The Rose Quartz property market has been in a bit of a bubble for the past few years, but a few big names are making moves into the property market in Regina.CBC News spoke with three people who say they’ve been involved in the property business for decades, and the trend appears to be starting to pick up again.
In a recent interview with CBC Radio’s Regina Calling, property consultant and former Saskatchewan Premier Greg Selinger talked about what he thinks the next big thing will be for the Rose Garden property market.
“I’m very confident that there’s going to be a revival of the Rose and I believe that’s what will drive prices to new heights in the future,” said Selinger.
The Rose Quartz market peaked in the late 1990s and 2000s, when prices were rising by as much as 25 per cent annually.
The market had been in the red for years, with high vacancy rates and a high mortgage rate.
Selinger said there was a lot of hype surrounding the property boom in the mid-2000s.
“There was a period of time where prices were up 25 per cuz they were so hot,” he said.
“But it all kind of went away and that’s when prices really started to fall.”
People thought it was the beginning of the bubble.
I don’t think that’s going away.
“The Regina Hills and the surrounding area is known for its beautiful gardens, many of which are now owned by the Rose quartz family, which has owned the land since 1895.”
The Rose family is the biggest beneficiary of all of the developments that have happened in the area,” said Ken Cusack, the general manager of the Regina Hills Community Development Corporation.”
They own a significant portion of the property that has been developed into the Rose, but the rest of the community, as a whole, they are very proud of the legacy of the family.
“While the Rose’s holdings have increased significantly in value since then, the value of the rest, including the Rose Hills and surrounding area, has not.”
It’s been the biggest property boom we’ve seen in the province in quite a while, but it’s just a drop in the bucket compared to what is coming out of other areas of Saskatchewan,” said Cusacks.”
We’re seeing that the Rose is a very large asset in the region and we see that other properties are going up as well.
“While it may seem like there’s more to the market than just the Rose properties, there are plenty of other factors to consider.”
If you look at all the other developments, the Rose doesn’t seem to be as big as some of the others, but there are some other properties in the Rose that are very attractive,” said Dr. Lisa Mather, an associate professor of urban planning at the University of Regina.”
In the case of the area around Regina Hills, there’s a lot more Rose quartz development happening there than there is in the other areas.
“In addition to the Rose gardens, Cusacking says that there is a large number of other developments coming to the area.”
Dr. Mather says there are more Rose Quartz developments coming, and that the demand for them will likely increase over the coming years.””
And there are several developments coming through the Rose Valley and into the Regina area.”
Dr. Mather says there are more Rose Quartz developments coming, and that the demand for them will likely increase over the coming years.
“As the Rose continues to grow, I think we will see an increase in the demand from the rest.
I think it will be very important to understand how to manage those developments,” she said.
While Selinger is not the first person to predict a Rose Quartz boom, the property consultant does see signs that things are beginning to change.
“When I first started in the business in the early 2000s the prices were really hot and people were very excited about the property and that it was going to turn out to be the most expensive property in the city,” saidSelinger.
“It was kind of a wild time for the property industry, but I think things are starting to come together again now.”
Dr Mather said the Rose seems to be taking the brunt of the construction boom, but that it’s not just because of the rose.
“Rose Quartz has a pretty good track record of growth,” she added.
“So in many cases, when you look back at the history of the industry, Rose Quartz is one of the main drivers of growth in the industry.”
Selinger, who lives in the heart of Regina, has been involved with the Rose since he was a teenager.
“My mother was a Rose quartz farmer in Saskatchewan and when I was growing up, my mother would come down and pick the roses for us,” he explained.
“She would do it all year long and I loved it.”
Selings parents owned an estate in Rosewood, Sask., and it was on the outskirts of Regina when he moved to Regina.
But after moving