At Avenue Living, we’ve become highly adept at discovering opportunities others might overlook, and Regina’s real estate market is no exception.
As the capital and second-most populous city in Saskatchewan, Regina boasts strong affordability metrics, with the average two-bedroom purpose-built rental costing $1,301 a month.1 With its blend of affordability, historically stable economy, and cultural richness, Regina has emerged as an enticing option for real estate investment and is poised for continued growth and development.
Unprecedented Growth
The city has experienced robust population growth driven by comparative affordability, soaring by 22.6% from 2011 to 2022, which strongly outpaced the national average of 11.1% and the Toronto, Vancouver, and Montreal average of 10.33% over the same period.
International migrants are a known driver of this growth, and the high demand for rental units close to the University of Regina also suggests a student population in consistent need of affordable housing in the area.
Increased Demand
Steady growth has fueled the demand for multi-family rental accommodations,2 contributing to a stark province-wide housing supply gap.3 There are currently 15,045 rental units in the market’s inventory, of which 837 are managed by Avenue Living. Regina’s purpose-built rental vacancy rate fell to 1.4% in 2023, reaching its lowest level since 2013. This increase in demand can largely be attributed to Regina’s relative affordability when compared with cities across the country. According to the CMHC, the “average 2-bedroom rent in Regina represents a smaller share of average-wage earnings than in the other Prairie markets like Calgary, Edmonton, Saskatoon, and Winnipeg,” making it a more attractive destination for budget-conscious renters. 1
Developing Infrastructure
Saskatchewan is currently experiencing substantial investment in infrastructure and development projects, including BHP’s $14 billion investment in its nearby Jansen potash project. Deloitte projects that the continued investment influx will push Saskatchewan’s real GDP to 1.1% in 2024, more than double the national average.4
Industry & Employment
Regina’s economy is diverse, with a mix of key industries, including agriculture, mining, energy and environment, manufacturing, healthcare and education, as well as retail and services. As the provincial capital, Regina also benefits from stable employment in government jobs and crown corporations.
High-Quality of Life
Regina stands out as Canada’s fourth most livable city, boasting a diverse economic base that appeals to both residents and potential investors. 5 Home to the University of Regina and the First Nations University of Canada, among other post-secondary institutions, the city offers a strong educational foundation.
Beyond academia, Regina thrives culturally, serving as the backdrop for popular CBC dramas like “Little Mosque on the Prairie” and nurturing internationally acclaimed artistic talents. Its cultural scene is further enriched by high-profile events like the Regina International Film Festival and the Regina Folk Festival.
Sports enthusiasts can rally behind the Saskatchewan Roughriders, a beloved Canadian football team with a large and dedicated fan base.
Regina also prioritizes green spaces and recreational activities to enhance its livability. The city boasts an extensive network of over 830 hectares of parks and green areas, including the picturesque Wascana Centre Park, which borders the serene Wascana Lake. With 120 kilometres (about 74.56 mi) of bike paths, municipal golf courses, and recreational facilities, Regina offers ample opportunities for residents to enjoy an active lifestyle.
Sources
- (1) Rental Market Survey (CMHC) © 2024 Canada Mortgage and Housing Corporation
- (2) Historical Regina, Canadian, Vancouver, Toronto, Montreal population growth (2011-2022): https://www.canadapopulation.net/
- (3) CHMHC Housing shortages in Canada
- https://www.cmhc-schl.gc.ca/professionals/housing-markets-data-and-research/housing-research/research-reports/accelerate-supply/housing-shortages-canada-updating-how-much-we-need-by-2030
- (4) Deloitte Economic outlook: Quarterly update on Canadian and international economic trends and events
- https://www2.deloitte.com/ca/en/pages/finance/articles/economic-outlook.html
- (5) Economic Development Regina https://economicdevelopmentregina.com/regina-stories/reginas-economic-year-in-review/
