Real Estate Advice for Home Buyers ? Regina Leader ...

Q. What is happening in Regina???s real estate market today?

A. I would characterize Regina???s real estate market as very active. There is strong demand across most price ranges and good houses that are priced properly sell quickly. On the other hand buyers are still finding a reasonable selection of decent properties, so I would say that overall the market is meeting the needs of both buyers and sellers.

Q. What is Regina???s real estate market like compared to the rest of Canada?

A. One thing I learned as President of the Canadian Real Estate Association is that each market in the country is unique. While it is somewhat difficult to compare Regina with the rest of Canada without measuring it against individual locations, generally I can say that Regina is probably still one of the best markets to be either buying or selling in currently. For sellers there is adequate demand that homes are selling and at moderately increasing prices while for buyers there is sufficient supply to satisfy their needs. The strong local economy does make this one of the better markets in the country, but fortunately we are not experiencing the lunacy of price increases like in Vancouver and parts of Toronto.

Q. How does Regina???s real estate market future look?

A. I think Regina???s real estate future looks very good. The extremely strong economy of the province and the city continually increases demand for housing as more people relocate here for work. And I don???t see that diminishing anytime soon. With global demand for all of the commodities that Saskatchewan is rich in, the province will continue to provide jobs for more people than we have. As people migrate here for those jobs there will be demand for accommodations and so I foresee a strong real estate future for the city.

Q. Is there an increased demand for condominiums in Regina?

A. Yes! Demand for condos in Regina has been strong and strengthening for about 20 years and will continue well into the future for several reasons. First of all we have the aging baby boomers who are looking for condominium living in their retirement and as more of those people come into the market they will be increasing demand. Secondly, we see a huge increase in the numbers of younger people who are purchasing condos and this is happening again for several reasons. One is simply a lifestyle choice. Younger people are either staying single longer or delaying having children and are busy with careers so a condo dovetails perfectly with that type of life. Also, as real estate prices increase, condos provide an affordable entry level alternative to younger buyers.

We also see investors purchasing condos because the rental market is so strong that they are experiencing attractive returns. Condos are also easier to manage than other revenue properties since the condo association looks after a good portion of the maintenance. Finally, condos are environmentally friendlier than single family homes. You know we hear a lot about the carbon footprint of residential sprawl and that cities must become denser to be more efficient. Because of the reduced land use of condominiums they help municipalities meet the needs of residents with limited land use.

In any case, condos are and will continue to be a very important part of Regina???s real estate market and demand for them will continue to grow. I would say that right now all types of property are in demand in Regina. Because the market is so strong there are buyers looking for everything. Will that change? Possibly, but again I don???t see much decrease in demand for the next few years.

Article source: http://www.leaderpost.com/business/Real+Estate+Advice+Home+Buyers/5370937/story.html

Source: http://torontorealestatemarket.net/real-estate-advice-for-home-buyers-regina-leader/

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