Regina home prices will drop 1.5% over the next year: Royal LePage

Royal LePage is predicting Regina home prices will take a modest decline over the next year.

According to the real estate company’s latest forecast, the aggregate price of a home in the fourth quarter of 2023 is forecast to decrease 1.5 per cent year-over-year to $361,495.

That’s a slightly higher decrease than the 1.0 per cent decrease predicted nationally.

“Many homebuyers are adjusting to the new realities of higher mortgage rates, and have reduced their buying budgets as a result. Any price appreciation we see next year will be in the condominium segment and the lower end of the market, as some buyers have been priced out of the single-family segment,” said Royal LePage Regina Realty broker and owner Mike Duggleby in a press release.

“Activity has certainly slowed compared to the historical highs seen during the pandemic boom. I expect we’ll see a return to a normal seasonal slowdown in the winter months before picking up again in the spring, although it will not be as vibrant as we’ve seen the last two years.”

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Read more: Hoping for a steep drop in home prices next year? It’s unlikely, Royal LePage says

The median price of a single-family detached property is expected to drop 2.0 per cent to $389,648.

Condo owners, though, may see some appreciation. The median price of a condominium is forecast to increase 1.0 per cent to $221,796.

Royal LePage is also predicting the above national average rate of foreclosures being seen in Regina will continue next year.

“The sellers are going to be pushing to get their property sold. So prices are going to be coming down, which one would think would favour the buyer,” Duggleby added in an interview with Global News.

Duggleby says lower-priced homes will be purchased by investors, potentially as rental properties.

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