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

Royal LePage predicts that house prices in Regina will fall slightly over the next year.

According to the real estate company’s latest forecast, the total home price will fall 1.5 percent year-on-year to $361,495 in the fourth quarter of 2023.

That’s a slightly larger drop than the 1.0 percent drop that was forecast nationwide.

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

“Activity has certainly slowed down from historical highs during the pandemic boom. I expect we’ll return to a normal seasonal slowdown over the winter months before picking up again in the spring, although it won’t be as brisk as we’ve seen over the past two years.”

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Are you hoping for a sharp drop in house prices next year? It’s unlikely, says Royal LePage

Are you hoping for a sharp drop in house prices next year? It’s unlikely, says Royal LePage

The median price of a single-family home is expected to fall 2.0 percent to $389,648.

However, condo owners can experience some appreciation. The median condo price is expected to increase 1.0 percent to $221,796.

Royal LePage also predicts Regina’s higher-than-national foreclosure rate will continue next year.

“The sellers will be pushing for their property to be sold. So prices will go down, which would favor the buyer,” Duggleby added in an interview with Global News.

Duggleby says lower-priced homes are being bought by investors, possibly as rentals.