Condo prices drop 10 % in Regina: Royal LePage

The median price of a condo in Regina has dropped ten per cent year-over-year to $228,360.

That's largely because of overbuilding, according to a news release fromRoyal LePage Regina Realty.

Government incentives around building rental units led to many new buildings, the release said. Although condos are still selling, supply exceeds demand.

The company said the aggregate price of a home inReginadecreased in this firstquarter of 2018by 1.0 per cent year-over-year to$329,727.

More specifically, the median price of a two-storey home decreased by 1.6 per cent year-over-year to$401,548.

In that same time, the median price of a bungalow decreased slightly by 0.8 per cent increase. to$300,750.

• 2017 was slowest year for Regina home sales in a decade, says realtors association
• Biggest cities in Sask. have some of Canada's highest vacancy rates
• Canada's housing market 'highly vulnerable,' CMHC warns

According to numbers from theThe Canadian Real Estate Association, homeprices inRegina were down 4.6 per cent year over year and 3.4 per cent in Saskatoon.