Regina Saskatchewan | Housing Market Outlook Fall 2013

The Canadian Mortgage and Housing Corporation (CMHC) provides a quarterly report for each major city in Canada dealing with the housing market outlook. Here is a copy of that report for Regina Saskatchewan and some highlights that I think are important.

New Construction

With developments like Harbour Landing and the several new areas in East Regina, it seems that new construction is at a record high, and it is, however according to the report don't expect that trend to continue...

"In face of rising inventories, single-detached housing starts are forecast to decline 15% [in Regina]"

CTV News reported: Sask. housing market to cool slightly in 2013: CMHC

Existing Home Market

Maybe its just our love for small talk, but when people in Regina aren't talking about the weather, we are talking about housing, especially where the market is going. Well, according to the report, we can expect to see..

"Regina's resale market is forecast to moderate in 2013 after reaching its peak in the summer of 2012."

The report goes on to say... "Despite support from a strong labour market and low mortgage rates, demand for existing homes has moderated in 2013 due to lower net migration, continued price gain, and higher monthly carrying costs."

Other sections in the report include rental vacancy rate (which is expected to hit 1.7% up from 1.0% in 2012) and mortgage rate forecast.

Housing Market Outlook

Here is a copy of the report, there is a lot of great information here, CMHC does a great job of making housing stats digestible.

Canadian Housing Market Outlook

Although real estate and housing trends are very local, there is value looking at the trends and forecast for the entire country. This report does a great job of providing a general national overview while breaking down each province individually with a provincial housing market outlook. Take a look, let us know what you think by leaving your thoughts in the comments section.

Of` course if you are looking to purchase a property in Regina and want to talk to someone about what the market looks like, feel free to contact me anytime, I would love to grab a coffee with you!