• 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