Real Estate Information Archive

RECORD YEAR FOR MLS® SALES IN 2016

December 8, 2016

by Jordan Katz

PRESS RELEASE

December 8, 2016

For Immediate Release

RECORD YEAR FOR MLS® SALES IN 2016

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Sales Surpass the Previous 2007 Record Total of 13,079

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1926 St. Mary’s Road, Winnipeg - Riverstone Terrace Condominiums

WINNIPEG - With time to spare and a number of December sales still to come before year end, WinnipegREALTORS® this week recorded its 13,080 MLS® sale. It breaks the previous all-time sales record set in 2007 of 13,079 sales.

The actual unit to supplant WinnipegREALTORS® nine-year previous sales record is a new 2 bedroom 1,351 sq. ft. apartment style condominium unit at Riverstone Terrace Condominiums in South St. Vital. It is nestled along the Red River with a balcony which takes full advantage of a southwest exposure of the river. It sold for $362,900.

This sales dollar amount adds to the $3.6 billion worth of transactions put through WinnipegREALTORS® MLS® up until the end of November. A new annual dollar volume record was already established in November when the 2015 total of just over $3.5 billion was eclipsed.

“We indicated earlier in the year a number of positive factors were setting up well to generate strong sales activity through our MLS® this year,” said Stewart Elston, president of WinnipegREALTORS®. “Though until we get through the most active second quarter of real estate sales activity, it is hard to be so bold to predict toppling a nine year record.”

Elston added, “As for the actual MLS® unit which took us over the top, I am not entirely surprised as we have in the last few years seen a marked increase in new condominium projects which our REALTORS® are actively representing and marketing.”

“First, I am delighted to see our network of REALTORS® has worked hard this year to help and provide thousands of buyers and sellers with their expertise and services through our MLS®,” said listing agent Tod Niblock. “I am also proud to say BPAR Ventures LTD., the developer of Riverstone Estates Condominiums, and I, are very pleased that the well-appointed condominium unit we marketed on MLS® is the one to break WinnipegREALTORS® long-standing sales record.”

Selling agent Sean Kirady said, “I agree with REALTOR® Niblock and will be glad to pass on to my buyer that their purchase of this new condominium is a record-breaker sale. “More important to her is getting a condominium she will truly appreciate and enjoy for years to come.”

Established in 1903, WinnipegREALTORS® is a professional association representing just over 1,800 real estate brokers, salespeople, appraisers, and financial members active in the Greater Winnipeg Area real estate market. Its REALTOR® members adhere to a strict code of ethics and share a state-of-the-art Multiple Listing Service® (MLS®) designed exclusively for REALTORS®. WinnipegREALTORS® serves its members by promoting the benefits of an organized real estate profession. REALTOR®, MLS® and Multiple Listing Service® are trademarks owned and controlled by The Canadian Real Estate Association and are used under licence.

For further information, contact Peter Squire at (204) 786-8854.

Shaila Wise

WinnipegREALTORS®
Administrative Assistant, Public Affairs
Phone: 204-786-8854 Ext. 219
Fax: 204-784-2343
Website: www.winnipegrealtors.ca
Email: swise@winnipegrealtors.ca

ON THE CUSP OF A NEW MLS® ANNUAL SALES RECORD

December 8, 2016

by Jordan Katz

PRESS RELEASE

December 6, 2016

For Immediate Release

ON THE CUSP OF A NEW MLS® ANNUAL SALES RECORD

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November Delivers Solid Results with 877 Sales

WINNIPEG - November MLS® sales activity was less than 3% off the best November ever in 2015 when it eclipsed 900 sales. This solid result ensures the addition of sales in December to the November year-to-date total will usher in a new all-time annual sales record for WinnipegREALTORS®. It will replace 2007 as the top sales year ever in the association’s 113 years of operation.

November sales of 877 were down less than 3% from November 2015 while dollar volume of $243 million was slightly below the $244 million transacted in November 2015. New listings entered on the MLS® of 1,374 in November were down by 3% from last year but well above the long term average.

The two main property types went in opposite directions in November. Residential-detached or single family home transactions were down 7% while condominiums increased 8%.

November is the first full month of sales activity since the federal government brought in tougher mortgage regulations. They require a lower debt-to-income ratio of 39 per cent and a higher stress test threshold to qualify for a home at the Bank of Canada rate of 4.64 per cent when putting down less than 20 per cent as your down payment.

“As we are at the tail end of the year we will have to look further ahead to 2017 before we can truly determine the impact of the new mortgage regulations on our market,” said Stewart Elston, president of WinnipegREALTORS®. “Although the marked divergence in residential-detached and condo sales in November may certainly be an indication of some first-time buyers having to choose a more affordable condo.”

He added, “We are fortunate to have one of the most affordable-priced housing markets in the country. However we still we cannot ignore the fact a number of potential buyers will be impacted and may decide to save more before they enter home ownership.”

Year-to-date MLS® sales of 13,015 are up 6% over the same period in 2015 while dollar volume of over $3.6 billion has increased 8% over 2015. The year-to-date dollar volume figure has already surpassed WinnipegREALTORS®’ highest annual dollar volume total of $3.5 billion.

MLS® inventory going into the final month of 2016 is sitting at just over 4,000 listings and is down 8% compared to the same period last year. The primary reason for the decrease is due to stronger demand for listings in 2016.

In looking back on what has now resulted in an impressive year of consistently good monthly MLS® sales activity, Elston made the following comment.

“The Winnipeg housing market tends to fly under the radar of higher profile markets such as Toronto and Vancouver and that suits me just fine,” said Elston. “It behooves housing consumers in our local market to be asking questions of our REALTORS® and builders to understand what is happening here. All markets are local and then some, with differences in how property types behave between themselves, and within specific areas of Winnipeg and the surrounding municipalities.”

The most active price range for residential-detached sales in November 2016 was from $250,000 to $299,999 at 20% of total sales. Next busiest is the $200,000 to $249,999 price range at 17%. There were still 22% of total sales taking place in the three price ranges under $200,000. The average days on market to sell a home was 36 days, 5 days quicker than November 2015.

The most active price range for condominium sales in November 2016 was from $150,000 to $199,999 at 22% with the second busiest price ranges of $200,000 to $249,999 and $250,000 to $299,999 both representing 16% of total sales. The average days on market to sell a condominium was 54 days, 5 days slower than the pace set in November 2015.

Established in 1903, WinnipegREALTORS® is a professional association representing just over 1,800 real estate brokers, salespeople, appraisers, and financial members active in the Greater Winnipeg Area real estate market. Its REALTOR® members adhere to a strict code of ethics and share a state-of-the-art Multiple Listing Service® (MLS®) designed exclusively for REALTORS®. WinnipegREALTORS® serves its members by promoting the benefits of an organized real estate profession. REALTOR®, MLS® and Multiple Listing Service® are trademarks owned and controlled by The Canadian Real Estate Association and are used under licence.

For further information, contact Peter Squire at (204) 786-8854.

Shaila Wise

WinnipegREALTORS®
Administrative Assistant, Public Affairs
Phone: 204-786-8854 Ext. 219
Fax: 204-784-2343
Website: www.winnipegrealtors.ca
Email: swise@winnipegrealtors.ca

OCTOBER MLS® SALES UP 5%

December 8, 2016

by Jordan Katz

RESS RELEASE

November 9, 2016

For Immediate Release

OCTOBER MLS® SALES UP 5%

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Sales On Pace to Set New Annual MLS® Sales Record

WINNIPEG - Above average sales in October set the stage for a new annual sales record in WinnipegREALTORS® 113th year of serving the Greater Winnipeg Area real estate market.

October sales of 1,138 were up 5% over October 2015 and likewise over the 10-year average for this month. October dollar volume of close to $310 million increased 9% over the same month last year.

Year-to-date sales of over 12,000 are 7% ahead of the same period last year and are well within reach of eclipsing the annual sales record set in 2007 of 13,079. Year-to-date dollar volume of $3.37 billion is up 9% over 2015 and will easily set a new annual dollar volume record in November. Manitoba MLS® dollar volume just edged over $4 billion in early November.

“It is a matter of when, not if,” said Stewart Elston, president of WinnipegREALTORS®, when queried on WinnipegREALTORS® setting a new all-time sales record this year. He added, “Our strong international immigration numbers are a real contributor to creating demand for MLS® listings.”

CMHC’s regional economist Lai Sing Louie pointed out earlier this month, at an MHBA housing conference, Manitoba’s elevated population growth has expanded the first-time homebuyer age group of 25 to 34 year olds.

First-time homebuyers not only make up a significant segment of any housing market but are instrumental in the ongoing home sales process. When they purchase their first home they provide current owners with the opportunity to upgrade or downsize leading to a cascade of more purchases all the way up the housing ladder continuum.

While first-time buyers are a key driver of single family home sales, their presence is being felt in how well the more affordable condominiums, single-attached and townhouse property types have performed in 2016. Condominium sales are up 10% over last year and less than 3% off their best year at this juncture in 2014. Single-attached and townhouse properties have risen 9 and 51% respectively over 2015.

If you are looking for where the predominant gains in sales activity occurred in the two main property types in 2016, simply put; higher price ranges in single family and the lower ones in condominiums. Sales are higher in all price ranges $250,000 and above in single family homes while condominium price ranges under $250,000 are consistently better.

This helps explain why the average sale price for condominiums in 2016 of $234,623 is modestly lower than 2015 (1.5%) while the 2016 average single family or residential-detached sale price of $303,660 is up 3% this year.

“Winnipeg’s balanced housing market has kept prices in check despite brisk sales activity,” said Elston. “This is in sharp contrast to some high priced markets in Canada where listings can be in short supply.”

There is no one national housing market. All markets are local with their own factors shaping their outcome. You need to talk to your REALTOR® to understand exactly what is happening in regard to your own local market situation.

The most active price range for residential-detached homes in October 2016 was from $250,000 to $299,999 at 23% of total sales. The lower price range of $200,000 to $249,999 was second busiest at 16%. The highest- price home sale was $1,375,000 and the lowest sale price was $39,000. The average days on market to sell a home was 33 days, 2 days faster than October 2015.

30% of condominium sales in October occurred in the $150,000 to $199,999 price range with another 17% happening in the $200,000 to $249,999 range. The highest-price condo sale was $975,000 and the lowest sale price was $88,000. The average days on market for condos was 47 days, the same pace as October 2015.

Established in 1903, WinnipegREALTORS® is a professional association representing just under 1,900 real estate brokers, salespeople, appraisers, and financial members active in the Greater Winnipeg Area real estate market. Its REALTOR® members adhere to a strict code of ethics and share a state-of-the-art Multiple Listing Service® (MLS®) designed exclusively for REALTORS®. WinnipegREALTORS® serves its members by promoting the benefits of an organized real estate profession. REALTOR®, MLS® and Multiple Listing Service® are trademarks owned and controlled by The Canadian Real Estate Association and are used under licence.

For further information, contact Peter Squire at (204) 786-8854.