Are you looking to invest in the Regina, Saskatchewan housing market?
Investing in the housing market creates more income sources for you and, as a result, is one of the best ways to generate passive income that earns you solid profits. Having a rental property means you can rely on a monthly rental payment. Over time, your property also appreciates allowing you to raise the rental rates or sell off your property with a tidy profit.
Yet, the housing market can differ greatly depending on the city, so it’s important to always conduct due diligence when you plan on investing in any particular property. It’s not only important to consider the condition of the property you are planning on investing in, but the area that property is located. Does the area have a strong job market? Is the quality of life the area offers considered as high quality? Is the local economy strong? Are there many local attractions that tourists would enjoy visiting? Is the rental market performing well? Are interest rates favorable?
Regina makes a great investment opportunity because the city has all the qualities of a lucrative property investment!
In this article, we’ll enumerate the excellent points of buying an investment property in Regina, Saskatchewan. You’ll discover the reasons for this area’s high property investment returns. Let Cressman Realty & Property Management help you discover the perfect Regina investment property!
Why Invest in Regina, Saskatchewan?
1. Strong Local Economy
A major factor contributing to the attractiveness of investing in Regina is its economic stability. It is driven by major industries in steel and manufacturing, energy, information technology and agriculture. Its key employers are the local government, Evraz Inc., Co-Op Heavy Oil Upgraders, Bayer CropScience and ADP. Given Regina SK’s thriving economy, it’s easy to see that real estate investors can expect stability in cash flow when it comes to property investments.
2. Population Growth
Regina’s population is recorded to be around 215,000 per the 2016 census (Wikipedia). It’s also estimated to be reaching around 263,000 in 2020 according to Statistics Canada. The population growth is calculated to be at 2.27 per cent per year.
Apart from being categorized as among the fastest growing cities in Saskatchewan, Regina is also ranked as a young city. Only a small percentage (12.7%) of the population hits the age over 65. This is due in large part to high immigration numbers. Having a young population in Regina ensures a future stable workforce contributing to a successful economy. For real estate investors, this means a predictable high demand for rental housing.
3. Affordable Real Estate
In Regina, affordable housing prices are a priority of the government. The average price for a home in regina is around $309,000, while an apartment’s median price is $262,450. This depends on the number of rooms, though. Investors can pay only $132,400 for a single bedroom, $214,950 for a 2-bedroom, $304,900 for a 3 bedroom and $357,900 for a 4-bedroom house. Regina properties are reasonably priced given the city government’s focus on affordable housing. You may find that the prices for a new home in Regina are favorable. As an investor, this is advantageous for you. You can shop around for different types of property to convert into rentals given the low housing costs in this area.
4. A Hot Housing Market
In Regina, the housing market shows considerable growth. It has experienced a 75.5% increase year on year growth as of January 2021. It has shown sales of 32.4% above the 5-year average. Based on the MLS Home Price Index, the year-over-year growth of home prices is up by 4.7 per cent. Homes only stayed on the market for an average of 57 days in comparison to 84 days in January of 2020.
5. Good Local Education
If your chosen demographics are families with school aged children, you’ll find that investing in a rental property in Regina is a great decision. Parents can easily access a quality school in this city while having a diverse range of choices. They can pick a public, Catholic or Francophone (French teaching) school. In Regina, three school divisions exist namely the Regina Public School Division, Regina Catholic School Division, and the Conseil des écoles fransaskoises. Independent schools are also available in this city.
Some of the schools in Regina:
- Douglas Park School
- Albert Community School
- Ecole Massey School
- Martin Collegiate
- Sacred Heart Community School
- St. Augustine Community School
- Miller Comprehensive High School
- Luther College High School
- Queen City Collegiate
- Ecole du Parc
- Ecole Monseigneur de Laval
Independent / Alternative
- Regina Christian School
- Luther College High School
- Montessori School of Regina
- University of Regina
- Luther College
6. Plenty of Local Attractions
Regina enjoys a good number of visitors considering its historical appeal. This is readily apparent in their heritage buildings that dot the city. For culture enthusiasts, Regina is filled with museums, performing art venues and exciting events. One is certain to find wonderful things to do. There are also plenty of green spaces and parks for those seeking a nature retreat.
Here are places to see in Regina:
- Royal Saskatchewan Museum
- Saskatchewan Science Center
- Wascana Centre
- Warehouse District
- Regina Beach
- MacKenzie Art Gallery
- Conexus Art Center
- Saskatchewan Legislative Building
- Globe Theater
- Regina Floral Conservatory
The Bottom Line
Regina’s quality of life is unquestionable. The economy is excellent and built on strong pillars of industries for growth. It has both a fast growing and young population. The real estate market sales are rising, and the properties are affordable. Moreover, families will appreciate the access to quality education given the long list of varied schools found in this city.
If this is your first time investing in real estate, engaging the services of a professional may be beneficial for you. It can eliminate guesswork and committing the usual mistakes. Instead, your time is well spent since the process is easier leading to reduced stress for you. Contact Cressman Realty & Property Management today to find your perfect investment property in Regina, Saskatchewan!