Regina will see the fastest home price increase this year among Western Canadian cities, outpacing even Vancouver, the most expensive market in the country, according to an outlier forecast from Royal LePage.
“From entry-level homes to the luxury segment, Regina’s real estate market awakened in June and is very active,” said Mike Duggleby, managing partner, Royal LePage Regina Realty. “We are seeing multiple offers and appropriately priced homes can sell within a week.”
In its national forecast released July 10, Royal LePage stated that the median home price in Regina would increase 1 per cent by year-end. This compares to a 0.5 per cent increase in Vancouver in the same period. Average home prices will decline 1 per cent in Edmonton, fall 1.5 per cent in Calgary and see no change in Winnipeg this year, the agency forecast.
The price comparison between Vancouver prices and Regina is stark, however.
In Regina, the current median price of a standard two-storey home is $402,716 while the median price of a bungalow is $289,307. The median price of a condominium is $194,936.
In the City of Vancouver, the median price of a two-story home is up 7.6 per cent year-over-year to $2.08 million. The median price of a bungalow is $1.43 million, while the median condominium price is $738,128, based on second-quarter data, the agency said.
“The Greater Vancouver real estate market is continuing its recovery that began in 2019. While the pandemic caused a significant disruption in early spring sales, continued low inventory has maintained prices,” said Randy Ryalls, general manager, Royal LePage Sterling Realty.
“Stronger price appreciation for two-storey homes compared to condominiums reflects buyers' preference for larger properties and less shared areas, a trend that has evolved as a result of the pandemic,” said Ryalls. “This has opened up excellent opportunities for those seeking city-centre condos.”
Royal LePage is forecasting that the composite price of a home in Greater Vancouver will increase modestly by 0.5 per cent in the fourth quarter of 2020 compared to the same quarter last year. The composite price of a home in Regina will increase 1 per cent in the same period, the agency said,
The Royal LePage National House Price Composite is compiled from proprietary property data in 64 of the nation’s largest real estate markets.
Based on second-quarter performance, the median price of a two-storey home in Canada rose 8 per cent year-over-year to $794,392, while the median price of a bungalow increased 3.9 per cent to $550,289. The median price of a condominium increased 5.3 per cent year-over-year to $503,983.
Royal LePage said national composite home prices are expected to end 2020 up 2.3 per cent in the fourth quarter compared to the same period in 2019.