The real estate market has been in a holding pattern since January but over the past few weeks we've seen an increase in activity especially with the number of first time home buyers onto the market. Low interest rates and a good supply of homes are two of the main reasons. As of last week there were approximately 660 homes on the market in Regina. This does not include condominiums which there is an abundance. The majority of homes on the market right now are 2 storeys between $300,000 - $400,000. Prices have gone up this year and are likely to continue that trend through to the end of the year according to reports. Let's hope the weather starts to turn to keep up with the market.
Don't forget to drop by 4618 Juniper Drive in Garden Ridge and 4547 McMillan Drive in Lakeridge this Sunday from 1-3pm for an open house.
Garden Ridge, Regina - Announcing a price reduction on 4618 Juniper Drive, a 1,288 sq. ft., 2 bath, 3 bdrm 2 story. Now 
MLS® $329,900 - Move In Condition.
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River Heights, Regina - We invite everyone to visit our open house at 3825 20th Avenue on September 28 from 2:00 AM to 4:00 AM.
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East End Bungalow
• 1,280 sq. ft., 2 bath, 3 bdrm bungalow - MLS® $339,900 - New Listing
Wood Meadows, Regina - Ideal location in Wood Meadows! This approx 1280 sq/ft bungalow has 3 bedrooms, oak hardwood floors (spring '07) in the living room and hallway, spacious living room with bright south facing bay window, and natural gas fireplace. The large kitchen and dining area has garden doors to the deck, overlooking a mature landscaped back yard. The master bedroom is large with a 3 piece ensuite. Basement is framed and partially finished with 2 bedrooms, spacious L shaped rec-room and roughed in for 3 piece bath. 3rd bedroom on main floor has been converted to laundry room but could be easily reversed back. Upgraded light fixtures, paint (fall '07), custom blinds throughout, central air, central vac and gas line to bbq. The double attached garage is 23X23 with 220 heater, shelving in garage included. For more information contact Craig.
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Parkridge, Regina - Announcing a price reduction on 846 Schwarzfeld Place, a 1,176 sq. ft., 2 bath, 3 bdrm 2 story. Now MLS® $329,900 - Reduced!.
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NEW LISTING IN VARSITY PARK
• 1,980 sq. ft., 4 bath, 4 bdrm 2 story split - MLS® $344,900 - REDUCED!
Varsity Park, Regina - Wonderful 4 bedroom home in ideal neighbourhood of Varsity Park, move in condition. 1980 sq/ft 2 story split features large family room with wood burning fireplace, spacious kitchen with dining area and sunken living room. Spare bedroom or office on main floor with 2 piece bath. Large master bedroom with 3 piece ensuite and 2 good sized bedrooms on second level. Finished basement with spare bedroom and 3 piece bathroom. Large recreation room and plenty of storage. Park like back yard with mature landscaping and trees for added privacy. House faces park, close to numerous walking paths, schools and all amenities of the east end of Regina. Central air, central vac with power nozzle.
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Here's a recent press release following an extraordinary year in real estate in Saskatchewan.
The following article from a BMO economist is an interesting read. There's been alot of speculation whether the down turn in the U.S. economy will effect Canada. While we all know it will, the impact on real estate specifically will be time sensitive. We wish we all had a crystal ball.
Here's the read:
In further evidence of a U.S. recession, retailers suffered their worst month in five years in January, which undoubtedly will have broader implications on the economy and financial distress. Credit card usage is down, shopping centre traffic is down and online purchases have slowed. Even gift card redemptions were disappointing in January following a disappointing Christmas. Anecdotal evidence suggests consumers are using gift cards to finance purchases of staples rather than treats. The retail slowdown sends shock waves to retail landlords, commercial construction, container ports and U.S. and global manufacturers of consumer products. Moreover, commercial mortgage-backed securities (CMBS) have declined in value and banks are tightening credit to commercial developers as loan losses are set to mount.
While Chinese officials may be pleased that their economy is slowing from the overheated pace of 2007, G7 countries cannot afford to see the U.S. consumer pull back.
Major U.S. chain stores have announced layoffs and store closings. For example, Macy’s Inc. announced 2,300 layoffs, Home Depot is cutting 500 jobs and since December, retail chains have announced plans to close at least 900 locations, with many more to come. According to the International Council of Shopping Centers, an estimated 5,770 retail locations will close this year -- a 25% increase over 2007, and the highest figure since 2004. Women's specialty retailers, which have been slumping for more than a year, have unveiled plans to cut more than 1,000 jobs as a group.
Commercial real estate activity will soften as retail vacancy rates have increased over the past year. The Federal Reserve's latest survey of senior loan officers indicates 80% of domestic banks tightened lending standards on commercial real-estate loans in the past three months -- the highest level since the question was first asked in 1990. In January, no commercial mortgage-backed securities (CMBS) -- pools of commercial real-estate loans -- were issued. According to industry sources, it’s the first time that this has happened since October 1990.
With an eerie similarity to the collapsed residential CDO market, the credit default rates on CMBS are rising, tripling since the start of the year on CMBS originated in 2005 and early 2006. Commercial loan losses at banks are set to rise sharply.
Nonresidential construction has been an important cushion for the U.S. economy. This year that cushion will be gone, triggering another dampener on construction employment.
Container traffic is also down, reflecting souring expectations for future retail sales and attempts by merchants to hold inventories down. Advertising has slumped as well, negatively impacting newspapers and magazines.
Canadians may benefit with broadened access to American retailers as many are opening their online stores to international shoppers.
Washington’s tax rebate checks are intended to spur U.S. consumption, but most retailers are leery of a meaningful impact. Consumer confidence is way down and rising job losses will encourage shoppers to tighten their belts. The Fed is expected to further cut interest rates when they meet again on March 18, but recent Fed talk suggests that inflation worries have not disappeared and the FOMC might be reluctant to jump in too aggressively this time having already reduced rates in giant steps the past two moves.
Dr. Sherry Cooper
Executive Vice-President, Global Economic Strategist, BMO Financial Group
Chief Economist, BMO Capital Markets & BMO Nesbitt Burns
We keep hearing about another strong year for real estate in the Regina and surrounding area. It's wide-spread across most of Saskatchewan for the most part. A recent poll indicated Regina and Saskatoon will lead the nation in housing price increases with high demand and low supply. The new construction business is booming as well as per the following recent article: http://www.canada.com/components/print.aspx?id=604eb337-5970-4d43-89df-744e55fb2373&k=44840
Finally took a break from running up and down the fairways of the Plantation Course. We estimated we walked/ran about 15km per day. Monday was a great day to just lay on the beach and soak up a few rays. We saw a school (herd?) of humpback whales about 1/2 km off the beach. There must have been about 8 of them breaching, waving the tails etc. Quite a sight. Great meal again at the Hula Grill. Service was fantastic as well. Today is sunny and hot again in the mid 80's. We might head down into the crater of Mount Haleakula if we get time. Whatever happens, it's all good to just relax. Real estate market in Maui seems to be quite stable. There are many homes, condos and time shares for sale. There is a little difficulty getting a gauge of value. This is where the help of a Realtor on the island would be extremely beneficial. 
The final round for the leader Mike Weir didn't get off to a great start after driving his tee shot on the first hole into the tall grass. He ended up with a bogey and fell out of the lead. Things got worse on the 4th hole when a radio announcer doing play by play was talking too loud in Weir's backswing on the green. Weir actually backed away from his putt and was very upset. This was the same announcer that talked during his backswing on Saturday. Weir was so upset he stormed off the green yelling at the guy "Mark! Mark! Come on, man!". The announcer did nothing and Weir couldn't recover. The crowds were so big following Weir that it was tough seeing anything around the green as people were 6-7 people deep. We started following our second favourite Daniel Chopra from Sweden who was in the group ahead. The gallery wasn't as crazy, and he was playing really well. He ended up 7 under for the day, tied with Steve Stricker after 18. Chopra had numerous opportunities to win it, but hits putts all were coming up short. They went to a playoff hole back to the the 18th and they were both tied again, so they played 1, 2 & 9. Chopra drove the green in 2 on the long par 5, 9th hole and left his eagle putt on the lip for victory. Stricker missed his birdie putt, so Chopra claimed victory. Deb was quite happy. We waited around for an autograph, but he was too busy with the media (darn media-types) that we couldn't get him to sign anything. We went for a nice supper down at Lahaina at the Lahaina Fish House with Paris and Rod from B.C. Really nice people. Ran into some Reginan's in the restaurant. Back home and to bed after watching a few hilights on TV. So after 6 days of unning up and down the golf course, today could be a great day to lounge around the beach and rest.
The weather conditions during Round 2 were much better than Round 1 for the golfers AND and the spectators. We actually didn't get any rain until the 18th hole. We followed Weir again for most of the day. He was paired up with young Aussie Aaron Baddeley. Weir again was average through the first 8 holes, but surged again starting with an eagle on 9! He's the only golfer to hit the 9th green in 2 this week. He has a one shot lead over fellow Canadian Stephen Ames. They will be paired in the final group today. Again, in Weir fashion, he signed autographs for everybody after 18. Deb was ecstatic that she got her Mercedes hat signed. Ames on the other hand, snubbed everybody (including the massive Canadian contingent that's here). And you wonder why Weir is more popular with the fans???? It's pretty obvious. We weren't really planning on watching Round 3, but with Weir in the lead, we don't want to miss any of the action! Last night we went to the Maui Brewing Company and had a great burger! The Golf Channel was on and of course our eyes were glued to the TV! It's neat seeing the hilights as we were right there for most of them. During post game interviews, I noticed this one fan behind Stephen Ames who looked very familiar with her rain poncho and Roughrider hat. My God, it''s Deb! She's a TV star now. She's very excited to be on her favourite TV channel. Last night was second night in our B&B. It's nice with a large wrap-a-round deck overlooking the bay. Funny that breakfast is only served Monday to Friday. That's okay, because the breakfast wasn't that great anyways. Howard and Sue arrived last night and we're looking forward to hooking up with them at some point. 
The Plantation Course at Kapalua is supposedly the hardest course on tour to walk. There are a couple holes that the players will actually get shuttled to the next hole. Not the gallery of course. A lady we met had a step-meter with her and she figured she walked close to 5 miles on the front 9 alone because we were always back and forth and not tee to green. We followed Mike Weir for most of the entire round. He had trouble putting, but managed to shake off a shaky front nine where he was +1 and managed a -2 final score. He was paired with young Swede Daniel Chopra who had a share of the lead at the time of this at -4. He was on fire. He hits the ball long, has a great iron game and sank some doozy putts. Weather was typical with scattered showers here and there. We had rain jackets to keep dry, but the problem is it that's it's still 26 degrees out, so with the jacket you're dry from the rain, but you end up sweating and your shirt is wet anyways. I don't think I'll be taking the jacket back tomorrow. Again, Weir was so accommodating with autographs for the obvious pro-Canadian crowd (all the tourists). He signed for everybody after his round was complete which I thought was a great gesture. Deb got her beloved Riders cap signed and her tournament pass. We'll see what happens tomorrow. We checked into our B&B this afternoon and checked out of the Outrigger. Tonight, we're off to Willie Nelson's bar with our new friend Paris from Victoria who we met yesterday and hung around him again today. The BlueBomber fans were quick to comment on Deb's cap and offered up congratulations on the Riders big Grey Cup win. There were Stamps fans there too, but didn't bother to say anything! That's okay.