Less people are interested in getting homes in Regina due to a lack of knowledge about Saskatchewan and the region in general, but this situation has helped ensure the market’s sustained affordability levels.
A recent survey by Australian-based financial planning website Finder.com has found that Regina is “the least attractive” Canadian city – a perception that has been fuelled by the city’s reticence compared to its more bombastic counterparts like Toronto, Vancouver, and Montreal.
“We’re a pretty humble community. What we do a poor job of is actually telling our stories and all the great quality of life we have here, the great entrepreneurial ecosystems we have here,” Economic Development Regina CEO John Lee told Global News.
“Studies like this remind us that we must do a much better job of telling our stories.”
What Regina brings to the table is a highly stable economy supported by diversity, particularly in its strong energy, manufacturing, information technology, and public service sectors.
A major benefit of Regina’s relatively discreet profile is a welcoming environment characterized by much cheaper costs of living compared to other metropolitan centres.
“Your housing costs are relatively cheaper and you have more family, disposable income to spend on quality of life and other activities,” Lee said.
The latest Royal LePage House Price Survey indicated that Regina’s aggregate housing price shrunk by 3.5% year-over-year during Q2 2019, reaching $321,122.
The aggregate value of two-storey homes saw the largest decline, with still a relatively minute 4.2% annual drop to $388,981. Meanwhile, bungalows fell by 3.5% to $293,631, and condos ticked up by 1% year-over-year to $227,542.
Royal LePage predicted that by the end of this year, Regina’s aggregate home price over the whole of 2019 will decline by 4.9% annually.