Regina is one of Canada's most affordable cities for mortgage qualification. With a benchmark price of $330,900 and an average net salary of $3,675 per month, the income-to-price ratio is far more accessible than markets like Toronto (average $1 million+) or Vancouver. The current 20-year mortgage rate averages 4.55%. For current market conditions, see our market trends.
Monthly Costs by Price Point
Understanding what you'll actually pay each month is critical for budgeting. Here's what homeownership looks like at three common Regina price points: $240,000 Home (Richmond Place or Spruce Meadows):
- Mortgage payment: approximately $1,350/month
- Property taxes: approximately $200-$250/month
- Home insurance: approximately $100-$150/month
- Total monthly cost: $1,800-$2,000
- Minimum 5% down payment: $12,000
- CMHC insurance premium: approximately $9,120 added to loan This price point is directly comparable to three-bedroom rental costs, making it the sweet spot for first-time buyers looking to build equity instead of paying a landlord. Neighbourhoods in this range include Spruce Meadows (median $239K) and Richmond Place ($310K-$380K). $300,000 Home (Wood Meadows or Parkridge):
- Mortgage payment: approximately $1,700/month
- Total monthly cost: $2,200-$2,500
- Minimum 5% down payment: $15,000
- Provides a full house with yard and garage At this level, buyers access established neighbourhoods with practical amenities. Wood Meadows ($279K-$285K) has Victoria Square nearby with groceries, gym, and restaurants within walking distance. $450,000 Home (Riverbend or Woodland Grove):
- Mortgage payment: approximately $2,500/month
- Total monthly cost: $3,000-$3,300
- Minimum down payment: $22,500 (5%)
- Premium communities with strong amenities
Rent vs Own Comparison
Three-bedroom house rentals in Regina cost $1,800-$2,200/month. With utilities ($150-$250), families renting typically pay $2,000-$2,400 monthly. Saskatchewan lacks rent control, so annual increases are uncapped - meaning rental costs will likely increase over time while a fixed-rate mortgage payment stays constant. A $240,000 home at $1,800-$2,000/month total cost is directly competitive with renting - while building equity and benefiting from 5.7% annual price appreciation. Over five years at this growth rate, a $240,000 home would be worth approximately $314,000, representing $74,000 in equity growth on a $12,000 initial investment.
Income Required to Qualify
Using standard lending guidelines (gross debt service ratio of 32% and total debt service ratio of 39%), here's the approximate household income needed:
| Home Price | Down Payment (5%) | Approximate Income Needed |
|---|---|---|
| $240,000 | $12,000 | $55,000-$60,000 |
| $300,000 | $15,000 | $68,000-$73,000 |
| $400,000 | $20,000 | $88,000-$95,000 |
| $500,000 | $25,000 | $110,000-$118,000 |
| With an average net salary of $3,675 monthly (approximately $55,000-$60,000 gross annually), a single income earner in Regina can qualify for entry-level homes. Dual-income households can comfortably access the $300K-$400K range where most of the city's established neighbourhoods sit. |
Hidden Costs to Budget For
Beyond the mortgage payment, homeowners should plan for:
- CMHC insurance on 5% down: adds approximately $9,120-$11,400 to loan principal
- Annual maintenance: 1-2% of home value ($3,000-$6,000 on $300K home) - covers routine repairs, seasonal maintenance, and appliance replacements
- Property tax increases: municipal budgets adjust annually
- System replacements: furnace ($4,000-$6,000), roof ($8,000-$15,000), hot water tank ($1,500-$2,500) - budget for these over the home's lifecycle
- Basic utilities: $246.75/month average for 85m2
- Internet and mobile: approximately $147/month combined
First-Time Buyer Programs
Several federal programs help first-time buyers in Saskatchewan: First Home Savings Account (FHSA): Allows saving up to $40,000 tax-free for a down payment, with contributions being tax-deductible and withdrawals for qualifying home purchases being tax-free. Home Buyers' Plan (HBP): Withdraw up to $60,000 from your RRSP for a down payment. Must be repaid over 15 years. Combined with FHSA, buyers can access significant tax-advantaged down payment funds. First-Time Home Buyer Tax Credit: Federal credit providing up to $1,500 in tax relief. Combined with Saskatchewan's own tax incentives, first-time buyers benefit from multiple layers of support.
Price Distribution
Market Context
With 2.90 months of supply, Regina remains a seller's market. Annual price growth of 5.7% means waiting costs money - a $330,900 home appreciating at this rate gains roughly $18,861 in a year. Active inventory sits at just 475 units, nearly 50% below the 10-year average, and days on market average 41.
Price Trends
Regina Price Trends
Browse all Regina listings or see the first-time buyer guide.