Regina real estate predictions for 2024 are beginning to surge, as they do at the end of every calendar year. There are theories that real estate in Regina will remain somewhat balanced, theories that prices will drop 10%, that prices will increase slightly. I am here to give you my take on some Regina Real estate predictions for 2024 and I hope to provide some additional information provided by reputable sources. It’s important to remember that our little city, Regina Saskatchewan, follows very different trends than that of the “national” markets and that Regina almost never sees market changes happen instantly or dramatically.
The Canadian housing market is expected to display a mix of trends and challenges in 2024. According to the Canadian Real Estate Association (CREA), national home sales are projected to rise by 13.9 percent to 561,090 units in 2024, with the national average home price expected to increase by 4.7 percent to $702,200. However, there are contrasting views, with some forecasts indicating that home prices could grow only 0.5% next year, and others warning that prices could drop by as much as 10 percent on average in early 2024. This uncertainty is influenced by factors such as housing supply issues, interest rates, and the overall economic climate.
According to Re/Max’s 2024 Housing Outlook, The average price of a home in Regina, Saskatchewan is expected to decrease 2% to $301,070.
Regina Real Estate- Deemed Second Most Affordable City in Canada
Regina, Saskatchewan, has been recognized as the second most affordable city in Canada for first-time homeowners, according to a study conducted by real estate firm Edmonton Homes. The research compared and ranked the 25 most populated cities in Canada, with only St. John’s, N.L. being ranked higher than Regina. The study assessed the percentage of average annual income spent on house prices, property tax, and electricity bills. Regina received a score of 58.8 in the study, with the average price of a home in the city being $284,334. The report found that just over two percent of the city's $106,340 median salary is spent on electricity bills, while the wage equals 37.4 percent of the average house price.
Potential stressors for the Regina Real Estate and the Canadian Real Estate market in 2024 include high interest rates, tighter lending policies, and stress tests that have impacted the spending power of many Canadians. Additionally, the lack of inventory in most major cities will continue to put stress on home buyers. PwC Canada's "Emerging Trends in Real Estate 2024" report highlights the challenges faced by the real estate sector, including high interest rates, capital scarcity, and uncertainty about valuations, which are putting a damper on deals activity.
Is it a good time to buy a home in Regina, Saskatchewan?
From my perspective, as a local Regina Realtor, the answer is yes. But there is a caveat. Determining if it's a good time to buy a home in Regina always involves other factors, like how much you are paying in rent and if your rent is being increased significantly, current job stability, your overall income and whether or not you can afford the rest of the costs related to home ownership
From the perspective of home prices and interest rates, assuming that inflation will continue to be a positive influence on housing prices, yes it is a good time to buy a home. As far as rates, they change and fluctuate and buying into a home at a mortgage payment that you are comfortable with is a key factor.
In conclusion, the 2024 Regina Real Estate and Canadian housing market is poised to navigate through a complex interplay of factors, including demand, supply, and economic conditions. While the overall outlook suggests a potential resurgence in some regions, it's essential for homeowners, buyers, and investors to stay informed, monitor local market dynamics, and seek professional guidance to make well-informed decisions in the ever-evolving real estate landscape.
Stay informed, stay proactive, and make informed decisions to thrive in the evolving real estate landscape. For more personalized guidance on navigating the Regina real estate market in 2024, fill out the online contact form or call at 306-552-7047.
Kelsey Smith Is Regina’s Choice
Choosing the right Realtor® is key to ensure a positive and successful real estate transaction. Kelsey Smith promises to deliver the education and time necessary to buy or sell your Regina home. Call 1-306-552-7047 and rest easy knowing you have made the right choice.