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New property listed in Arnhem Place, Regina

We have just listed this great property at 112 BROADWAY AVE in Regina.
Welcome to 112 Broadway Ave in the Arnhem Place neighborhood. This adorable 1955 built 3 bedroom 2 bathroom 742 square foot bungalow is on a 27’x127’ lot and is right by Queen Elizabeth park which is close to schools, churches, convenience stores, grocery stores and is right by a bus route. You enter into the bright living room that has a large south facing window that lets in lots of natural light. Vinyl plank graces most of the main floor, it has been given a new modern paint job and LED pot lights have been installed into the ceiling. The updated 4 piece bathroom features a deep soaker tub with custom tile tub and modern fixtures. There are two good sized bedrooms on the main floor that are freshly painted, have new windows and vinyl floors as well. The kitchen has been updated with a stainless steel stove and new fridge, dishwasher, microwave and hood fan. New sparkling white quartz countertops add an elegant fresh look to the kitchen that also has a door leading to the rear deck. The finished basement was recently reinforced with an engineer certificate. It has a bedroom with a proper egress window, a large rec room, and a 3 piece bathroom that has a beautiful custom tile shower and a brand new Artika mirror. Downstairs you will also find the included front load washer and dryer in the utility room with a rented water heater, brand new high efficient furnace as well as a 100 amp electrical panel. This house also features central air as well as new shingles. Behind the house you have a deck that’s perfect for summer bbqs, a nice little yard and a single detached garage that is electrically heated.
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New property listed in Harbour Landing, Regina

We have just listed this great property at 5217 Tutor WAY in Regina.
Welcome to 5217 Tutor Way. This excellent home is not just a perfect space for your growing family, but a great investment as well with its own fully separate income generating basement suite. This fantastic two Storey house features 5 bedrooms and 4 full bathrooms. The main floor welcomes you in with a large foyer leading into a full bathroom/ laundry room to your right. The kitchen features espresso cabinets, a corner pantry, granite countertops and stainless steel appliances. The entire main floor has a feeling of openness, flowing from the kitchen to the dining area, to the large living room with gas burning fireplace. The second floor boasts a full bathroom with granite countertops , a master suite with its own five piece bathroom (featuring a corner tub, shower, and dual vanities), and two additional bedrooms for your kids. The basement contains a fully legal suite, with its own entry, kitchen, two bedrooms, bathroom, and dining area. The suite has its own power meter so the tenant pays their own. What a great way to cover the majority of your expenses! Don't miss this excellent opportunity, call to view today!
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New property listed in Glencairn, Regina

We have just listed this great property at 30 Bird BAY in Regina.
Welcome to this excellent family home located on a quiet bay and backing green space. The home is a four level split, with a family room, kitchen and dining area on the main level, two good sized bedrooms and four piece bath on the second level. The lower (third) level features another bedroom, two piece bath, and a large family room. The basement is partially finished with another rec room, and the utility storage. The property is on a nice pie shaped lot, with a good sized garage, long driveway, and lots of trees and shrubs. The home requires some TLC but is a fantastic opportunity for someone looking to gain some sweat equity, or to do a quick flip. Contact the salesperson for your private showing today!
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New property listed in East Pointe Estates, Regina

We have just listed this great property at 301 1545 Neville DR in Regina.
Welcome to #301 - 1545 Neville Drive. in the Villagio condo complex which is located in Regina's East Pointe Estates subdivision which is close to bus routes, and plenty of restaurants and shopping. You take the elevator to this top floor, south facing 850 square foot, 2013 built, 2 bedroom, 1 bathroom apartment style condo. You enter the unit into the porch that has a storage and laundry room with included front load washer and dryer and on one side and the open concept kitchen, dining room, living room area that all share hardwood flooring. The kitchen has a beautiful tile back splash, quartz counter tops and included stainless steel fridge, stove and dishwasher. The dining room leads to the living room and there is a door in the living room that will take you to the sunny south facing balcony. The secondary bedroom is a good size and has a walk-in closet. The primary bedroom also has a walk in closet and is directly across from the 4 piece bathroom. Condo fees of $348.68 at the Villago are quite inclusive as they include heat, water/sewer, common area maintenance, exterior building maintenance, garbage, snow removal, lawn care as well as access to the amenities room which has a club house, exercise area and indoor pool/hot tub!
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New property listed in Lakewood, Regina

We have just listed this great property at 405 1130 McCarthy BLVD N in Regina.
Welcome to the Lakewood Terrace condo complex at 1130 McCarthy Boulevard North. This 1999 built, 1,005 square foot, 2 bedroom, 2 bathroom apartment style condo is in an extremely convenient location in the Lakewood subdivision as it’s right on McCarthy just north of Rochdale blvd in Regina's Northwest end, which has many amenities such as shopping, doctors offices, restaurants, banks and grocery stores. Unit number 405 is on the top floor of this building and is facing north. You enter into the wide open kitchen and living area. There is plenty of room for a dining table and it is well lit. The kitchen has plenty of cabinets and countertop space and the fridge, stove, dishwasher and garburator are all included. The laundry room provides extra storage, another pantry, as well as a very large deep freeze that is also included. Beautiful hardwood floors grace the living room and primary bedroom with a walkin closet and a 3 piece ensuite. Across the living room is the other bedroom as well as the main 4 piece bathroom. This condo also has a north facing balcony that can be used to enjoy the warmer months and also has access to the utility room. You will enjoy the heated underground parking for adding security and comfort. Some extra features in this building is the amenities room where many gather for coffee and socializing. Condo fees are $270/month and include Water, Common Area Maintenance, External Building Maintenance, Lawncare, Reserve Fund, Sewer, Common Insurance,Snow and Garbage removal.
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New property listed in Washington Park, Regina

We have just listed this great property at 928 RAE ST in Regina.
Welcome to 928 Rae St. This 1912 built 783 square foot 3 bedroom, 1 bathroom 1 ½ story home is on a 25’x125’ lot in Regina’s Washington Park subdivision. This house has a lot of its major renovations completed but still needs some work to be completed before it can be lived in. You enter the home into the porch that leads to the living room and then the dining room. The location for the future kitchen is next on the main floor and it is completed with a good sized bedroom. The second floor has the primary bedroom as well as one additional bedroom and finally the 3 piece bathroom. This home has newer shingles, a high efficiency furnace, a 100 amp electrical panel and a sump pump.
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New property listed in Glencairn, Regina

We have just listed this great property at 89 Mackenzie WAY in Regina.
Welcome to this excellent and very well maintained two story condo in the heart of the Glencairn neighbourhood. Very conveniently located, this condo is backing Glencairn park, and has a nice south facing deck, so you can enjoy those few warm summer evenings. The main floor of the home features a galley kitchen, convenient 2-piece bath, dining area, and a large and bright living room. The second floor contains the master bedroom with it's own 4-piece bath, and a second bedroom also with a three piece bathroom attached. The basement is developed with a cozy family room, and contains the utility/storage. Lots of updates have been done in recent years, including flooring, paint, appliances, deck, patio doors, and much more. One electrified parking stall is included and additional stalls can be rented for a very reasonable $30 per month. Don't miss this fantastic property. Call to view it today!
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A Return to ‘Normal’? The State of Real Estate in 2022

A Return to ‘Normal’? The State of Real Estate in 2022


Last year was one for the real estate history books. The pandemic helped usher in a buying frenzy that led to a record number of home sales and a historically-high rate of appreciation, as prices soared by a national average of 19.9% year over year, according to the Canadian Real Estate Association.1


There were signs in the second quarter that the red-hot housing market was beginning to simmer down. In June, the pace of sales slowed while the average sales price dipped 5.5% below the springtime peak.2


But just when the market seemed to be cooling, home prices and sales volume ticked up again in the fall, leading the Royal Bank of Canada to speculate: “Canada’s housing market run has more in the tank.”3


So what’s ahead for the Canadian real estate market in 2022? Here’s where industry experts predict the market is headed in the coming year.



MORTGAGE RATES WILL CREEP UP


The Bank of Canada has signalled that it plans to begin raising interest rates in the “middle quarters” of this year.4 What does that mean for mortgage rates?


Expect higher variable mortgage rates to come. In fact, according to industry trade blog Canadian Mortgage Trends, some lenders have already begun raising their variable rates in preparation. And according to the site, “Current market forecasts show the Bank of Canada on track for seven quarter-point (25 bps) rate hikes by the end of 2023, with Scotiabank expecting eight rate hikes.”5


Since September, fixed mortgage rates—which follow the 5-year Bank of Canada bond yield—have also been climbing.5 Fortunately, economists believe the housing sector is well-positioned to absorb these higher interest rates.


Derek Holt, Scotiabank vice president and head of capital markets economics, told Canadian Mortgage Professional magazine in November, “The large increase in cash balances that occurred over the pandemic combined with the record-high amount of home equity on Canadian balance sheets, to me, paints a picture of a household sector that can manage the rate shock we’re likely to get.”4


What does it mean for you? Low mortgage rates can reduce your monthly payment, make it easier to qualify for a mortgage, and make homeownership more affordable. Fortunately, there’s still time to take advantage of historically-low rates. We’d be happy to connect you with a trusted lending professional in our network.



VOLUME OF SALES WILL DECREASE


A record number of homes were sold in Canada last year. The Canadian Real Estate Association estimates that 656,300 home purchases took place, which is an 18.8% increase over 2020.6 So it’s no surprise that the pace of sales would eventually slow.


The association predicts that, nationally, the number of home sales will fall by 12.1% in 2022, which would still make 2022 the second-best year on record.1


It attributes this relative slowdown to affordability challenges and a lack of inventory but expects sales volume to remain high by historical standards. “Limited supply and higher prices are expected to tap the brakes on activity in 2022 compared to 2021, although increased churn in resale markets resulting from the COVID-related shake-up to so many people’s lives may continue to boost activity above what was normal before COVID-19.”6


What does it mean for you? The frenzied market we experienced last year required a drop-everything commitment from many of our clients, so a slower pace of sales should be a welcome relief. However, buyers should still be prepared to compete for the best properties. We can help you craft a compelling offer without compromising your best interests.



THE MARKET WILL BECOME MORE BALANCED


In 2021, we experienced one of the most competitive real estate markets ever. Fears about the virus, a shift to remote work, and economic stimulus triggered a huge uptick in demand. At the same time, many existing homeowners delayed their plans to sell, and supply and labour shortages hindered new construction. 


This led to an extreme market imbalance that benefitted sellers and frustrated buyers. According to Abhilasha Singh, an economist at Moody’s Analytics, “almost all indicators of housing market activity shot through the roof.” But, she continued, “The housing market is now showing signs of returning to earth.”7


The Royal Bank of Canada expects to see demand soften gradually as rising prices and interest rates push the cost of homeownership out of reach for many would-be buyers.3 And while the supply of available homes continues to remain low, according to Singh, “the pace of building in Canada remains elevated compared with historical averages thanks to low interest rates.”7


What does it mean for you? If you struggled to buy a home last year, there may be some relief on the horizon. Softening demand could make it easier to finally secure the home of your dreams. If you’re a seller, it’s still a great time to cash out your big equity gains! And with less competition and a slower pace of sales, you’ll have an easier time finding your next home. Reach out for a free consultation so we can discuss your specific needs and goals.



HOME PRICES LIKELY TO KEEP CLIMBING, BUT AT A SLOWER PACE


Nationwide, home prices rose an average of 19.9% in 2021. But the rate of appreciation is expected to slow down in 2022. The Canadian Real Estate Association forecasts that the national average home price will increase by 5.6% to $718,000 in 2022.6 


Singh of Moody’s Analytics agrees that price growth will slow this year and could “reach a near standstill in late 2022 but avoid any significant contractions.”7


However, some experts caution against a “wait and see” mentality for buyers. “Affordability is unlikely to improve [this] year as prices should march higher, even as interest rates creep upwards as well,” Rishi Sondhi, an economist at TD Economics, told Reuters. “We think rate hikes will weigh on, but not upend, demand, as the macro backdrop should remain supportive for sales.”8


What does it mean for you? If you’re a buyer who has been waiting on the sidelines for home prices to drop, you may be out of luck. Even if home prices dip slightly (and most economists expect them to rise) any savings are likely to be offset by higher mortgage rates. The good news is that decreased competition means more choice and less likelihood of a bidding war. We can help you get the most for your money in today’s market.



WE’RE HERE TO GUIDE YOU


While national real estate numbers and predictions can provide a “big picture” outlook for the year, real estate is local. And as local market experts, we can guide you through the ins and outs of our market and the local issues that are likely to drive home values in your particular neighbourhood. 


If you’re considering buying or selling a home in 2022, contact us now to schedule a free consultation. We’ll work with you to develop an action plan to meet your real estate goals this year.



Sources:

  1. Toronto Sun -
    https://torontosun.com/life/homes/real-estate-market-on-track-to-break-records
  2. National Post -
    https://nationalpost.com/life/homes/the-great-real-estate-cool-down-has-come
  3. Royal Bank of Canada -
    https://thoughtleadership.rbc.com/canadas-housing-market-run-has-more-in-the-tank/
  4. Canadian Mortgage Professional Magazine -
    https://www.mpamag.com/ca/mortgage-industry/industry-trends/how-likely-is-a-canada-housing-crash/315742
  5. Canadian Mortgage Trends -
    https://www.canadianmortgagetrends.com/2021/11/fixed-rate-increases-costing-todays-homebuyers-over-10000-more-in-interest/
  6. Canadian Real Estate Association -
    https://www.crea.ca/housing-market-stats/quarterly-forecasts/
  7. Moody's Analytics -
    https://www.moodysanalytics.com/-/media/article/2021/10-canada-housing-market-outlook.pdf
  8. Reuters -
    https://www.reuters.com/article/canada-property-poll-idCAKBN2IM06V
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