In honour of the very first edition of my Real Estate column for Pink magazine, I decided it would be most appropriate to introduce myself. My name is Jessica Forbes and I am the new real estate expert for Pink. I’m extremely grateful to have the opportunity to be involved with this reputable female inspired publication and look forward to providing informative, current advice and news on the real estate market in Regina.

Of course in any circumstance, the opportunity to write in a magazine is a major chance to gain exposure and recognition, but my greatest appreciation of this entire scenario is in regards to the audience and focal point: local women in Saskatchewan. Female entrepreneurs in Saskatchewan have shown them-selves to be constantly evolving, challenging any odds, and are a force to be reckoned with. My decision to join the real estate industry five years ago was incredibly influenced by women I grew up knowing in the industry, who continue to dominate today.

Real estate, specifically within the housing market in Regina, has been recognizably different over the past year for real estate agents and consumers alike, and is predicted to remain a sustainable market in close comparison to last year.

House prices have dipped in comparison to a year ago dropping nearly 3% from 2014, due to an influx in inventory, and are predicted to remain comparable in 2016. The high inventory encouraged a buyer’s market with many choices to browse through. Due to the many possibilities and choices offered by builders in the industry, the market to re-sale homes is quite competitive. Sellers must ensure their homes are showing presentable and sale ready. There are many new build options that can deter people from resale options, but many do prefer resale when seeking a turnkey purchase.
It is my professional opinion that if resale homes on the market were not thrown through the “test run” at a heightened price far exceeding appropriate sale value for the beginning stages of their listing – the days on market increase would not have been as severe as they have been over the year.

Counting upwards from the $350,000 price range, there is an expectation from today’s buyers to have a minimal amount of work to complete, and quite frankly this is a completely fair expectation. The correction derived from the excessive pricing five years ago that occurred during the market boom (that is no longer). This should have been noted from last years’ Summer Market Correction.
Note to the sellers: the buyers are present. They simply have to scan through the inflated options searching for a realistic price along with a move in ready, cared for property.
The result of the high number of listings available caused a 3% average drop from 2014- 2015, with the list average price from 329,000 dropping to $320,000 this year.

Statistics for November of 2015 show that after a slight decline throughout the year to date the pricing is back up at 3.7% to $309,240. Being one of the three oil-producing provinces directly affected by the oil industry, we will continue to sustain an overall healthy market with some ups and downs. Being that we are in a seasonal industry, this will inevitably happen.
The latest forecast from the Canadian Real Estate Association (CREA) predicts average home prices in 2016 are expected to dip more than 1%. Considering the abrupt changes the province and country are experiencing due to our oil prices and Canadian dollar, I believe this is a slight and expected impact that is considerably minimal considering the circumstances.
Thank you for reading this month’s Real Estate column and for more information on our real estate market and local properties for sale, contact me today!