The economy, job growth and the increase we’ve seen in population are all contributing to a healthy real estate market.
In Regina and area, residential home sales in May and June surpassed the 400 mark for the first time since July 2009. According to the Association of Regina REALTORS® Inc., it’s considered a good month if we get over 350 home sales, so back-to-back 400 plus sales is very good.
June’s average price of $285,613 set a new high for the month. There has also been a shift this year into higher-value homes (over $300,000) being sold.
Regina home builders are also seeing an increase in new construction with an 18% increase in the number of housing starts from a year ago. From the 113 poured foundations, 89 were for single detached homes which is an increase of 44% from June 2010. There were 24 multi-family starts compared to 34 units a year ago.
In the first six months of 2011, urban housing starts were up 38% in Saskatchewan, the largest percentage rate increase in Canada.