Average Moose Jaw home price declined during 2018

Faced with a slow economy, tighter mortgage rules, and higher interest rates, Moose Jaw homeowners saw diminished values last year.

The Multiple Listing Service benchmark home price index showed a loss of 8.3 per cent over 2018.

That average price fell 11 per cent in the last six months of the year.

“Much of the gains homeowners have seen in the Moose Jaw area over the past 10 years have been eaten into over the past 12 to 24 months,” said Rob Reynar, Association of Regina Realtors manager.

“An overall lessening of demand combined with the negative effects of two rounds of federal mortgage rule changes in 2018 have created conditions for price drops. With sales levels below the five-year average for the market, this will be something to watch as we head into 2019.”

The Regina housing market was little better.

The association report for the Queen City showed a 5.2 per cent decline in the MLS benchmark home price index to $267,400, a value loss of nearly $25,000. In Regina, an eight per cent drop in the number of sales left sales volume below the pre-recession level of 2007 for the first time. Moose Jaw MLS realtors sold 417 homes worth $98.6 million during the year for an average $236,438 price. The number of real estate sales in all categories fell 8.4 per cent to 564.

Listings were down to 961 from 994 in 2017. Year-end inventory of 1,705 listings was up some from 1,744 in 2017.

Average single-family home price fell $18,300 to $201,400 during the year while the average two-storey price fell $12,700 to $202,700.

Ron Walter can be reached at ronjoy@saasktel.net