Winnipeg sales up 6% as buyers adapt to mortgage rules

by Steve Randall11 Mar 2019

It may be cold but the housing market in Winnipeg is heating up with two straight months of sales above their year-ago levels.

February saw a 6% rise year-over-year with 724 sales reported by Winnipeg Realtors and year-to-date sales are 8% above the same period of 2018.

The first two months of 2019 also beat the 5-year average by 3% and was just 2% shy of the record high of 2016.

“While early in the year and a cold one at that, it does show buyers are making necessary adjustments to mortgage regulation rules to complete a transaction,” said Winnipeg Realtors’ president Kenneth Clark.

There was a rise in listings in February, with 1,447 new listings taking the total active inventory to 3,735, 10% above 2018 levels. This also continued a trend from January.

“Some of the increase in listings, most notable in January with a 19% increase in new listings coming on the market, is that sellers are feeling more confident about taking their next step in the local housing market,” added Clark.

Single-family sales lead
Single family home sales of 505 increased 6.5% in February when compared to February 2018. There was a notable increase in sales of this property type outside the city of Winnipeg.

Condominium sales were up as well with 107 sales, a 5% increase over February 2018 and 10% greater than the 5-year average of 97 sales.

Prices remained relatively affordable with the average price for single-family detached homes at $327,045 while condos averaged $231,691. More than half of all condo sales in February selling for under $200,000 and nearly half of single family homes selling for under $300,000.

“The combination of a wide choice of affordable properties to purchase in our local market gives us an advantage over more expensive housing markets in the country,” said Clark. “However, our first-time buyer market in 2018 did experience a noticeable drop off in sales activity so any relief from the federal government’s budget would be welcome here too.”

 


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