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Basil Pappas

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Archive for September 3rd, 2016

Analysis of the Regina Condo Market

Saturday, September 3rd, 2016

I’ve put together some numbers on the Regina Condominium market – specifically townhouses and apartments. Based on the MLS® Home Price Index (Townhouse & Apartment benchmarks) the following is how our Regina real estate market has shaped up in the past 4 years (from July 2012 through July 2016):

Overall
Townhouse: down 7.82%… 1.96% per year
Apartment: down 15.91%… 3.98% per year

Area R1
Townhouse: down 11.93%… 2.98% per year
Apartment: down 11.40%… 2.85% per year

Area R2
Townhouse: up 5.36%… 1.24% per year
Apartment: down 18.28%… 4.57% per year

Area R3
Townhouse: insufficient data
Apartment: down 12.95%… 3.15% per year

Area R4
Townhouse: down 10.23%… 2.56% per year
Apartment: down 17.58%… 4.39% per year

Area R5
Townhouse: down 6.33%… 1.58% per year
Apartment: down 16.54%… 4.14% per year

 

What is this telling us?
There was significant appreciation in the market value of condominiums between 2005 and the end of 2013. The benchmark HPI for townhouses rose 180% between January 2005 and September 2013. The benchmark HPI for apartments rose 198% between January 2005 and January 2013.

However, the stats indicate that if you bought a condominium in July 2012, notwithstanding the rising value trend into 2013, generally speaking, the value of your condo today is most likely worth less than what you initially paid.

So while the overall market is relatively consistent condominiums have underperformed.

The data included on this website is deemed to be reliable, but is not guaranteed to be accurate by the Association of Regina REALTORS® Inc.. Trademarks used under license from CREA.
MLS® MLS REALTOR® Realtor