"Steady as she goes."
Rob Reynar, the Manager of Operations and Member Services for the Association for Regina Realtors, said that's how he would describe Moose Jaw and region's 2017 housing market.
In total, just over 600 homes were sold in 2017, which is level compared to previous years, but there was also less demand . Pricing was affected too.
"I think the most notable thing for Moose Jaw and Region was maybe pricing," Reynar said. "We saw prices bounce around a lot this year. They were up they were down and at the end of the year we did see prices down year over year. Although it's not a level that I think most would be overly concerned about."
Reynar added that this ultimately amounted to market trends based on macro economics, which was only a couple of percentage points, but it will be interesting to watch for in 2018. Most of these changes aren't too alarming; as previously mentioned, they amount to current market trends.
Although it was a normal year, Reynar believes there was one big bombshell from 2017.
"I think the significant story to come out of 2017 from the housing market was the federal government changes in the qualification rules for mortgages," he said. "Getting that extra stress test for those going for high ratio mortgages or say a buyer with five percent down having to qualify for a higher rate than they normally would in past years. That's certainly had an impact."
With these new mortgage rules and a high inventory in the market putting pressure on pricing, it should be interesting seeing what the 2018 housing market has in store.