The Best Mortgage Rates in Regina

Regina Key Stats

• Regina population: 193,100
• Dwelling units: 83,179
• 2012 Unemployment Rate: 4.6
• 2012 Employment Level: 125,900

Source: Stats Canada, CMHC

Regina Mortgage Rates to Moderate in 2013

Mortgage rates are expected to remain at historical lows for the first portion of 2012 before moderating later in the year. The CMHC forecasts that the one-year posted mortgage rate will be within the 3.1 to 3.6 range, with five-year posted rates in the range of 5.0 to 5.4 per cent. Rates are expected to rise in 2013 to 3.5 to 4.1 per cent for one-year, and 5.1 to 5.6 per cent for five-year mortgage rates.

Source: CMHC

Regina 2012 Housing Market Outlook

The Regina housing market is poised for strong performance, as wage growth and solid employment levels support demand for housing in the new, resale and rental markets. First time home buyers, encouraged by historically low mortgage rates and the available First Time Home Buyers Tax Credit, will make up for part of this demand, as well as existing home buyers moving up to higher price points within the market.

Housing starts will continue to fuel off 2011's record boom, which had seen a 26 per cent increase from the prior year – the highest start levels since 1983. Two thousand one hundred and fifty housing units are anticipated for production in 2012, however, this will moderate by seven per cent to 2000 units in 2013. The decrease can be attributed to rising construction costs and slower resale growth. Extensive resale inventory will also be a factor behind home buyers choosing the resale market over new starts in the year to come.

Demand will continue for single detached starts based on strong migration to the province and job creation. One thousand fifty units are anticipated in 2012 and in 2013. Multi family starts are slated to increase to 1,100 units in 2012 before moderating again to 950 in 2013.

The average MLS resale price is expected to rise by 4.5 per cent in 2012 to $290,000, and further still to $301,000 in 2013.

Source: CMHC Housing Market Outlook

Regina Housing Market & Mortgage Rate Forecast

• Population: 210,000 (Stats Canada 2009)
• Employment to increase 0.3% in 2010 and 2% in 2011.
• Net migration to meet record by 2011 with a 5.9% increase and 3,200 people.

Regina Mortgage Rates Will Slowly Increase in 2010.

The CMHC best case scenario, expect mortgage rates will continue to slowly increase in 2010 with a one year mortgage rate to be in the 3.6 to 4.8% range and the three and five year mortgage rates to be in the 4.2 to 6.7% range. In 2011, CMHC forecasts that the one year mortgage rate will be in the range of 5.0 to 6.0% whereas, the three and five year mortgage rate will be in the range of 5.6 to 7.2%. However, if the economy recovers at a faster rate than expected, mortgage rates may increase at a more rapid rate.

Regina 2010 Housing Outlook

The CMHC reports a 7.5% increase to 1,000 units for house starts in 2010 and a 15% increase in 2011 to 1,150 units. A 14% increase in single starts is forecast for 2010 with 650 units. In 2011, 700 units are expected.

Home prices will be modest in 2010 before elevating in 2011 with a 3.5% and 4.3% increase respectively. The average absorbed price is expected to increase 11% in 2010 to $425,000 and a further 3.5% in 2011 to $440,000. Multiple starts will moderate in 2010 due to high supply levels but is forecast to increase in 2011.

Regina's resale market will see another 2.6% increase in sales to 3,900 units by 2011. The average home is expected to sale for $255,000 in 2010 a 4.5% increase from 2009. In 2011, a further 3.5% increase is expected setting the price to $265,000.

CMHC Regina housing market & Regina mortgage rate forecast