Is it a good time for first-time home buyers in Regina?

Regina is one of the most affordable cities in Canada to own a home. The City of Regina's July 2026 Growth Monitoring Report, drawing on RBC's housing affordability research, ranked Regina the most affordable Canadian city for all home types, with homeownership costs taking about 26% of household income.

Affordable does not mean easy. In August 2026 the Regina benchmark price was $348,900, up 3% year over year, and the city had only about 1.7 months of supply on the market. That is still a seller's market. Across Saskatchewan, inventory is more than 40% below what the Saskatchewan REALTORS® Association would normally expect. Good starter homes can move quickly, so first-time buyers who are prepared have the advantage.

What interest rates mean for your first home

The Bank of Canada held its policy rate at 2.25% on September 2, 2026, and its next announcement is scheduled for October 28. The policy rate moves variable mortgage rates directly and influences fixed rates, which also follow the bond market. Rates are hard to predict, so the practical step is the same in any rate environment: get a pre-approval from a mortgage broker or lender. You will know your real budget, and most lenders will hold your rate for a period while you shop.

How much down payment do you need in Regina?

In Canada, the minimum down payment is 5% of the first $500,000 of the purchase price and 10% of the portion between $500,000 and $1.5 million. On a home at Regina's August benchmark of $348,900, that works out to about $17,445. With less than 20% down you will pay mortgage default insurance, which is added to your mortgage. Set aside money for closing costs too, including legal fees, the home inspection and property tax adjustments.

Kelsey's number one piece of advice: start with a starter home

"Your first home should not look like your parents' last home. Your first home should be significantly crappier than the house you grew up in."

Kelsey Smith, Regina REALTOR®

A lot of buyers don't want to start there, Kelsey says, but that is how you get into the market. A starter home is how you build equity and how you learn to maintain a house. "It's that first house that gets you into the second and the third," she explains. "It gets you closer to the house that you grew up in."

In practice, that means putting price, location and good bones ahead of finishes. A dated kitchen can be updated later. Holding out for a perfect house can keep you renting while prices keep moving.

How Kelsey helps first-time home buyers in Regina, step by step

This is the process Kelsey follows with first-time buyers, from the first conversation to the day you get your keys.

1. Meet in the office. You walk through the whole home buying process: where the mortgage broker comes in, where the home inspector and the real estate lawyer come in, what your realtor's role is, how you will look at houses and how offers are written.
2. Get your pre-approval. Some buyers arrive with a pre-approval and their numbers set. If you don't have one, it is your next step. Once you know your purchase price range, the search begins.
3. Look at homes. You view homes that fit your approved budget and your must-haves.
4. Offer and negotiation. Kelsey writes your offer and negotiates on your behalf.
5. Home inspection. A professional inspector reviews the home so you understand its condition before you commit.
6. Remove conditions. You confirm you are happy with the house as you offered on it and with what you are paying for it.
7. Meet the lawyer. Your real estate lawyer prepares the paperwork and you sign.
8. Possession day. You get the keys to your first home.

"My job primarily is to support you, to help you, give you information that helps you make the best decision for yourself. I don't really care what the house looks like necessarily. It matters to me that you're comfortable with it and you understand what you're buying."

Kelsey Smith, Regina REALTOR®

First-time home buyer programs in Saskatchewan

Eligibility rules change, so confirm the details with your mortgage broker and your accountant before you count on any program.

How to choose the best realtor in Regina for your first home

For a first-time buyer, the best realtor in Regina is the one who explains the process before you see a single house and who cares more about your comfort than the size of the sale. Look for a realtor who:

• Starts with a planning meeting, not a showing.
• Explains how the mortgage broker, home inspector and lawyer fit into your purchase.
• Knows Regina neighbourhoods and what starter homes sell for in each one.
• Writes strong offers and negotiates well when supply is tight.
• Gives you honest information, even when that means passing on a house.

Learn more on our First-Time Home Buyers in Regina page, read about buying a home in Regina or browse current Regina listings.

Frequently asked questions

Sources: Saskatchewan REALTORS® Association, August 2026; Bank of Canada, September 2, 2026; City of Regina Growth Monitoring Report via 620 CKRM; Canada Revenue Agency, FHSA; CRA, first-time home buyers' GST rebate; Department of Finance Canada; Government of Saskatchewan.