Regina Real Estate Market Update August 2023

Regina real estate reported 359 sales in August, a year-over year increase of nearly 6% and 22% above longer term, 10-year trends. An increase in total sales during August were met with a pullback in new listings, resulting in further inventory declines and the months of supply dropping below three months. Despite tighter market conditions, the benchmark price in Regina decreased. Regina reported a benchmark price of $313,100 in August, down from $319,200 in July and $318,700 in June. The benchmark price of Regina real estate is down 3.2% year over year.


Total Sales: 359
New Listings: 455
Total Inventory: 1,002
Months of Supply: 2.79
DOM (Days on Market): 43
Benchmark Price: $313,100
Percentage of new listings to sales: 79%
Ask to Sale Price Ratio: 97.2%


The CEO of the Saskatchewan Realtors Association reported a record-high 1,631 sales in August, a year-over-year increase of 11 per cent and nearly 25 per cent above long-term, 10-year averages.

Strong August sales were met with a pullback in new listings, contributing to a decrease in inventory levels for the month. As seen in prior months, the inventory decline was largely driven by homes priced below $400,000, as the more affordable segment of the market remains highly competitive.

“Saskatchewan is once again reporting strong sales despite ongoing inventory challenges, inflationary pressures, and higher lending rates. Higher interest rates are pushing more purchasers to seek out more affordable options in the market, and, as a result, we continue to experience significant supply challenges in the lower price ranges of our market. These persistent supply challenges are likely preventing even stronger sales activity in August.”

Record sales and low inventories caused the provincial months of supply to drop below four months – below three months in Regina and below two in Saskatoon – reflecting the tightest market conditions seen heading into September since 2007. Despite tighter market conditions, Saskatchewan’s benchmark price eased slightly in August, primarily due to declines in the more expensive detached and semi-detached markets. Notwithstanding price adjustments following months of steady growth, prices remain comparable to levels reported last year.

“Our province continues to benefit from its affordability advantage, record population growth, and gains in international migration. Unfortunately, when housing supply fails to meet the increased demand, as seen in other jurisdictions across the country, inventory challenges become a real concern, and affordability can be eroded,” said Guérette. “We continue to keep a very close eye on inventory levels, specifically in the more affordable segment of our market.”

Are you looking to buy, sell, or invest in the local Regina real estate market? Our team is here to guide you every step of the way. Contact us today by filling out our online contact form or call 306-552-7047 for a personalized consultation and let us help you achieve your real estate goals.

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