Regina Real Estate Week In Review January 19-25, 2015
For the week of January 19 - 25, 2015 :
The past week was very active in the real estate industry. On Wednesday the Bank of Canada lowered it's key overnight lending rate for the first time since 2010. The long standing rate of 1.00% and was lowered to 0.75%. This is the benchmark rate that banks use for their variable mortgages, which had been set at 3.00% for several years now. Most lenders offer some discount off this rate which can discount the rate up to another 0.95% lower. The mortgage industry is anticipating that lenders will follow this week's announcement and lower their benchmark rate to 2.75%. This would be the first time in history that with the current discounts offered you can get a mortgage rate below 2.00%. Many industry experts are also anticipating a reduction in fixed rates by .10% as well this week. So what does this reduction in variable interest rates really mean to you? Two things, Either you can now afford an additional $10,350.00 of purchasing power (based on an average home price of $300,000) or your monthly payment has just been reduced by $37.26.
Speaking of mortgage rates, I have added a new tab on my webpage that updates the daily mortgage rates from my mortgage partner's website. Check out the latest Interest rates here.
Market activity this past week :
New Listings :
Single family homes : 40
Total active single family : 766
Lowest active list price : $22,000
Highest active list price : $1,500,000
Condos : 2
Total active condos : 288
Lowest active list price : $114,900
Highest active list price : $989,000
We had 29 firm "Single Family" sales last week, with the average seller asking $333,229 and accepting an average sell price of $318,286 or 95.5% (List To Sell Price.) They took an average of 52 days to sell. The low sale was $85,000 and the high sale was $607,500. The number of firm sales are down by 2 from last week however the average sell price is up significantly at $42,936.
We had 10 firm Condo sales last week with the average seller asking $250,930 and accepting an average sell price of $240,610 or 95.9% (List To Sell Price.) They took an average of 65 days to sell. The low sale was $150,000 and the high sale was $310,000. The number of firm sales are up by 8 from last week as well as the average sell price is up $33,860. This is a nice change to see and much more balanced ratio of single family vs condo sales in a week for our market.
This unusually warm January weather has certainely appeared to have brought the buyer's out of hiding as many agents have commented on the amount of activity they are seeing on their listings and open houses. Let's hope this trend continues this week with another week of +0 temperature's in the forecast. Stay safe out there with all this ice around & make sure your downspouts are properly hooked up and not clogged up!