Housing prices up in Saskatoon, down in Regina

Over the past year, Saskatoon's housing market has seen some growth while Regina's declined.

According to the Royal LePage House Price Survey and Market Survey Forecast, the average price of a home in the Queen City has decreasedby about 1.4 per cent.

"High inventory levels in all categories of Regina's housing market have put downward pressure on prices in the region," said Regina broker and managing partner, Mike Duggleby, in a news release.

"As a resource-based economy, Saskatchewan is dependent on prices improving for oil. If resource prices pick up, we will see an increase in unit sales and prices of homes," he added

Meanwhilein Saskatoon, it has risen 1.2 per cent by the end of 2015,despite the drop in crude oil prices.

"The main factor contributing to price trends in this region is the high inventory of houses and condominiums, partially due to new construction," said Saskatoon associate broker, Matt Miller. "Overall, Saskatoon is currently in a buyer's market situation, resulting in numerous options for ready purchasers."

Miller predictsthat house prices in Saskatoonwill remain relatively flat in 2016, remaining a buyer's market until inventory levels begin to decrease.