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June sales just shy of last June’s market activity June sales of 1,528 fell short of June 2018 market activity by 1% and 3% from the 5-year average for this month. What really stood out in June is extensive inventory which offers buyers record levels of choice in one of the most affordable housing markets in the country. June dollar volume of nearly $463 million declined 2% from June 2018 yet is equal to the 5-year June average. New listings are strong again in June with 2,698 entered on the MLS®, an 8% increase over June 2018. Current…
Planning review recommendations released a day before pre-election blackout Manitoba should create a new quasi-judicial board with the power to second-guess City of Winnipeg land-use decisions, a provincial review of city planning, zoning and permitting recommends. On Tuesday, the day before a pre-election blackout begins, the province unveiled 12 recommendations that flowed from a review of municipal land-use practices that characterized Winnipeg's planning, property and development department as dysfunctional. The recommendations, released two weeks after the review itself was unveiled, include new provincial standards for accrediting inspectors, standardized timelines for issuing permits and ensuring Winnipeg sets water-and-sewer rates in line with provincial economic goals,…
May sales of 1,705 is the first time WinnipegREALTORS® has reached and eclipsed the 1,700 threshold mark for any month including May. It also broke new ground for any month with sales dollar volume vaulting over one-half billion to $526 million. The previous record set in May 2017 just fell short of the half billion dollar mark at $499.4 million while sales were only 4 below 1,700. In relation to the same month last year, sales rose 13% while dollar volume increased 15%. New listings were impressive too with over 3,000 entered on the MLS® in May – a 7%…
Building permits aren’t the sexiest measure of the strength of the real estate market, but they’re definitely one of the most important. These municipality-issued documents provide legal authorization to begin construction of a building project, whether that’s a house, an apartment complex, an industrial building, retail spaces, government buildings, skyscrapers or even a backyard deck. The more building permits issued and the higher their dollar value, the more confidence developers have in their ability to sell or lease out space in the buildings they want to construct. “People are coming to Winnipeg all the time. They want to live in…
Winnipeg home buyers the envy of Canada WinnipegREALTORS® likes to say Winnipeg is one of the most affordable housing markets in the country. Earlier this month, when the April MLS® market results were released, an infographic showed that 50 per cent of the single family and condominium listings available going into May are priced under $300,000, with 22 per cent listed under $200,000. You will be hard pressed to find any major city in Canada with this significant percentage of listings available at these lower price points. More evidence backing up this contention came recently by way of National Bank’s…
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…
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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…