HomebuyingHow COVID-19 has affected homebuying and the mortgage market in Canada
Decline in home purchases. Increase in mortgage renewals. Here’s what Canadians were up to during the lockdown.
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Regina homebuyers are in luck: in addition to benefitting from subdued home prices, they can also take advantage of mortgage rates that are hovering near record lows. With good prices and great rates, it’s a perfect time to apply for a mortgage or renew the one you already have.
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Regina housing.
People shopping for real estate in Regina are experiencing a true buyer’s market. A slowdown in the energy sector is leading many potential Regina homebuyers to hold off on their property purchases or, at the minimum, offer lower asking prices than they would have a year earlier.
Despite the slowdown seen in the Regina housing market, the city maintains an unusually low unemployment rate and an impressive number of high-paying jobs. With average home prices currently sitting at $315,000, Regina still boasts one of the most affordable housing markets in all of Canada.
Average Home Prices in Regina.
| Date | Home Prices |
|---|---|
| 01/14 | $345,238 |
| 03/14 | $324,951 |
| 05/14 | $307,387 |
| 07/14 | $324,368 |
| 09/14 | $315,925 |
| 11/14 | $306,266 |
| 01/15 | $302,946 |
| 03/15 | $300,524 |
| 05/15 | $311,171 |
| 07/15 | $308,912 |
| 09/15 | $304,725 |
| 11/15 | $316,490 |
| 01/16 | $317,283 |
| 03/16 | $312,189 |
| 05/16 | $330,000 |
| 07/16 | $310,000 |
| 09/16 | $315,000 |
Buyers in search of a new build this year are benefitting from very consistent pricing from month to month and neighbourhood to neighbourhood. New single-detached homes in Regina currently average just over $500,000, according to the CMHC.
New Home Prices in Regina, Single-Detached
| Year | Price |
|---|---|
| 2011 | $457,947 |
| 2012 | $462,023 |
| 2013 | $491,292 |
| 2014 | $514,165 |
| 2015 | $509,000 |
| 2016 | $514,000 |
About Regina.
Regina serves as the cultural and economic hub of the province. With nearly 200,000 residents, it’s home to a diverse population consisting of German, English, Scottish, and Aboriginal communities.
Abundant oil and gas jobs combined with low interest rates have been a boon to Regina's economic prospects, and the city currently enjoys one of the lowest unemployment rates of any major Canadian city, at less than 4%.
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