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Rent to Own Homes in Regina, Saskatchewan
Regina is the second largest city in Saskatchewan and the capital of the province. Located in the south-central region of Saskatchewan, the city has a population of over 250,000 people. With an airport conveniently located near the downtown area, travelling is made simpler. With their economy on the rise Regina is becoming a great spot to live.
Whether you are looking for a life downtown or a quiet suburb, Regina has a wide variety of living environments. Find out more about what makes this location an attractive place to take residence and how rent-to-own can help you settle into your ideal home and community.
View the best rent-to-own listings in Regina today.
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Real Estate Trends in Regina, Saskatchewan
The average home price in Regina decreased by 4.4% year-over-year from $321,480 in 2022 to $307,214 in 2023, according to Remax. The number of sales also saw a decline of 7.1%, dropping from 3,248 in 2022 to 3,016 in 2023. In 2024, the average residential sales price across all property types is anticipated to decrease by an additional 2%, with a similar decline expected in the number of sales transactions.
Despite the decrease in sales and prices, the market remains balanced due to low inventory and higher interest rates. New construction developments are proceeding as planned, supported by government programs like the provincial PST rebate for new construction and the Secondary Suite Incentive Program. These initiatives are expected to improve affordability and increase rental units in the region.
Regina's affordability continues to attract homebuyers, especially young families and immigrants looking for single-detached homes in the $200,000 to $400,000 range. Proximity to schools and access to amenities such as grocery stores, parks, and recreational activities are significant factors driving demand.
If you’re not mortgage-ready and don’t want to miss out on a rising home market, rent-to-own a home in Regina could be a great option.
Transportation
Getting around the city of Regina is easy thanks to its efficient public transit system. 23 different bus routes are available to take you around operating from as early as 5:30 am to 12:30 am at night. Regina’s public transport is also known to be cheaper than most cities, providing a great alternative to owning a vehicle.
If you would rather drive yourself, Regina is located on the Trans-Canada Highway which spans across the country. If you have any interest in travelling to other provinces, this would be the best way to go about it. It is also common for Regina residents to commute into the city daily. Many different parking garages and designated zones are available as well to make driving a great option in Regina.
Economy
You would be happy to know of Regina’s strong economy, being one of the best in Canada. The unemployment rate is low as there are plenty of opportunities in the industrial sector. Looking at GDP, Regina is ranked 7th in all of Canada, partly because of their strong employment prospects.
This includes one of the largest steel companies in Canada, EVRAZ Regina, and many other organizations focused on natural resources. Other major employers include SaskTel, Kalium Chemicals, Degelman Industries, ADP, and provincial government jobs for Saskatchewan.
If you are interested in agriculture, oil and gas production and development, or telecommunications, Regina would be a great fit for a place to call home.
Education
Regina has great education opportunities for all levels of students. There are three main divisions for the elementary and secondary levels including the Regina Public School Board, the Regina Catholic School Board, and the Conseil des écoles fransaskoises.
If you are looking at post-secondary options, there are three well respected institutions available. The University of Regina, Saskatchewan Polytechnic, and the First Nations University of Canada are all excellent prospects to grow your knowledge.
How Rent to Own a Home in Regina Could Be Beneficial
Requity Homes’ rent-to-own program can help qualified clients find almost any home listed for sale in Regina, meaning aspiring home buyers can begin by renting and testing out the neighbourhood.
Renting is an excellent way to evaluate the neighborhood, schools, job opportunities, and other important factors. After two to three years, renters will be able to assess whether the home and surrounding area is one they can settle into long-term. If you don’t have a large down payment saved up, rent to own homes can be a more viable option.
How the Rent-to-Own Process Works in Regina
As the cost of buying a home continues to increase, many people are choosing the rent-to-own option as a popular alternative to traditional home buying. There are a few essential items to get familiar with before you sign an agreement:
● The rent-to-own agreement is between a homeowner and tenant, which begins as a lease, with the option to buy the home later. This lease agreement is usually for a term of no more than three years.
● A deposit is often required upfront, in most cases, along with the deal, which is applied towards the final buyback price of the home.
● A part of the monthly rental payments, in addition to the initial deposit, is credited towards the final buyback price. When the lease agreement reaches the end of the term, the tenant can decide whether they want to purchase the home.
Learn more about how rent-to-own works in Canada.
Advantages of the Rent to Own Approach
When you’re not in a financial position to afford a down payment on a new home or do not qualify for a mortgage, there are some benefits you’ll find with the rent-to-own option:
● You’ll have the option of "testing” a new home and deciding if homeownership is the best option for you. Initially, many people might buy a home with aspirations of renovations or creating a home office or nursery only to discover they need more space. When you choose the rent-to-home option, you’ll have the benefit of living in a house before deciding if it’s a good fit for you and your family.
● When you sign a rent-to-own agreement, you’ll have the opportunity to save enough money towards the eventual purchase of a home. During this time, you might have access to increased income because of a new employment opportunity or other revenue, which can help you save towards the eventual purchase of the home.
● If you have a poor credit score, you can work on improving your credit rating so you qualify in a few years after you sign a rent-to-own agreement.
● Unlike a traditional lease or rental agreements, you’ll have more freedom to renovate and decorate your home without the restrictions that are often included in a rental contract.
Rent-to-Own Is Another Path to Achieving Homeownership in the Future
You might be wondering, “Is rent-to-own better than a mortgage?”. Simply put, rent-to-own works best for people who want to eventually purchase a home, though they cannot make the financial commitment or meet the criteria required for a traditional mortgage.
While many financial experts recommend a mortgage as the best option, it’s not always attainable, making rent-to-own agreements an excellent path towards homeownership.
When you’re in a position to buy your home, there are some excellent benefits. These include the option of building equity, which can offer you some great benefits in the long term, such as access to loans and extra funds for renovations, debt consolidation, and additional revenue if you choose to sell the home at a later date.
How to Find Rent-to-Own Properties in Regina
Finding rent-to-own opportunities in Regina is a straightforward process with Requity Homes. Here's how to get started:
- Use our rent-to-own tools: Take advantage of our rent-to-own affordability calculator and rent-to-own payment calculator. These tools can help you understand what you can afford and what your potential payments might look like.
- Pre-qualification: Register online to see if you pre-qualify for a rent-to-own home. This quick process helps determine your eligibility for our program.
- Browse available properties: Once qualified, you can explore the latest rent-to-own properties in Regina directly on our website. Our listings are regularly updated to provide you with current opportunities.
- Expand your search: While this article focuses on Regina, consider viewing rent-to-own opportunities in other Saskatchewan cities like Saskatoon, Moose Jaw, Martensville, Warman and Prince Albert. Each city has its own unique housing market and benefits.
By following these steps, you can begin your journey towards homeownership in Regina or other parts of Saskatchewan. Rent-to-own can be an excellent option for those looking to transition into homeownership gradually. Start your path to owning a home in Regina today with Requity Homes.
