Regina is Booming

The Regina and Saskatchewan economies are strong, with Regina, the provincial capital, recording the lowest unemployment levels in Canada. According to the CMHC Spring 2010 Housing Market Outlook for the Regina Census Metropolitan Area (CMA) Regina experienced overall employment growth of 1.8 per cent in 2009, with the gains concentrated among full-time positions. Regina’s job creation outperformed the province where employment expanded by 1.5 per cent, as well as Canada as a whole where employment contracted by 1.6 per cent. Further, Regina had the lowest unemployment rate in 2009 among Canada’s major CMAs.

The City of Regina CMA supported roughly 1,000 housing starts in 2007 and 2008 and is expected to match or surpass those levels in 2010. Similarly, the Regina CMA has seen MLS sales averaging over 3,500 homes in 2007 and 2008, and is expected to match or surpass that in 2010. Average prices for single-family homes have doubled for Regina since 2006 and more than doubled in the more upscale areas of the city. New home construction is shifting towards higher-end homes.

CMHC forecasts that the global economic recovery, and in particular the increase in commodity prices, will bolster Regina’s economic activity going forward. CMHC anticipates Regina’s employment to expand 0.3 per cent and two per cent in 2010 and 2011, respectively. CMHC notes that Regina is drawing in large amounts of investment in new and on-going major capital projects, including the on-going $1.9 billion refinery expansion, which is scheduled for completion in 2012. This will represent the largest capital project in Regina’s history, with 1,200 staff on site when construction peaks in 2010-2011. 

Enterprise Saskatchewan reports that a state-of-the-art 2,000-acre global transportation hub is being developed near Regina’s airport as part of Canada’s Asia-Pacific Gateway and Corridor Initiative. The inland port is resulting in other major private-sector projects, such as the $350 million warehouse and distribution centre for Canada’s largest food distributor. CMHC continues that further optimism comes with a potential investment of over $380 million in a downtown development plan, the cornerstone being a domed stadium. Already underway is a $170-million renovation to the Evraz Place trade show and exhibition space.

The growth in provincial population is focused on the major cities, including Regina. CMHC reports that in 2007 Regina welcomed almost 2,500 new residents, followed by roughly 3,200 new residents in both 2008 and 2009. CMHC forecasts that a new record will be set for Regina in 2010 with net in-migration rising 6.3% to 3,400 new residents.