Clients info@timotitoju.com 306.591.6524

Market Report April 2022

Market Report April 2022

Posted: Thursday May 5, 2022

APRIL SALES LOW BUT PRICES REACH RECORD HIGHS DUE TO LOW SUPPLY

With 1,547 sales this month, activity slowed compared to the record high set last April. Despite the slower sales seen in the first four months of this year, it is noteworthy that those 4,873 sales are 30 per cent higher than longer term trends.

“While rising lending rates are likely contributing to some of the pullback in sales, another challenge limiting sales has been the drop in supply choice, especially in the larger markets of the province,” said SRA CEO, Chris Guérette.

New listings in April were 18 per cent lower than last year’s levels and inventories remained 20 per cent lower than last April and over 30 per cent below long-term trends. Lower levels of sales and lower inventory levels prevented any notable change in the months of supply, which remained below four months.

“The months of supply number is an important gage of supply and demand balance in the market and current levels are far lower than what we would expect to see in the market at this time of year. While conditions have been tighter historically, we have not seen market conditions like this for over a decade and it is resulting in further price growth,” said Guérette.

Residential benchmark prices rose to $295,000 in April, two per cent higher than last month and a four per cent gain over last year. Prices have trended up over the past two years and as of this month have reached a new monthly record high for the province.

“Consumers purchasing budgets are shrinking, and the Bank of Canada rate increase has pushed up the mortgage stress test’s qualifying rate. That is going to remove strained buyers from the market, and it’s going to reduce the size of mortgage those who still qualify can get,” said Guérette. “While Saskatchewan still offers some of the most affordable housing in the country, affordability will continue to deteriorate and could lead to a slow-down of the market, despite the many initiatives included in the recent federal budget.”

City of Regina 

New listings trended up relative to levels recovered over the past several months, helping support some monthly gains in sales activity. However, both sales and new listings continue to remain lower than the levels reported last year both for the month of April and year-to-date figures. Despite some reductions in sales activity, levels this year are still 37 per cent higher than the long-term average and are more consistent with activity seen prior to 2013.

While new listings have remained consistent with levels traditionally seen in the market, the stronger sales have started to weigh on overall inventory levels. Inventory levels are higher than levels recorded in the market over the past four months, with 1,060 units available in April, inventories are 13 per cent below long-term trends. The stronger sales combined with the current inventory levels has caused the months of supply to stay below three months for the second month in a row. This is exceptional as it has not happened in the Regina market since 2012.

The tighter market conditions are placing upward pressure on prices. As of April, the benchmark price rose to $271,100 reflecting a year over year gain of four per cent. While prices have yet to recover from previous highs, should conditions remain this tight we could continue to see the price gap narrow.

The strong sales compared to inventory levels did cause the months of supply to fall below three months, the first time it has done that since October 2012. While the tighter conditions have had some impact on prices in the market, if the market still is this tight, we could see added pressure on home prices in the coming months.

In March, the benchmark price rose to $264,000, nearly two per cent higher than last year and one per cent higher than last month.  The growth in prices helped narrow the spread from the earlier high, but prices continue to remain nearly 13 per cent below the monthly high recorded back in June 2012.

Click here to start your home ownership journey with a free home evaluation: https://bit.ly/3LRdOZw 


Regina Real Estate Blog

Interested in Buying a new home or Selling your existing property? Not sure where to start? Below you'll find articles tailored to give you a hand with many different tasks involved in the process.

TO DIY OR NOT TO DIY – DOES DO-IT-YOURSELF PAY?
Market Report April 2022
7 EXTERIOR COLOR COMBINATIONS FOR INVITING CURB APPEAL
Market Report March 2022
A GUIDE TO SURVIVING THAT KITCHEN RENOVATION
Market Report February 2022
4 THINGS YOU SHOULD KNOW ABOUT CREDIT REPORTS
Market Report January 2022
5 COMMON MISTAKES FIRST TIME INVESTORS MAKE
December Market Report
5 EASY WAYS TO FALL IN LOVE WITH YOUR HOME ALL OVER AGAIN
MAINTENANCE TIPS FOR A WOOD DECK
3 HOME IMPROVEMENT JOBS YOU SHOULD CONSIDER HIRING FOR
EVERYTHING YOU NEED TO KNOW ABOUT LOAD BEARING WALLS
WHY IS INVESTING IN SENIOR HOUSING A GOOD IDEA?
November Market Report
7 MONEY-SAVING HACKS YOU SHOULD KNOW FOR YOUR HOUSEHOLD
HOW TO MAKE A SMALL BATHROOM FEEL BIGGER
DESIGN TRENDS TO WATCH
3 WAYS TO TRANSFORM YOUR PLACE WITH JUST A COAT OF PAINT
HOME FLOORING & MONEY SAVING TIPS
5 WAYS TO BECOME RESPONSIBLE HOMEOWNERS
HOW TO AFFORD TO BUY YOUR FIRST HOME
WHAT YOU SHOULD THINK ABOUT WHEN RENTING AN APARTMENT
4 TIPS FOR SELECTING THE RIGHT PAINT COLOR FOR ANY ROOM
TIPS TO PLAN AND DESIGN YOUR SCREEN PORCH
5 HOME IMPROVEMENTS WITH THE BIGGEST RETURN ON INVESTMENT
5 THINGS TO DO THIS YEAR IF YOUR GOAL IS TO BUY A HOME
HOW TO CREATE A CHILD-FRIENDLY KITCHEN
3 MISTAKES TO AVOID WHEN HIRING A HOUSE PAINTER
CLEVER CLOSET SOLUTIONS FOR RENTERS
7 ORGANIZATION FOR A BETTER HOME OFFICE EXPERIENCE
EMPTY NESTER? WHY IT MAKES MORE SENSE TO MOVE RATHER THAN RENOVATE
EVERYTHING YOU NEED TO KNOW ABOUT FLOOD INSURANCE AND WHETHER YOU NEED IT OR NOT
CREATE YOUR HOME(WORK) STATION
DECORATING IDEAS FOR APARTMENT LIVING ROOMS
5 BASIC THINGS EVERY REAL ESTATE INVESTOR SHOULD KNOW
HOW TO PREPARE FOR RENTING YOUR FIRST APARTMENT
THE AVERAGE COST OF ADDING A KITCHENETTE
REDECORATING YOUR KITCHEN? HERE ARE A FEW IDEAS
KEEP YOUR PLACE IN PERFECT SHAPE WHILE YOU’RE AWAY
3 TIPS FOR MAKING YOUR HOME APPEAR PET-FREE WHEN TRYING TO SELL IT
HOW TO INCREASE YOUR HOME’S VALUE WITH WATERPROOFING
6 IDEAS FOR ORGANIZING YOUR CLOSET
TOP 6 FEATURES OF A PROFITABLE RENTAL PROPERTY
5 BASIC IDEAS OF MODERN HOME DECOR
HOW LONG YOU SHOULD LIVE IN YOUR HOME BEFORE SELLING IT?
4 TIPS ON HOW YOU CAN SELL YOUR HOME FAST
7 STUNNING WAYS TO DECORATE YOUR LIVING ROOM
4 THINGS TO AVOID WHEN SELLING YOUR HOME
6 TIPS FOR BUYING YOUR FIRST RENTAL PROPERTY
RENT OR BUY A HOME? THE BEST OPTION FOR YOU
7 HELPFUL USES FOR LAUNDRY DETERGENT
6 ROOM DECORATION IDEAS FOR YOUR HOME
5 BATHROOM PAINT COLOR TRENDS
HOW TO GET THE MOST FOR YOUR MONEY IN A SELLER’S MARKET
HOW TO KEEP CLEAN AND SAFE RENTAL PROPERTIES
7 INTERIOR TRENDING DECOR IDEAS
5 TOP REAL ESTATE NEGOTIATION STRATEGIES
January Market Report
BUYING A BATHTUB? HERE’S EVERYTHING YOU NEED TO KNOW
Avoiding Moisture Problems in the Home
Create More Space in your Kitchen
Balancing the Emotional and Practical Sides of Buying a Home
4 REASONS TO GET INTO REAL ESTATE AND STAY IN IT
HOW TO GET BUILT-IN SHELVES ON A BUDGET
October Market update
June 2020 Market Update
How to Quickly Improve Indoor Air Quality
Conversation with Jenna McKay
Estimating Your Selling Costs
April 2020 Market Update
Healthy Lighting for Your Home
Surviving COVID
Real Estate Chat with Kyle Kerr
Morning Chat with Melissa McCullough
Regina and area March 2020 Market Update
WHAT TO REPAIR BEFORE YOU LIST
First Time Home Buyer Tax Credit
Pricing your home
Making “Neighbourhood Targeting” Work for You
Lets Talk Tuesday
January 2019 Market Update
Should You Move or Renovate?
Light Your Way to a Faster Sale
4 Ways to Make the Home Hunting Process Easier
Tips for Selling Your Home In a Slower Market
3031 Fuller Place, East Regina
7 Emerald Vista, White City Sk
4427 Wolf Willow Place
Home Tour: 2169 McTavish Street, Regina SK
8 Mistakes to Avoid When Buying a Home
Second Time's a Charm
Buy or Sell First?
Tips for Showing your Home