Regina maintains its home price forecast after national forecast drops
Global News
Regina's aggregate prices for the second quarter rose by 9.8 per cent year-over-year to $375,600. Single detached homes saw the median price increase 12.1 per cent to $409,000.
Royal LePage Real Estate Services adjusted the forecast for the 2022 national home price forecast down to 5 per cent, noting that there’s a softening in the Ontario and B.C. markets.
Forecasted aggregate prices in Regina, however, remain unchanged, and are expected to rise by 7 per cent by the fourth quarter of 2022 compared to the same quarter last year.
“We don’t have the same underlying factors that the Toronto and Vancouver markets have gotten. This runaway system hasn’t really applied to us,” said Mike Duggleby, broker and owner, Royal LePage Regina Realty.
Regina’s aggregate prices for the second quarter rose by 9.8 per cent year-over-year to $375,600.
Single detached homes saw the median price increase 12.1 per cent to $409,000.
Median prices for condominiums saw a smaller bump to a 4.1-per cent increase, at $204,000.
Duggleby said that interest rates are rising significantly compared to six months ago, but added that it’s still a historically low rate.
“We have been spoiled by ultra low interest rates for the last couple of years. That 5-6 per cent range is normal.”
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