Regina home price pace will lead the West
July 15, 2020
Regina will see the fastest home price increase this year among Western Canadian cities—outpacing even Vancouver—the most expensive housing market in the country, according to an outlier forecast from Royal LePage.
Regina has among the lowest-cost homes in the country.
“From entry-level homes to the luxury segment, Regina’s real estate market awakened in June and is very active,” said Mike Duggleby, managing partner, Royal LePage Regina Realty. “We are seeing multiple offers and appropriately priced homes can sell within a week.”
In its national forecast released July 10, Royal LePage stated that the median home price in Regina would increase 1 per cent by year-end 2020 compared to 2019. This compares to a 0.5 per cent increase in Greater Vancouver in the same period. Average home prices will decline 1 per cent in Edmonton, fall 1.5 per cent in Calgary and see no change in Winnipeg this year, the agency forecast.
The price comparison between Vancouver prices and Regina is stark.
In Regina, the current median price of a standard two-storey home is $402,716 while the median price of a bungalow is $289,307. The median price of a condominium is $194,936.
In the City of Vancouver, the median price of a two-storey home is up 7.6 per cent year-over-year to $2.08 million. The median price of a bungalow is $1.43 million, while the median condominium price is $738,128, based on second-quarter data, the agency said.
And based on second-quarter performance, the median price of a two-storey home in Canada rose 8 per cent year-over-year to $794,392, while the median price of a bungalow increased 3.9 per cent to $550,289. The median price of a condominium increased 5.3 per cent year-over-year to $503,983.
Royal LePage said national composite home prices are expected to end 2020 up 2.3 per cent in the fourth quarter compared to the same period in 2019. The Royal LePage National House Price Composite is compiled from proprietary property data in 64 of the nation’s largest real estate markets.