Clients info@timotitoju.com 306.591.6524

Market Report - January 2023

Market Report - January 2023

Posted: Wednesday February 8, 2023

SASKATCHEWAN REMAINS RESILIENT, SUPPLY LEVELS A MAJOR CONCERN

Pullbacks in both the attached and detached sectors resulted in 631 sales being recorded across the province in January, a year-over-year decline of nearly 16 per cent. While January sales are lower than the activity reported over the past two years, sales remain consistent with pre-pandemic levels.

Despite gains in new listings, January inventory levels were at their lowest levels reported in over a decade. While inventories did improve in homes priced above $300,000, it had little impact on the low inventory situation that continues to be experienced across the province.

“Rising lending rates paired with ongoing inflationary pressures are impacting what individuals can afford, and our market has struggled to see improvements in supply levels in lower-priced homes,” said Saskatchewan REALTORS® Association CEO Chris Guérette. “Prospective buyers impacted by rate hikes are also faced with less choice in the more affordable segment of our market. Without question, these factors are contributing to a pullback in sales activity.”

Following two consecutive years of price growth, the total residential benchmark price remained relatively stable in January. However, apartment condominiums reported further gains in benchmark prices due to rising demand, relative to supply, in apartment-style products.

“As our market continues to return to pre-pandemic sales levels, it’s important to remember that we typically see fewer transactions occur in January,” said Guérette. “As higher commodity prices and a strong agricultural sector continue to support our economy, Saskatchewan remains resilient and well-positioned for stable demand in home ownership.”

City of Regina

 Regina reported 134 sales in January, slightly below long-term trends for the month. The dip in sales can be attributed to declines in detached activity and ongoing supply issues. With less than 300 new listings this month, January levels are at their lowest level since 2010. Additionally, the pullback in new listings ensured that inventory levels remained well below long-term averages, with much of the inventory decline being driven by homes priced below $300,000.

Regina reported a benchmark price of $312,200 in January, down one per cent compared to January 2022 and above the $291,300 reported in January 2021.


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.

How To Make a Trendier Gray Kitchen
Market Update - January 2024
6 Ways To Get Great Furniture For A Great Price
Market Report - December 2023
How to Find Cheap or Free Kitchen Cabinets
Market Report - November 2023
How To Make Windows More Energy Efficient
Market Report - October 2023
6 ways to upgrade your home's style
Market Report - September 2023
Pet Friendly Flooring Options for Your Home
Market Report - August 2023
5 Things beginners should consider when investing in rental properties
Market Report - July 2023
Add Curb Appeal With Colour
Market Report - June 2023
5 Ways To Refresh Your Space
Market Report - May 2023
Underground vs Aboveground Pools. Which One Should You Get?
Market Report - April 2023
Remodel Projects That Add The Most Value To A House
Market Report - March 2023
5 Ideas On How To Remodel Your Kitchen
Market Report - February 2023
Costs First-Time Home Buyers Should Expect
Market Report - January 2023
6 Qualities of Successful Real Estate Investors
Market Report - December 2022
5 Mistakes To Watch Out For When Flipping A Home
Market Report November 2022
WALL TYPES AND MEASUREMENTS BEFORE YOU START RENOVATING
Market Report October 2022
HOW TO CLEAN YOUR COUCH
Market Report September 2022
6 TIPS TO CONVERT YOUR HOME TO A RENTAL PROPERTY
Market Report - August 2022
5 KEY THINGS TO KNOW BEFORE YOU BEGIN THAT KITCHEN RENOVATION
Market Report - July 2022
EASY STEPS TO CREATE YOUR OWN SPA RETREAT
Market Report June 2022
DO’S AND DON’TS WHEN MOVING WITH PETS
Market Report May 2022
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