonton, the market began showing signs of recovery by February. Year-to-date, the number of homes sold is up 6 per cent to 13,691. This year's average price of $319,939 is 5 per cent below last year's prices.

Saskatchewan and Manitoba: Home prices up. In Regina, sales have increased by 5 per cent year over year and average prices are up 6.4 per cent to $244,088. In Winnipeg, the number of sales has declined, but average prices are up 3.5 per cent year-to-date to $207,006.

Strong sales in Ontario. Despite dire forecasts for a long and drawn out recession, housing sales have soared in the Greater Toronto area in recent months, with more than 58,000 properties changing hands between January and August 2009. Average Toronto prices are up 0.3 per cent to $385,978.
In Ottawa, unit sales are up 2.5 per cent and the year-to-date average price of $301,684 is up 3.3 per cent from the comparable period in 2008.

Atlantic provinces: Sales and prices up, activity have exploded with the success of the oil sector, driving average prices in St. John's Nfld. up 18 per cent year-to-date to $203,584, Re/Max said.

In Halifax-Dartmouth, average prices are up 3.5 per cent to $239,633.

Should I Purchase My Home Now or Wait?

Are debating whether we want to buy a property now or whether we should wait? Are getting mixed messages from the media about the market conditions and the state of the economy? Reports are indicating that the real estate market is rebounding. Ae still hearing negative news about businesses folding and job losses. So is now a good time to buy?

The decision whether to buy a home now or wait is very tricky at the moment. On the one hand you have very low mortgage rates as the Bank of Canada had cut the interest rate several times in the last few months to try and get the banks lending again. Deals as low as 2.75% are being advertised to entice new customers into the market and get the chain moving again. Also, property prices have dropped in the last year and there are many good deals to be made.

But, there is still the question whether housing market prices will hold or drop further. Potential buyers are wary about taking on such a huge borrowing to find that the dream house they have just bought may be worth appreciatively less in six months’ time.

House prices are cyclical. A low market is always a good time to buy even though it may be several years before the market rebounds. The property market will rebound. If you are in a position to buy a house and can afford the repayments, buy now. Waiting to buy could result in paying much higher prices in a rising market.

August sales jump

Residential sales through the Regina and area Multiple Listing Service System in August exceeded 2008 levels for the fourth consecutive month while setting new highs in some key measurement categories.

There were 312 residential properties sold inside the city, up 46% from 2008.
Year-to-date 2,294 homes have sold in the city.

The average price of residential properties sold inside the city was $245,432; with the year-to-date average price was $246,417.
Homes that sold in the city during August were on the market for an average of 45 days before selling, an increase from 40 days in July. Homes sold at an average of 95.2% of asking price.

Inside the city there were 892 active residential listings on the system at the end of the month. This marks the lowest number of active listings so far this year.

We’re now beginning to see a significant tightening up in supply inside the city. The combination of a high number of sales and decreasing number of new listings is causing a decline in the number active listings on the market. It’s now at the lowest level since December of last year. This could be a potential signal of some upward pressure on prices provided that demand levels continue to be strong.