Regina home buyers frustrated with lack of inventory: Real estate agent

Low housing inventory and high turnover rates are becoming a source of bitterness for prospective home buyers in Regina, one real estate agent says.

“They don’t have a lot to choose from to buy,” Lori Patrick with Sutton Group Results Realty told the Greg Morgan Morning Show on Wednesday.

“The sellers are in a very good position at the moment.”

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Patrick said semi-detached and single-family homes are the most popular right now, and despite the generally low inventory there are still some lots on the market in the northeast part of Regina.

“There are a number of lots left. They are going to keep going east and north,” she said.

“We’re pushing towards Costco there. That whole area out there is going to be residential. It’s going to be filled up.”

Patrick said there are lots of competing offers for homes at the moment, especially for houses within the $250,000 to $400,000 range. The more expensive homes are seeing less competition, she said.

“If you price well in market conditions right now, chances are you will get competing offers,” she said.

Patrick said builders are doing their best to keep up with housing demands, because buyers want to get into a home as soon as possible. She added that new home builds picked up over the summer.

The Bank of Canada’s key interest rate fell to 4.5 per cent last month, which is also something Patrick said buyers will appreciate.