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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…
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…
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Local market remains very stable and resilient WINNIPEG — July sales activity decreased 4% from July 2017 and was off only 2% from the 5-year average for this month. If you remove the exceptional record-setting month of July 2014 which was close to 1,500 sales, the 1,376 sales transacted this July are less than 1% behind the average sales activity for this month. July 2017 was the second best July on record at 1,438 sales. The narrow range in percentage terms of sales activity between this year and the 5 –year average for all MLS® sales in July is also…
The Canada Mortgage and Housing Corporation says the country's housing sector is facing a high degree of vulnerability to market instability for the eighth straight quarter. The Crown corporation attributes the vulnerability to overvaluation and price acceleration in Toronto, Vancouver, Victoria, and Hamilton. It rated Edmonton, Calgary, Saskatoon, Regina as having moderate levels of vulnerability and Winnipeg, Montreal and Halifax among those with low risks. CMHC says it is seeing signs of moderate overheating in Vancouver although price growth has been slowing over the last two quarters and detached properties in some areas are seeing declining prices. In Toronto, CMHC…
WINNIPEG - June sales activity outperformed May this year and usually it is the other way around. This helps explain adjustments that are going on within the local market to account for more stringent mortgage qualifications based on higher interest rates and the federal stress test. June sales of 1,547 decreased 5% over June 2017 and 1% over the 5-year average for this month. Listing activity for June increased 1% over the same month last year while the current inventory of 5,206 at month end was up 6%. June dollar volume of $473 million is down 3% over June 2017…
WINNIPEG - May sales were down from the best May and month on record in 2017 when close to 1,700 transactions were processed on WinnipegREALTORS® MLS®. The 1,510 sales recorded in May 2018 decreased 11% from the same month last year and are down 4% from May’s 5-year average sales numbers and 1% from the 10-year average. Dollar volume of $458.4 million decreased 8% from May 2017. New listings coming on the market in May decreased less than 2% while inventory at the end of the month increased 3% to 5,103 listings. When broken down into the two main property types of…