January 9, 2019



Hey, Regina! Wow! What a year! Courtesy of the Federal Government implementing more stress test rules -- now every mortgage insured or uninsured has to qualify under the stress test. This was implemented early 2018 for uninsured mortgages (and previously in Oct 2017 for insured mortgages). Even though your contractual interest rate is likely somewhere in the mid 3%, you have to qualify 2 points higher than your contractual rate OR at the Bank of Canada's overnight rate. This put huge pressure on buyers and knocked some of them out of the market completely. Their reasoning is to "cool off" the "red hot" markets in the Toronto/Vancouver areas and protect buyers should there be an interest rate increase that homeowners could continue to make their mortgage payments. Additionally, to reduce household debts. Those markets are completely different compared to the markets here in the prairies and should not be one-size-fits-all. With that said, these are the rules purchasing a home whether we like it or not. 


Regina Real Estate has been impacted by the stress test. The yearly sales for 2018 were 2482, an 8% decrease compared to 2017s 2691. With reduced sales, the composite benchmark price also fell 2.3% compared to 2017. The amount of time on the market to sell a home continues to increase - a whopping 24.6% longer compared to the DOM in 2017. Heading into 2019, the market will continue to be affected by the stress tests and economic downturn. Buyers will have a variety of homes to choose from in every price range. Whether buying or selling, it's so important that your real estate agent is thoroughly comparing the comparables to find the appropriate market value for the property.





What is the MLS Composite Benchmark price? Unlike average prices, it is a more accurate way to track the market trends. The properties of a composite home are the following: Built in 1971, 1108 sq ft, 3 beds, 3 baths, unfinished concrete basement, single attached garage 


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Wife. Mother. Sister. Friend.

Passionate about a helping others.

Lover of a well designed home, real estate, fashion, reading & learning, and of course, wine.


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© 2019 Samantha Knoll.

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