Royal LePage is forecasting for Regina House prices There will be a slight decline next year.
according to real estate According to the company’s latest forecast, the total price of a home in the fourth quarter of 2023 is projected to decline 1.5 percent year-over-year to $361,495.
This is a slightly higher decrease than the nationally estimated decrease of 1.0 percent.
“Many homebuyers are adjusting to the new realities of higher mortgage rates, and have reduced their purchase budget as a result. “Whatever prices we see next year, Royal Lepage Regina Realty broker and owner Mike Dagleby said in a press release. The appreciation we see will be in the condominium segment and the lower end of the market, as some buyers have been priced out of the single-family segment.” .
“Activity has certainly slowed down compared to the historic highs seen during the peak of the pandemic. I expect we’ll see a return to the normal seasonal slump in the winter months before rising again in the spring, although it won’t be as vibrant as we’ve seen in the past two years.
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The median price of a single-family detached property is expected to decline 2.0 percent to $389,648.
However, condo owners may get some appreciation. The median price of a condominium is projected to rise 1.0 percent to $221,796.
Royal LePage is also predicting that the national average rate of foreclosures being seen in Regina will continue into next year.
“Sellers are going to be under pressure to sell their properties. So prices are going to come down, which one would think would favor the buyer,” Dagleby added in an interview with Global News.
Dagleby says the low-priced homes will likely be purchased by investors as rental properties.
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