Economic indicators

Regina has always aspired to grow and the outlook has never been better.

Conference Board of Canada Forecast for Regina (April 2019)*

  • Regina’s real GDP is forecast to grow 1.7% in 2019 and match that gain in 2020
  • We expect Regina’s employment to increase 2% this year and next
  • Housing starts will reach roughly 1,400 units in 2019 and 1,700 units in 2020

Regina’s real GDP growth will remain modest in 2019 and 2020

A similar moderate pace will prevail over the next few years, lifting Regina’s GDP to a level that will be double the 1997 volume by 2022. This implies an average annual increase of 2.7% over this period, strong by national standard.

Steady Population Growth

Despite Regina’s weaker economy over the past two years, net migration remained positive – a good sign for this city. The forecast is for net new arrivals to average around 3,300 people per year in 2020-23, with roughly 3,000 newcomers expected this year. Regina’s net population will rise roughly 1.7% each year between 2019 and 2023, which is well above its 30-year average.

modest service growth continues

We expect Regina’s services sector to expand 1.5 percent in 2019, down slightly from 1.7 percent in 2018. Our call is for improved 2.1 percent growth in 2020. This year we expect higher output in 10 of our 12 service industries, an improvement from the expansion of nine industries in 2018. In 2020, 11 of the service industries should expand. 

Economic Indicators

 20162017201820192020f2021f2022f2023f
Real GDP at basic prices (2007 $ millions)13,537
-0.2
13,800
1.9
13,931
1.0
14,173
1.7
14,417
1.7
14,759
2.4
15,116
2.4
15,467
2.3
Total employment (000s)139
0.9
141
1.1
141
-0.1
144
2.0
146
2.0
149
1.9
152
2.0
155
1.8
Unemployment rate (%)5.35.16.46.26.16.06.06.0
Household income per capita ($)51,904
-2.4
52,743
1.6
53,600
1.6
54,644
1.9
55,822
2.2
57,195
2.5
58,785
2.8
60,296
2.6
Population (000s)247
2.7
253
2.4
258
1.7
261
1.5
266
1.8
271
1.8
276
1.8
280
1.7
Total housing starts1,5631,9231,1801,3981,6971,9672,1722,212
Retail sales ($ millions)5,567
2.0
5,823
4.6
5,940
2.0
6,096
2.6
6,335
3.9
6,604
4.2
6,874
4.1
7,123
3.6
CPI (2002=1.000)1.329
1.0
1.352
1.7
1.384
2.4
1.408
1.7
1.437
2.1
1.465
2.0
1.494
2.0
1.523
2.0

For each indicator, the first line is the level and the second line is the percentage change from the previous period; italics indicate percentage change.
Source: Conference Board of Canada; Statistics Canada, CMHC Housing Time Series Database.

Real estate

Apartment market (November 2018)
Two-bedroom vacancy rate7.7%
Average two-bedroom rent$1,041
Regina housing market (2018)
Unit Sales2,465
Growth-8%
Average Price$267,400
Growth-5.27%


Sources: Association of Regina Realtors.

Building permits

In 2018, residential building permits were issued to create homes for 1,089 Regina families – a decrease of 421 homes over 2017. According to Regina’s monthly Building Permit Report, the total value of residential construction projects for 2017 was $205 million.

In 2018, 470 commercial permits were also issued, slightly up from 428 in 2017. The total value of commercial building and demolition permits issued in 2018 was $203 million. To learn more click here.

Regina office inventory

Vacancy Summary: As at March, 2019

 Overall (sq. ft.)
Inventory4,844,242
Vacancy Rate13.17%
Regina office rental rates
Class A New$34.00-$36.00
Class A$20.00-$24.00
Class B New$26.00-$30.00
Class B$14.00-$18.00
Class C$10.00-$14.00

Source: Harvard Real Estate Inc.

Industrial vacancy

Market Indicator (relative to prior period)Market Q3 2018Market Q4 2018Trend
Industrial Inventory18,688,66718,876,119Icon Red Bar Chart - Decrease
Net Absorption-44,68080,000Icon Red Bar Chart - Decrease
Vacancy Rate4.62%4.3%
Average Asking Rent**$10.60$10.90
Average Additional Rent$4.00$4.00Icon Red Bar Chart - Decrease

**Average Asking Net Rent is calculated using a weighted average

Source: Colliers International.

Let’s work together

If you’re ready to talk about Regina's economic strategy, contact Shaadie Musleh.