APRIL 2020 REAL ESTATE UPDATE | Canadian Market with a Regina Focus

How is the great real estate pause of 2020 impacting the Canadian real estate market? This nationwide slow down is going to have an impact on the housing market in Canada without a doubt. How much and for how long no one really knows at this point. But looking back at the March sales data might give us insight into the future of the real estate market in Canada. This April 2020 market update will cover the real estate markets in Regina, Vancouver, Calgary, Toronto, and Montreal.

Yes, you can still sell your home, and yes you can still buy a house. But there has been a significant reduction in activity across all the markets in Canada. I have been asked multiple times to start making predictions on the real estate market, what is going to happen with prices etc. I don’t think the time is right for now, we are just too early on in this. But we can look back on last month's sales data to give some insight into what is happening.

The March looks really promising in all markets, much of that activity was in the first two weeks of the month. The real estate market reacts slowly, you won’t see the full effects of the COVID19 impact on real estate for a few months. In the Regina real estate market, listings are down 8% year to date which continues to bring the number of properties for sale closer to a more balanced market, sales were up 2% for the month but are still down 8.5% for the year and the Home Price Index is now trending up in the city of Regina, currently sitting at $253,100. That upward trend in the benchmark price is very typical in the spring market. Even in years where prices overall decline you often seen a bump in the spring.


In the Vancouver real estate market, sales were up 46%, listings down 10% and the benchmark price is up 2%. In the Calgary real estate market, sales are up 4.5%, listings are down over 6% and the benchmark price is within 1% of 2019. The Montreal real estate market started out strong in March, sales were up about 5%, listings were down almost 10% and prices were up 8%. Finally, in the Toronto real estate market, sales were up 12% listings were also up 3% and the benchmark price was up 11% year over year.

Much of the activity in March was due to transactions that were already in progress at the month started and the first two weeks of the month. Once provincial authorities started recommending people work from home, we saw a marked drop in activity. The last two weeks especially saw significant declines in all markets across Canada.

At this point, it really is just to early to make any sort of accurate predictions. We do not know how long this will last. I think a month or two from now when we likely have a more realistic idea of how long this will be and when everyone can get back to work. For now, just sit tight and let’s do our part to help flatten the curve. The faster we can beat this virus the faster we all get back to work, being with our families and doing the things we love. That is your April 2020 real estate market update.

My name is Matthew Pfeifer and I am a realtor in Regina Saskatchewan working for Royal LePage Regina Realty. In nearly 10 years working as a real estate agent I have seen both ups and downs in the market. But there is no real estate market that you cannot buy or sell a house in. Often the media tries to present a Canadian real estate market or they talk about the real estate market in Canada as if there is a national market. With a country as vast and diverse as Canada trying to make predictions or reports about the Canadian real estate market is tough. I try in my market update to focus on the Regina perspective. But if you are looking for a more national perspective Royal LePage puts out great monthly reports across Canada as well as national reports on the Canadian real estate market. Even better if you are watching this from another city in Canada and want specific information about your specific real estate market, I would be happy to put you in touch with a great Royal LePage realtor in your region. I aim to be the top Regina realtor though my client service and belief in educating my clients about the Regina real estate market.

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Royal LePage Regina Realty

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