My summary – even though the above title is true, sellers aren’t budging much when it comes to price.
Listings in Regina reached a record high for October with 1,444 homes for sale.
Sales numbers in and around the city dropped to their lowest level since 2008.
Average time to sell was 61 days which is the longest average listing to sale time in the last decade. The average sale price for October dropped by 1%.
Causes are overbuilding and lack of pressure on both buyers and sellers.
Diversified economy means people still have jobs and thusly sellers don’t feel pressured to sell at lower prices. Sluggish provincial economy causes buyer uncertainty. Buyers feel that prices might soon decrease. Regina has not seen big changes in prices as in other major cities.
Mortgage rules are tighter which reduces buying power.
The complete article is here.