Real Estate Information

PRESS RELEASE

February 13, 2017

For Immediate Release

               

 

OFF TO A HEAD START FOR CONDO SALES IN 2017

• -           -
  January MLS® Sales Drop 2%

WINNIPEG  - Condominium sales showed a marked jump in activity compared to January 2016 with a 36% increase. They are also up 17% over the 10-year average for January condominium sales. Overall, MLS® sales were slightly off last January’s total – ten sales to be exact. And similarly since residential-detached on WinnipegREALTORS®’ MLS® is by far the most dominant property type, there were sales of 400 compared to 409 in January 2016.

 

New MLS® listings coming on the market in January were down slightly too with residential-detached much the same and condominiums seeing a 5% increase over January 2016. It can be said a pattern is emerging where new condominium listings have steadily increased in January since 2012 and part of the explanation for this development is having more new condominium projects available on MLS®.

 

As a result these newly built condos are increasing their market share in terms of monthly sales. This January 29% of condos sold were new units where in January 2016 their percentage market share was 17%. Even with stronger condo sales in January the over 600 listings going into February are still elevated when you compare them to previous years. The only exception is last year where January condo listings were up 4% over this January.

 

It should also be noted the impressive showing of condo sales in January was borne out in the fact close to 20% sold for above list price in comparison to only 4% in January 2016.

 

“While one month does not make a year, it can give you pause to reflect on what may be around the corner,” said Blair Sonnichsen, president of WinnipegREALTORS®. 

 

He added, “One thing to monitor will be whether the more stringent qualifying mortgage rules and even the City of Winnipeg impact fees coming in to effect on May 1, 2017, will affect the condominium sales activity.”

 

In summary, January MLS® unit sales of 561 were down less than 2% from the same month last year while dollar volume of $153 million was up nearly 3% compared to January 2016. The 1,502 new listings entered on the MLS® market in January decreased 1% and it left a little over 3,000 listings available for sale going into February. This active listing inventory is down 9% from 2015 and 2016 levels of just over 3,400.

 

Based on fewer MLS® sales in the first quarter of the year, the projected time of absorbing all of the existing inventory if there were no new listings coming on the market is five and one-half months.  This compares favourably to last year at this time as it would have taken six months.

 

“One of the positive take-aways from January is the pick-up in condominium sales since the inventory remains elevated compared to its long term average.” said Peter Squire, market analyst of WinnipegREALTORS®. “It has also come to our attention that new condominium construction supply is coming down so builders are making adjustments to account for overbuilding in the condo market.”

 

The most active price range in MLS® residential-detached sales in January was the $250,000 to $299,999 price range at 21% of total sales. Tied for second busiest at 15% were the two lower price ranges of $200,000 to $249,999 and $150,000 to $199,999. The average days on market to sell a residential-detached home was 45 days, one day slower than January 2016.

The most active price range in MLS® condominium sales was from $150,000 to $199,999 at 29%. The next most active price range was from $100,000 to $149,999 at 15%. The average days on market to sell a condo was 48 days, 14 days or 2 weeks quicker than January, 2016

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            

Established in 1903, WinnipegREALTORS® is a professional association representing just over 1,850 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

 

 

PRESS RELEASE

January 10, 2017

For Immediate Release

               

A NEW ANNUAL MLS® SALES RECORD SET IN 2016

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Over 13,600 MLS® Sales Worth $3.78 Billion in Dollar Value

 

 

WINNIPEG -   2016 was a banner year for WinnipegREALTORS®. Both MLS® sales and MLS® dollar volume established new all-time highs in the Association’s 113-year history.

 

In the case of sales, the 13,632 sales transacted in 2016 rose 5% over 2015 and 4% over the previous record of 13,079 sales in 2007. Dollar volume of $3.78 billion exceeded last year’s record high of $3.50 billion by nearly 8%.

 

Annual records for dollar volume have been achieved for 16 consecutive years. This shows the average MLS® selling price has always managed to climb high enough each year to offset any years where sales were unable to match or eclipse the previous year’s total.

 

Speaking of average selling prices, the 2016 residential-detached average selling price finished up 3% in comparison to 2015. The $302,727 recorded in 2016 is the first time the residential –detached or single family home average selling price has reached and edged over the $300,000 benchmark level. It should also be noted 2016 was also the first time residential-detached properties represent $3 billion in real estate transactions. 

 

In respect to residential-detached sales activity throughout the various MLS® zones of Winnipeg and the outlying rural area, the rural zone gained nearly a percentage point of market share over 2015 to represent nearly 26% of total sales. Second most active was the southwest area of Winnipeg at 19%. 

 

 

 

As for condominiums, the average selling price of $235,508 is down ever so slightly from the 2015 average selling price of $236,204. Without a doubt, the abundance of choice in condominiums- resale and new – has kept condominium prices in check. The average selling price has remained within the $230,000 to $240,000 price range since 2013.

 

Not surprisingly, to set a new annual MLS® sales record 2016 residential-detached and condominium sales were impressive with the former reaching a new high of 9,947 and condos ending up at 1,745, second only to 2014’s 1,798 record total. Percentage increases over 2015 were 4 and 8% respectively.

 

“Strong fundamentals such as low unemployment and better than expected population growth in our market region manifested itself in brisk MLS® sales activity throughout the year,” said outgoing president Stewart Elston. “Helping us along to a record year was the more than adequate supply of affordable MLS® property type listings to choose from. Our biggest property type percentage increases in 2016 actually occurred in ones other than residential-detached and condominiums.”

 

Townhouse sales catapulted 34%, resort properties jumped 24%, vacant land 17% and mobile homes resulted in another double-digit increase of 12%.

 

Going into 2017, one important development is the new federal government-imposed changes to mortgage qualifying rules. These rules came into effect in the fourth quarter of 2016 so it is too early to tell how impactful they may be. Suffice to say, they are a real legitimate concern, and this is especially the case with first-time buyers. First-time buyers make up a key segment of the real estate market and their effect on the market and economy go well beyond their own.

 

Gregory Klump, CREA’s Chief Economist says, “First-time buyers support a cascade of other homes changing hands, making them the linchpin of the housing market.”

 

Another one to watch out for is the City of Winnipeg’s impact fee on new homes built in select suburban areas of the city. These new fees come in to effect on ^st, 2017 and are roughly $5,100 per 1,000 square feet.  If building permit applications are submitted prior to ^st, applicants will not have to pay the impact fee as long as the permit is issued within six months and construction begins prior to ^st, 2017.

 

More detail on what to expect in 2017 and analysis of the record-breaking MLS® year of 2016, will be presented at WinnipegREALTORS® annual breakfast forecast on ^th, 2016.

 

December MLS® Highlights

December MLS® unit sales totaled 617, a decrease of 4% compared to December 2015 and an 11% increase over the 10-year sales average for the month. Despite sales being down compared to last year, dollar volume in December totaling $167.9 million was up 5% over December 2015.

 

New MLS® listings coming on the market were down 8% in December, while the active inventory at the end of the year fell under 3,000 listings, an 11% decrease in comparison to 2015.

 

While December was anticlimactic given that a new all-time annual MLS® sales record was set early in the month, it was disappointing how poorly, in general, some property types performed when compared to December 2015. It was not symptomatic of what was happening consistently throughout 2016. Residential-detached was an exception as it eked out a small gain over last year.

 

“As I indicated at the end of November after our first month of MLS® market activity under the new mortgage rules, the tougher finance qualifications may be more of a game-changer than we initially expected, ” said Elston. “It is clearly on our radar and I know we will be monitoring it closely in 2017.”

 

The most active price range for residential-detached sales in December was the $250,000-$299,999 price range at 20% of total sales. 60% of total sales fell under $300,000.

 

The average days on market for residential-detached sales was 42 days, the same time on market as December 2015.

 

The most active price range for condominium sales in December was the $150,000-$199,999 at 33% of total sales. The second most active was the next higher price range of $200,000- $249,999 at 18% and not far behind was the $250,000-$299,999 range at 15%.

 

The average days on market for condo sales was 52 days, 19 days faster than December 2015.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           Established in 1903, WinnipegREALTORS® is a professional association representing just over 1,850 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
 

 

 

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

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
 

 

PRESS RELEASE

December 6, 2016

For Immediate Release

               

 

ON THE CUSP OF A NEW MLS® ANNUAL SALES RECORD

-              -              -

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
 

 

 

RESS RELEASE

November 9, 2016

For Immediate Release

               

OCTOBER MLS® SALES UP 5%

-              -              -

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.

 

 

 

 

 

 

 

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
Fighting for Homebuyers
www.2muchltt.com

 

PRESS RELEASE

October 6, 2016

For Immediate Release

ANOTHER MLS® RECORD SET IN SEPTEMBER
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Only Second Time September Eclipses 1,200 Sales

 

WINNIPEG - 2016 has been firing on all cylinders with yet another best result for MLS® sales activity in the month of September.  Sales of 1,216 eked out a slight edge over 2011 and are only the second time sales in September have gone over 1,200.

 

As a result, year-to-date sales of 11,000 are at their highest level ever for nine months and similarly dollar volume reached $3 billion for the first time with three months to go.

 

“We are without question enjoying a record-setting sales and dollar volume year,” said Stewart Elston, president of WinnipegREALTORS®.   “Given Manitoba’s impressive immigration and population increases in 2016 you know it has to translate into more demand for housing.”  “And contrary to some other major markets where supply has been an issue in meeting demand, our market has a healthy supply of MLS® listings to choose from.”

 

Strength of demand in September was especially evident in residential-detached homes with one out of three active listings being sold.  It also shows in the year-to-date conversion of residential-detached listings to sales with a 61% conversion ratio compared to 56% in 2015. The conversion of condominium listings to sales is higher this year too at 45% compared to 41% in 2015.

 

Further to this point, net interprovincial migration numbers from Statistics Canada have improved from to so this shows a combination of less people moving out of Manitoba and more coming back from other provinces.

 

September sales of 1,216 were up 6% over the same month last year while dollar volume of nearly $336 million rose 9% over September 2015. Year-to-date sales of 11,000 are up 7% over the first nine months in 2015 while dollar volume of $3.06 billion has increased 11% over the same period in 2015.

 

This year’s better than expected MLS® sales activity goes well beyond residential-detached and condominium properties which are up nearly 5 and 10% respectively. All other MLS® property types are ahead of last year at this time with some significantly higher. Town house sales are up 71% over 2015 while mobile homes and vacant land have increased 20%.

 

 

 

The most active price range for residential-detached homes in September 2016 was from $250,000 to $299,999 at 21% of total sales. The second most active was the lower price range of $200,000 to $249,999 at 17%. The highest sales price was $1,598,327 while the lowest was $21,000. The average days on market to sell a home was 30 days, 5 days faster than September 2015.

 

The most active price range for condominiums in September 2016 was $150,000 to $199,999 at 31% of total sales. The next most active price range was from $250,000 to $299,999 at 18%. The highest priced condo was $918,750 while the lowest was $94,800. The average days on market to sell a condominium was 51 days, 5 days quicker than September 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.

 

 

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
Fighting for Homebuyers
www.2muchltt.com

 

 

August MLS® Sales UP 7%
-           -           -

A New August Benchmark of Over 1,300 Sales

 

WINNIPEG - Summer vacations, the Olympics, Folklorama, Blue Bomber winning streak, and other August activities did not get in the way of buyers taking advantage of a healthy supply of some of the most affordable house prices in the country.

 

August was indeed splendid with a new benchmark in sales established. For the first time in August, MLS® sales went over 1,300 to finish at 1,350. This represents an 11% increase over the 10-year average for this summer month and sets up a potential record-breaking sales year with sales ahead by nearly 7% with 4 months to go.

 

Year-to-date dollar volume of over $2.7 billion is maintaining a record pace as well with a gain of over 8% in comparison to the first 8 months in 2015.

 

“2016 is showing strong market activity with a number of new monthly sales highs already recorded,” said Stewart Elston, president of WinnipegREALTORS®. “One way of looking at it is buyers are converting opportunities in greater numbers this year. They are reaping the benefit of many listings to choose from at prices which are being held in check by a balanced market. Helping keep prices more affordable are record low borrowing costs.”

 

Both August MLS® sales and dollar volume increased 7% in comparison to the same month last year. New listings were up only 3% while the inventory at the end of August of 5,148 listings is down 8% from 2015. Due in part to such solid sales activity this year, the two busiest MLS® property types - residential-detached and condominium –are down 11 and 9% respectively in available listings from last year.

 

Condominium sales have made big strides over last year with a 14% increase in August over the same month in 2015 and 10% year-to-date. 2014 is the only year condo sales were better up until the end of August.

 

“This August’s sales performance puts to rest any notion summer is not an important, if not an essential time, in our yearly market activity,” said Elston. “With the exception of May and June, July and August are very active as sellers want to take advantage of ideal curb appeal conditions to show off their properties while buyers too want to see them in the best possible light.”

 

One home in particular which caught some buyer’s eye was one in South Charleswood (south of Wilkes). It is the highest residential-detached MLS® sale this year at $2 million. There was also a house sale for $21,000.

 

“When there is such a wide range of house prices within our market, a myriad of Winnipeg neighbourhoods and rural municipalities to choose from, and varying degrees of listing supply availability, you need to be talking to a REALTOR® about your own specific situation in order to make an informed decision” said Elston. 

 

The most active price range for residential-detached sales in August 2016 was from $250,000 to $299,999 at 24% of total sales. 15% of the sales activity was from $200,000 to $249,999 while another 13% was from $300,000 to $349,999. The average number of days to sell a home was 35 days, 3 days quicker than August 2015.

 

The most active price range for condominiums in August 2016 was from $150,000 to $199,999 at 29% of total sales. Tied for second at 18% and well back in comparison were the $100,000 to $149,999 and $200,000 to $249,999 price ranges. Similar to residential-detached, a condominium sale price of $973,350 is the highest condo sale price this year.

 

The average days on market for a condo sale was 47 days, 8 days faster than August 2016.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            

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.

 

 

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
Fighting for Homebuyers
http://2muchltt.com

 

 

PRESS RELEASE

August 5, 2016

For Immediate Release

          

 

JULY MLS® SALES of 1,350 NOT AS HOT AS LAST FEW YEARS

-           -           -

July Sales Down 3%; Dollar Volume Off 2%

 

WINNIPEG  -  July sales finished slightly above the 10-year average of 1,330 MLS® sales for this summer month. However they fell short of last year’s near 1,400 sales and the record year of 2014 when July sales reached close to 1,500. Despite the year’s July numbers, year-to-date MLS® sales activity is ahead of any previous year with 5 months to go.

 

Both new listings coming on the market in July and the inventory at the end of the month were down 8% from 2015. Yet they would be considered elevated especially in comparison to the 10-year average. For example, the 5,291® MLS® properties presently listed on the market for August are up 28% over the 10-year average.

 

“WinnipegREALTORS® experienced its strongest sales result ever for June and the first six months, so to start off in a more restrained fashion in July is no cause for concern,” said Stewart Elston, president of WinnipegREALTORS®.  “Summer months are never as busy as the spring which is not surprising given Manitobans’ penchant to take advantage of our glorious weather and all of the seasonal activities that come with it.”

 

MLS® sales of 1,350 were down 3% from  while dollar volume fell short by 2% in comparison to the same month last year. But year-to-date MLS® sales are up 7% and dollar volume has increased 9% over the same seven-month period in 2015.

 

Given the run-away dominance of residential-detached sales at 74% of total MLS® sales and condominiums contributing over 12% of sales, other property types comprise far less market share and consequently are all in the low single digits. Having said that, it should not detract from how well other property types are doing in comparison to 2015.

 

With the exception of rural and duplex classified property types, which are only keeping pace with last year, most other MLS® property types are experiencing double-digit increases.  Vacant land with building is up 155%, town houses - 93%, mobile homes - 25%, commercial - 24%, vacant land - 18%, and resort property - 12%.

 

“As we always caution buyers to look beyond the headlines and dig deeper when it comes to their specific interest in the local real estate market, this applies to all property types,” said Elston. “2016 is showing real strength and growth in the lower profile property types so it shows buyers are not only calling their REALTOR® about homes or condos.”

 

The most active price range for residential-detached sales in  was from $250,000 to $299,999 at 22% of total sales. 15% of the  sales activity was from $200,000 to $249,999 and close behind at 14% was the $300,000 to $349,999 price range.

 

The highest sales price was $1,275,000 while the lowest was only $15,000. The average number of days to sell a home was 30, 3 days faster than .

 

The most active price range for condominiums in  was from $150,000 to $199,999 at 34%. The second busiest price range was from $200,000 to $249,999 at 19%. Only 7% of condo sales in July went for over $350,000. The highest one sold for $899,000. The average days on market for condominium sales in July was 44, 3 days slower than .

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            

Established in 1903, WinnipegREALTORS® is a professional association representing over 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.

PRESS RELEASE

July 11, 2016

For Immediate Release

          

 

M LS® SALES REACH NEW JUNE RECORD HIGH OF 1,638

-           -           -

MLS® Sales Up 9%; MLS® Dollar Volume Rises 13%

 

WINNIPEG  -  Back to back months of the second and third best months ever on record with 1,638 transactions in June and 1,629 in May makes 2016 the most active year for the first six months and second quarter.  Only May 2007 is higher than this June at 1,652 sales. The next busiest second quarter on record was in 2008 when again there were back to back outstanding monthly results with May and June each recording 1,564 sales.

 

Sales were up 9% in June over the same month last year and the identical percentage increase for the first six months in comparison to the same period in 2015. It is the first time WinnipegREALTORS® has surpassed 7,000 MLS® sales in six months.

 

“There is no question the perfect storm I spoke of earlier in the year is materializing,” said Stewart Elston, president of WinnipegREALTORS®.  “The Winnipeg real estate market is supported by strong underlying fundamentals. Helping us reach new heights is the excellent supply of MLS® listings with much to choose from throughout the market region.  The difference between this year and last year is stronger buyer sentiment and therefore higher conversions of listings to sales.” 

 

Single family homes led the way to this impressive June result with 1,252 sales or 76% of total MLS® sales. Condominiums did not perform as well in comparison to the previous two years but still very respectable at 187 sales or over 11% of total MLS® sales.   

 

Eager buyers vying for coveted single family home listings translated to more above list price offers this June in comparison to last month and June 2015.  Over one in four sold for above list price while last % sold for above list price. As for condominiums only 5% sold for above list price in June. However 22% of condos achieved list price.

 

MLS® dollar volume of $472.3 million is up 13% over . It is the highest monthly dollar volume on record.  Year-to-date dollar volume of close to $2 billion has risen 11% over the first half of 2015.

 

“2016 is exceeding our initial forecast and expectations for MLS® sales this year,” said Elston. “Recent news of a record-breaking 12-month increase of 19,453 people to our province and 63,119 individuals in the last four years is certainly a contributing factor.  Along with population growth and a younger demographic comes an increased number of births which often triggers demand for housing. It is worth noting our own membership numbers have been increasing in the last few years and now sit at over 1,900 members.”

 

Price growth this year is more in line with the forecast for single family homes. A healthy supply of listings for the most part is keeping price increases in check. The chart below illustrates subdued price appreciation for all quadrants of Winnipeg and a similar pattern in the outlying rural municipalities when comparing the first half of 2016 to the same period in 2015.

 

 

Condo prices were not expected to see any discernible difference in 2016 if not facing some downward pressure owing to the abundance of MLS® listings and new condo supply on the market. They have decreased very modestly at this stage. 

 

The average year-to-date price for single family homes and condominiums is $306,311 and $232,507 respectively.

 

Of course depending on the property type you have, its location, the number of competing similar property types with their own strengths and weaknesses, you need to be talking to an expert – a REALTOR® - who can advise you on what you need to do to maximize your chances of achieving the best price possible. For buyers a REALTOR® will be indispensable in imparting critical market intelligence on what prices they can expect to see in the current market for the property type they are interested in purchasing. 

 

Single family homes in particular are enjoying an exceptionally strong year, especially the last two months.  Within some Winnipeg neighbourhoods there are not enough listings to meet existing demand. Fort Garry, Norwood, Windsor Park, Whyte Ridge, Crescentwood, Linden Woods, East Kildonan and Crestview are areas where we are seeing more sales in a month than the number of listings remaining on the market at the beginning of the next month. 

 

Condominiums on the other hand are not enjoying near the same extent of sales to active listings conversions. This in part explains why there is less above list price sales than single family homes.

 

The most active price range in June for residential-detached sales was $250,000-$299,999 (22% of sales), followed by the $300,000-$349,999range (17%) and the $200,000-$249,999 (15%).

 

Average days on market for residential-detached sales was 26 days, 3 days quicker than . The highest priced residential-detached sale was $1,450,000 and the least expensive sale was $35,000.

 

The most active price range for condominiums was $200,000-$249,999 (26% of sales), followed by the $150,000-$199,999 range (23%) and the $250,000-$299,999 range (17%). Average days on market for condo sales was 43 days, a  turnaround that is 6 days quicker than . The highest priced condo sold for $645,000 while the lowest was $66,000.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         

Established in 1903, WinnipegREALTORS® is a professional association representing over 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.

 

 

 

 

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
Fighting for Homebuyers
http://2muchltt.com

 

 

 

PRESS RELEASE

June 6, 2016

For Immediate Release

           

 

MAY MLS® SALES ECLIPSE 1,600

-           -           -

Highest Ever Monthly MLS® Dollar Volume Total of $460 Million

 

WINNIPEG - May 2016 showed stellar results with MLS® sales surpassing 1,600 for only the third time in WinnipegREALTORS® 113-year history. MLS® dollar volume followed suit with a new all-time monthly record of $460 million.

 

2016 is picking up where 2015 left off with a full recovery in condominium sales from early last year and residential-detached sales continuing to shine and show gains over the previous year.  Beyond the two main property types, sales increases are also occurring in most others such as duplexes, vacant land, commercial, mobile homes, single-attached and town houses.

 

“Buyers are taking notice and advantage of one of the most affordable markets in the country,” said Stewart Elston, president of WinnipegREALTORS®.  “They also have the benefit of choosing from a wide array and abundance of good listings.”

 

Only has higher monthly sales than the 1,629 sales transacted in .  Both sales and dollar volume were up 12% over . New listings were robust too, just shy of 3,000 coming on to the market in May. Despite all these new listings, the inventory of 5,291 listings at the end of May is down 8% from last year.

 

Year-to-date MLS® sales of 5,446 are up 9% from the same period last year and ahead of previous years, albeit by a very small margin in comparison to 2012. Year-to-date dollar volume of $1.5 billion is up 10% from the first 5 months in 2015. Listings entered on the MLS® in 2016 are virtually the same as last year’s at just over 11,000.

 

“Given the second quarter, our busiest quarter of the year, is performing so well, it does set us up to usher in another steady and impressive year of MLS® sales activity,” said Elston. “We may even look at adjusting our annual forecast projection at the end of June based on year-to-date numbers.”

 

Sometimes it is interesting to note where your gains are in sales over the previous year when you look at the price range breakdown. saw quite a significant increase in residential-detached sales at the lower end of the spectrum from $125,000 to $149,999 but also experienced a sizable jump in sales activity from $475,000 to $599,999.   As for condominiums, an upward shift is occurring with the $200,000 to $249,999 price range showing a 33% increase in unit sales over .

 

You only have to go back to when the $150,000 to $199,999 price range for condominiums was so much more dominant than other price ranges at 40% of all sales. shows the $200,000 to $249,999 price range coming within a few sales of equaling this price range.

 

The most active price range for residential-detached sales in was from $250,000 to $299,999 at 21% of total sales. Deadlocked in second place were the $200,000 to $249,999 and the $300,000 to $349,999 price ranges at 15% each. The highest sale price was $1,650,000 with the lowest at $37,000.  The average number of days to sell a home in May was 23, 2 days quicker than .

 

The most active price range for condominiums in was $150,000 to $199,999 (at 24%). Close behind was the $200,000 to $249,999 price range at 22% of all condo sales. The highest condominium sale price was $460,950. The lowest sale price was $84,500. The average days on market for condo sales in May was 47, 6 days slower than .

 

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.

 

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
Fighting for Homebuyers
http://2muchltt.com