Regina’s economy grew by more than 5% in 2011. This is largely attributed to the capital investment in industry, infrastructure and in housing.
Regina recorded $547 million in building permits in 2011.
The Leader Post reported that figures released by the Canadian Real Estate Association show that the number of home sales in Regina increased 21% in the past year; the highest increase among nine major Canadian cities. Home sale prices in some areas of Regina rose 8.9%, the highest among major cities, including Vancouver, Calgary, Edmonton, and Toronto. This being said, Regina is still one of the most affordable cities to live with an average price of $273,919, well below the national average price of $360,000.
In 2011, housing starts in Regina were the highest since the 1980s with an increase of 26% over the previous year. Total housing starts of 1,694 included 736 multi-family dwellings and 958 single detached homes.
Saskatchewan’s expanding economy and labour market continues to attract large numbers of migrants. Close to 4,900 people moved to Saskatchewan in the first half of 2011. Considering the increase in population and booming economy, Regina’s unemployment rate of 3.8% was the lowest in the country.