Royal LePage (RL) released its quarterly house price survey for the months of January to March 2022 showing house prices in Regina increased in the first quarter of 2022 to 11.8% year-over-year, making the average house price $361,200..This is the highest gain since RL began tracking house prices in Regina..The median price of a single-family detached home rose 13.4% to $392,500 while the median price of a condominium rose 3% to $203,900..Mike Duggleby, Royal LePage Regina Realty broker and owner, mentions the housing supply is still quite low, but the warmer weather usually increases the homes hitting the market..“In recent weeks, we’ve seen a slight uptick in new listings, which is expected as the weather gets better. However, supply remains far too low to keep up with growing demand,” said Duggleby..First-time buyers are particularly getting squeezed out of the market as there are not enough move-up properties to go to for people presently in cheaper housing..“There is a shortage of inventory across all property types, which is causing a bottleneck for first-time buyers,” said Duggleby..“Without sufficient supply of move-up properties for sellers to transition into, entry-level homes are not being freed up for new buyers.”.RL’s report expects the average home price in Regina to go up by 7% in the fourth quarter..Across Canada in the first quarter of 2022, the average house price went up by 25.1% year-over-year, with the average price being $856,900..This is the highest national gain since RL began tracking house prices..In almost everywhere across the country, strong buyer demand outpaces the housing supply, according to the RL report..RL is expecting it to remain a seller’s market, however, house prices are stabilizing..“Entering 2022, we had anticipated a strong first half, and moderating real estate markets thereafter. Call it buyer fatigue or easing demand, these periods of uncomfortably high home price appreciation do run their course,” said Phil Soper, president and CEO of Royal LePage..“We are seeing the first signs of moderation in some regions, as more inventory is becoming available and competition eases slightly.”.Chris Oldcorn is a Western Standard Reporter based in Regina.,coldcorn@westernstandard.news,Twitter: @chrisoldcorn,.Parler: @chrisoldcorn
