According to the MLS Home Price Index, the average house in Moose Jaw sells for around $204,300. This is a $30,000 increase from the average house price 10 years ago.
Rob Reynar; Manager of Operations and Member Services with the Association of Regina Realtors says prices may be up from 10 years ago, but they're actually down from what they were selling for 5 years ago.
"When you look at 5 years ago, today's pricing is about 8% lower than we were 5 years ago from an overall market perspective, and prices are up about 17% from a decade ago in Moose Jaw."
Reynar explains that 10 years ago, the Price Index saw a massive jump in prices.
"As of now our home price index puts the benchmark house, or the typical home in Moose Jaw at around $204,300. When you compare that to 10 years ago [January 2018] it was $222,700, and 10 years ago [December 2018] it was $174,900."
Reynar goes on to say the housing market has been impacted negatively, and there are a number of reasons as to why.
"We've seen some negative effects of the overall economy. The resource sector, there are less people coming into the province than there were a few years ago so the demand is down, and we've also seen a dramatic effect because of the federal government's Mortgage Stress Test, or what we call the B20 Mortgage Rules."
Reynar says while they don't work on predicting prices, the short term won't see much change, and that most of it will rely on the Saskatchewan economy.
Fri, Apr 19, 8:00 AM
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