The COVID-19 pandemic has had a significant impact on the world economic climate, featuring the actual real estate market. The city of Regina, Saskatchewan is no exemption to this fad. In this post, we will certainly analyze how COVID-19 has impacted the Regina genuine real estate market.

The Most Complete Run-Down of COVID-19 on the Regina true property market was a decline in housing purchases. According to data from the Regina and Area Association of Realtors (RAAR), home sales fell by 6% in March 2020 contrasted to March 2019. This decline proceeded into April and May, with sales down through 51% and 39% respectively year-over-year.

One factor for this reduce in sales is related to social distancing measures that were placed in location during the pandemic. A lot of prospective purchasers were incapable or averse to administer in-person viewings of homes during this opportunity, leading to a reduction in need.


Having said that, despite the decline in demand for residences, prices have stayed fairly steady. The average purchase price for a house in Regina was $308,520 in May 2020 – only somewhat reduced than the $312,385 common rate coming from May 2019.

This stability can be connected to a number of elements. To begin with, there was actually presently a deficiency of economical real estate choices in Regina prior to the pandemic. This implied that also with decreased demand for residences, there were actually still several shoppers appearing for cost effective residential properties. Additionally, many residents who may have been considering selling their residences might have delayed listing due to financial anxiety caused by the pandemic – which led to less residences on the market and aided keep prices.

One more aspect that has added to stability is low-interest costs on mortgage loans supplied by banking companies and other economic companies. These lower rates have produced it easier for those who are still fascinated in acquiring a house in the course of these uncertain opportunities.

Together with changes related to getting and offering residential properties themselves are change observed amongst locals themselves; as individuals adapt brand-new job from home policies and social distancing step, several have located themselves reviewing where they really want to live. There has been an increase in demand for bigger residential properties with additional exterior area, specifically in places outside the area facility.

This style has led to an rise in requirement for condos and townhouses – which give more economical options for those appearing to improve their living condition while still being near to the features of city lifestyle. Depending on to RAAR record, condo unit purchases boosted through 24% year-over-year in May 2020.

One possible concern moving forward is the impact of COVID-19 on rental residential or commercial properties. As unemployment costs increase due to the pandemic, some renters might struggle to pay for rental payment – which could lead to a decrease in requirement for rental residential properties.


This decline could possibly lead landlords who own rental residential properties battling as properly, as they make an effort to always keep up with mortgage loan remittances and other expenses affiliated with maintaining their devices.

In conclusion, COVID-19 has possessed a notable impact on the Regina actual real estate market. While there has been a decline in casing purchases due to social proximity measures and financial anxiety triggered by the pandemic, costs have stayed relatively steady due to a shortage of inventory and low-interest rates on home mortgages.

Relocating ahead, it will certainly be exciting to observe how adjustments brought concerning by COVID-19 proceed to influence getting designs within Regina's true estate market.