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Real estate professionals were rated as the most valuable interaction during the home buying process, according to a recent survey. In April 2018, Canada Mortgage and Housing Corporation (CMHC) surveyed 4,000 active mortgage consumers, of which 16% were home buyers, as part of its annual Mortgage Consumer Survey (MCS). The MCS is the largest survey of its kind in Canada and has been conducted since 1999. It provides insight into the behaviours, attitudes and expectations of Canadians when they take out, renew or refinance a mortgage. According to the survey, 24% of first-time buyers and 34% of repeat buyers indicated…
April MLS® sales slip back modestly from April 2018 WINNIPEG - While Manitobans welcomed spring with open arms given a long winter they also were relieved to know potential flooding threats did not come to fruition. Thanks to major engineering flood mitigating projects such as The Winnipeg Floodway or Duff’s Ditch, as it is commonly referred to as, thousands of properties have been saved over many years from the ravages of water damage. April sales of 1,223 were down less than 5% from April 2018 while dollar volume decreased 3%. It is a 60 sales difference from 2018. Single…
ALEXRATHS VIA GETTY IMAGES With an average income of $44,200 CAD, a typical millennial has a maximum home-buying budget of about $324,027. That’s not a lot when you consider that the national average price for a home is $468,350 (it drops to a more feasible $371,000 if you exclude Vancouver and Toronto, which are the two most expensive markets by a long shot). With that in mind, we wanted to check out how far the same budget––of half a million dollars––goes in different cities across the country. We settled on $500,000 because it’s a nice even number, and it’s realistic for an average…
Spring is a time of optimism, when we cast off winter’s gloomy grip and walk cheerfully into the warm sunshine. This renewal of energy is apparently being reflected in local housing sales for the beginning of 2019 in the Winnipeg METRO Region. First quarter sales are off to a good start. The 2,367 sales transacted in the first three months show a 6% increase over the same period in 2018, and only a 3% dip from the record-setting years of 2016 and 2017. Similar to sales, there is a 6% rise in year-to-date listings with more than 5,400 entered on…
February sales up 6% WINNIPEG - February sales of 724 show a 6% increase over February 2018 and a 10% rise in dollar volume at over $215 million. 1,447 new listings were added to the market in February which resulted in 3,735 active listings available for sale at the end of February. This healthy supply of listings represents a 10% increase over last year. Year-to-date sales are up 8% over the same period in 2018 and 3% over the 5-year average. They are only 2% behind the record- setting pace of 2016. “We have now had two back to…
By Gregory Klump Overall, the Canadian economy did well in 2018. The underlying fundamentals for housing are strong: National unemployment fell to near-record lows, while immigration reached new heights. Demographics also supported housing demand, with about half the large millennial group having turned 30 and the other half about to do so over the next few years – which is highly supportive for household formation. Interest rates remain low (despite having risen). In the absence of the mortgage stress-test that came into effect in 2018 (also known as B-20), these factors would likely boost home sales activity to new heights…
Although, the number of sales in 2018 was down 5.6 per cent, a little below the 10-year average, and the total dollar volume of $3.77 billion was also down 3.8 per cent. But only the uninformed would suggest it’s a sign there is something wrong with the Winnipeg housing market. Average prices in Winnipeg have risen every year, albeit modestly, since 1995 and were up again last year by two per cent. Compared with the rest of the country, Winnipeg continues to be one of the most affordable housing markets in Canada. With the average Winnipeg home price…
Days On Market: Here's How Long It Will Take You To Sell A House In 63 Canadian Markets This statistics isn't just about economics; there is something cultural going on here. Maybe that old trope that English Canadians are always in a hurry and French Canadians like to take their time has something to it. And it's also about the markets' legacy, or what people are accustomed to. After years of competitive housing markets, Ontarians are used to making these decisions quickly. Meanwhile, decades of a moribund housing market have made "fear of missing out" a nearly unheard-of phenomenon…
A record start to 2019 WINNIPEG - January MLS® sales of 634 increased 11% over the same month last year and 8% over the 5-year average for January. Dollar volume rose 12% to $175 million. The 1,783 new listings entered on the MLS® in January also resulted in a double-digit gain of 19% compared to January 2018. “This is the best start on record for January in our local real estate market,” said Kenneth Clark, president of WinnipegREALTORS®. “However, as they say, one month does not make a year so we remain cautiously optimistic.” On a positive…
Home values remain consistent in 2018 In comparison to a near record year in 2017, 2018 held its own with sales down 5% from 2017 and 6% from the best year on record in 2016. Sales of 12,773 are down less than 3% from the five – year average and 1% lower than the 10-year average. Annual dollar volume on the other hand of $3.77 billion decreased less than 4% from 2017 and is up nearly 3% from the five-year average. The 23,834 listings entered on the MLS® in 2018 rose 2% over 2017. There are 3,235 listings…
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November holds firm for this time of year November MLS® sales of 864 are right in line with expected sales generated for this month. Sales decreased less than 2% from November 2017 and below 1% from the 5-year November average. This now makes for two months in a row of solid sales for the fourth quarter and this time of year. “Buyers and sellers are making the adjustments necessary to complete sales and end the month off on a positive note,” said Chris Dudeck. “We have reason to remain optimistic that December will finish off strong and conclude a…
Strong start to fourth quarter October MLS® sales of 1,107 increased 8% over October 2017 and 1% over the 5 –year average for this month. Sales rebounded and actually outsold a slower performing September as usually it is the other way around. A record was set with the highest dollar volume ever achieved for the month of October. Just under $330 million was transacted this October, a 13% increase over October 2017. Year-to- date sales of 11,371 are down 5% from the same period in 2017 while dollar volume of $3.36 billion is just shy of 4% off…
Central bank's benchmark rate pushes up borrowing costs for consumers Pete Evans · CBC News · Posted: Oct 24, 2018 10:00 AM ET The Bank of Canada has raised its benchmark interest rate by a quarter point for the fifth time since last summer, pushing up the cost of borrowing for Canadians. The bank's rate is now set at 1.75 per cent. Known as the target for the overnight rate, the benchmark is what Canada's big banks charge each other for short-term loans. It filters down to consumers, because it affects the rates the banks offer their customers for things like variable rate mortgages…
WINNIPEG - August sales of 1,274 are down 1% from August 2017 and up 1% over the 5-year average. Dollar volume of $375 million in August was down less than 1% from August 2017. Inventory of 5,163 MLS® listings at the end of August is up 7% over 2017. Year-to-date sales of 9,218 are off 6% from the same period last year while year-to-date dollar volume of $2.73 billion is down 4% from 2017. Total listings of 17,619 have been entered on the MLS® this year and are slightly ahead of 2017. Where the difference is greater between the two years…