Those looking to make moves into the Estevan real estate market may find some relief in the coming months and years as prices begin to correct after increasing quickly and without restraint for the last several years.
New development within the city is coming with speed adding accommodations to the desaturated area. Last year, new condo buildings sprung up at Petterson Point, while more houses and multi-residential construction is ongoing in the northwest area of the city with the Dominion Heights subdivision.
There is also the development of a modular home park at the south end of the city called The Ridge that will introduce another 440 housing units. That development will allow homeowners to buy the land and home and feature a condo fee to manage garbage pick up and snow removal.
The real estate market was been inflated in recent years as the region has been booming with job opportunities and struggling to keep up with the growth of the last several years. With new residential developments being introduced to Estevan, there is some expectation that those looking to purchase property may see some relief from the high prices on the horizon.
The influx of accommodation can be expected to "correct" the elevated prices seen in the city's real estate, said realtors in the Energy City.
"We're swaying in a direction to the centre. When prices go up that fast, there has to be a correction at some point, and that's what we're seeing right now," said Lynn Chipley of Century 21 Real Estate. "The demand was there, and they couldn't get enough product into the market. Well, they've caught up now."
The new developments will also create a greater variety for people coming to Estevan or looking for a change of residence. With houses becoming more affordable, more options when it comes to condo ownership and the freeing up of rental space, the choice will be a welcome change for those looking at their housing options.
"What (people) can expect, certainly in the near future - it's not there yet because a lot of this is still under construction - is a lot more variety in terms of what they have to choose from without having to spend half a million dollars," said Chipley.
Whether it's in the modular park or a condo or townhouse, Chipley said the most noticeable change in the Estevan market will be the variety available.
"I think it makes buyers feel better. They aren't getting pushed into any one situation. What it will also do, I think, is free up a lot in the rental market. There will be more openings in the rental market. Overall, it should just make for a more balanced market. We're already seeing that."
Chipley added that a balanced market that is fair for both buyers and sellers is optimal and good for everyone.
Better Homes and Gardens realtor Josh LeBlanc said an influx of housing units into the community will help the businesses in Estevan attract new employees and keep others.
"I think that this is going to help us attract a lot more families to Estevan and help out a lot of the local employers to secure jobs. We'll finally be able to meet the demand in the city," added LeBlanc.
"There's a huge need for housing in the city. We've had a lot of people who have turned down jobs because of the lack of housing that's in the community," said LeBlanc.
He doesn't expect a major change to the prices but said there could be a minor drop in market.
"In terms of the effect (more accommodations) will have on the overall market, I can't foresee it having a large effect in terms of pricing for (already established) homes. The best way to put it is you'll see a correction in the market. The supply will start to meet the demand a little bit more," he said.
"Any real estate market is supply-and-demand based. What you're going to see is a higher supply of single-family type dwellings, which is what Estevan needs right now," said LeBlanc. "There's a natural progression that goes along with housing at times. A lot of the people who want to move into new homes, bigger homes, and that's when you're single-family, starting out housing (drops in price)."
The 1,000-square foot bungalows, he said, will be more prominent on the market in the future.
Chipley expects prices will drop and said there are already signs the ever-increasing prices will begin to come down. There are more units available than she has seen in a few years.
"There's more inventory on the market now than we've had in two years," she said.
