Real Estate Information

PRESS RELEASE

October 8, 2014

For Immediate Release

 

BUYERS SCOOP UP MLS® LISTINGS IN SEPTEMBER

-              -              -

September MLS® Sales Up 5%

 

WINNIPEG - Buyers took advantage of the over 5,000 MLS® listings available at the beginning of September. As a result, sales were less than 3% off the best September recorded in 2011. The 2,364 new listings entered on MLS® during the month of September kept listings at a level not seen since 1997.

 

Given such a competitive market with supply presently outstripping demand, there were price adjustments happening for a number of MLS® listings. MLS® dollar volume was still up 9%. It was the first time dollar volume in September went over $300 million.

 

September MLS® unit sales increased 5% (1,182/1,123) while dollar volume rose 9% ($305.1 million/ $278.8 million) in comparison to the same month a year ago. Year-to-date MLS® sales are up less than 1% (10,278/10,234) while dollar volume has increased 4% ($2.75 billion/$2.64 billion) in comparison to the same period last year. MLS® listings entered on MLS® are up 12% to 18,846.

 

“Buyers clearly are in the driver’s seat at this juncture with the significant rise in listing supply available on our MLS®, said David Powell, president of WinnipegREALTORS®. “Though challenging for sellers with more choices for buyers to pick from, sales are remaining strong as on par with one of our best years on record in 2013.”

 

He added, “I believe these buyer market conditions  will not last as inventory will come down to become more balanced in 2015. Right now is clearly a time buyers should be talking to their REALTOR® about the changing market and what opportunities they have to consider for all MLS® property types.”

 

Speaking of property types, condominium sales have slowed down somewhat in the past two months but remain up 8% for the year. Residential-detached properties are slightly ahead of last year and helping them keep a lead was a 10% increase in September sales over September 2013.

 

For residential-detached sales in September the most active price range was from $250,000 to $299,999 at 21% of total sales. Close on its heels was the next lower price range of $200,000 to $249,999at 20%. Even the $150,000 to $199,999 price range fared quite well in third place at 15%. The average days on market to sell a residential-detached property was 33 days, 2 days slower than last month and September 2013.

 

The most active condominium price range was from $150,000 to $199,999 at 35% of total sales. A distant second was the $200,000 to $249,999 price range at 20% and then it falls back to 14% for the $250,000 to $299,999 price range. The average days on market for condominium sales was 40 days, 1 day quicker than last month and 10 days off the pace set in September 2013.

 

Established in 1903, WinnipegREALTORS® is a professional association representing 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, please contact Peter Squire at 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

September 10, 2014

For Immediate Release

 

MORE LISTINGS; FEWER SALES

-              -              -

August MLS® Sales Off 12 %

 

WINNIPEG - 2014 is going down as the year of more listings. In August the healthy supply of MLS® listings did not translate into more sales. In fact, MLS® sales dropped 12% in comparison to the same month last year. The 10-year average for August sales activity still shows August 2014 down 5%.

 

Listings is another story altogether. Based on the 10-year average for August active listings or current inventory at the end of August, August 2014 has 59% more listings at 5,108. As for new MLS® listings entered on MLS® in the month of August, the 2,106 new listings were up 22% over the 10-year average.

 

While a disappointing result, year-to-date sales activity is in a virtual deadlock with last year. 2013 is the fourth best year on record for sales activity. Dollar volume on the other hand is on pace to set another annual record as is up nearly 4% from last year which turned in a third consecutive record-breaking dollar volume year of over $3 billion.

 

August MLS® unit sales decreased 12% (1,137/1,292) while dollar volume fell off 8% ($301.3 million/$326.9 million) in comparison to the same month last year. Year-to-date MLS® unit sales are down ever so slightly (9,096/9,111) while dollar volume is up nearly 4% ($2.44 billion/$2.36 billion) in comparison the same period in 2013.  Year-to-date MLS® listings entered on MLS® stand at 16,482, a 12% increase over 2013.

 

Condominiums despite a 14% decrease in August sales activity remain up 9% for the year. Residential-detached sales while down 12% in August are up marginally for the year. The biggest decline in property type sales by far as of the end of August is vacant lots. Their sales have been cut down by one-third compared to 2013.

 

“MLS® sales did not meet our expectations in August and as result the local market has moved into a more favourable position for buyers in all price ranges,” said David Powell, president of WinnipegREALTORS®. “Those homeowners looking to move up are in an advantageous situation given the availability of more choice in listings combined with stable and more competitive pricing.”

 

Less than one in five residential-detached sales in August went for above list price. This trend should encourage buyers to check out the market in 2014 as there may be listings they lost out on in more hectic times that they now have a better chance of buying.

 

Not all MLS® neighbourhoods or price ranges behave the same as different market forces are at play. It is therefore always recommended you contact a REALTOR® who can give the expert advice you need on your particular housing queries.

 

Nearly 70% of all residential-detached sales in August were from $150,000 to $349,999 – a range of $200,000. The most active price range was from $250,000 to $299,999 at 23%. The average days on market to sell a residential-detached home was 31 days, 3 days slower than last month and August 2013.

 

60% of all condominium sales were from $150,000 to $249,999. The most active condominium price range was from $150,000 to $199,999 at 35%. The average days on market for condominium sales was 41 days, a week slower than last month and six days off the pace set in August 2013.

 

Established in 1903, WinnipegREALTORS® is a professional association representing 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, please contact Peter Squire at 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

 

August 8, 2014

For Immediate Release

 

 

MY, MY,  JULY WAS SO SPRY

-              -              -
A July High for MLS® Sales

 

WINNIPEG  -  Not only were the ice cream vendors hopping in July. REALTORS® were kept busy too with the most active July in WinnipegREALTORS® 111-year history. Close to 1,500 MLS® sales were transacted with a record-breaking July dollar volume of  nearly $390 million. MLS® listings kept coming on the market too with more than 2,300 new ones to whet the appetite of eager buyers. It resulted in building a healthy inventory of over 5,000 MLS® listings by month end.

 

July 2014 compares favourably to a good month in June and was only 2% off June 2014 when it enjoyed the third highest sales for this month. This gives credence to comments made at the end of the second quarter that Winnipeg is in a delayed spring market due to a prolonged winter.

 

To show just how record-breaking this July was in terms of sales, July 2014 is only the second time MLS® sales reached over 1,400 sales for this summer month. It outperformed the 10-year average by nearly 200 sales or 15%.

 

Speaking of 200 sales, condominium sales were up 18% over the same month last year at 202 sales. Single-attached which is the strongest MLS® property type performer year-to-date saw an increase in July of 16% over July 2013.  Residential-detached or single family homes as a result of its over 7% rise in sales activity from July 2013 is up 3% for the year.

 

July MLS® unit sales increased 7% (1,483/1,388) while dollar volume went up 10% ($388.2 million/$352.8 million) in comparison to the same month last year. Year-to-date sales are now up close to 2% (7,959/7,819) while dollar volume has risen 5% in comparison to the same period last year. 55% of the 14,376 listings entered on MLS® have been converted to sales this year.

 

“ A strong showing for sure and one not entirely unexpected given how the MLS® market picked up in the latter half of the second quarter, “ said David Powell, president of WinnipegREALTORS®. “What is a pleasant reality for buyers is just how many more listings they have to choose from in comparison to other years at this time. There are more than 1,100 from 2013 and well over double that amount prior to 2008.”

 

What does this all mean for the overall MLS® market?  It is a more competitive situation for many vendors given how balanced the market is becoming. In July 2014 two out of every three residential-detached listings sold for less than list price where it was less than one in two in 2008. Conversely, for the same number of total sales, there were almost twice as many residential-detached listings that sold above list price in July 2008 compared to this July. 

 

Condominiums in July saw even less sales go for above list price but had more sell at list price than residential-detached properties.

 

“Pricing your property realistically based on current market conditions is always recommended,” said Powell. “No better expert to tell you where that price point is will be from one of our 1700 REALTORS®.”

 

One out of every four residential-detached sales in July sold in the $250,000 to $299,999 price range. Another 30% sold in the two lower price ranges from $150,000 to $249,999. There was a huge divergence in range of sale prices from a high of $2,000,000 to a low of $17,000.

 

The most active condominium price range for sales was from $150,000 to $199,999 at 28%. Not far behind is the $200,000 to $249,999 range at 23%. The highest condominium sale price was $675,000 and the lowest was only $37,500.

 

The average days on market to sell a residential-detached property in July was 28 days, 3 days off the pace set last month and 5 days quicker than July 2013. For condominium sales, the average days on market in July was 34 days, 7 days quicker than last month and one day slower than July 2013.

 

Established in 1903, WinnipegREALTORS® is a professional association representing 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, please contact Peter Squire at 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

 

July 8, 2014

For Immediate Release

 

 

1,515 MLS® SALES TRANSACTED IN JUNE

• -           -
  MLS® Sales up 2%; MLS® Dollar Volume Rises 6%

 

WINNIPEG - June 2014 MLS® sales rank third highest on record for this month and have only been eclipsed by 3% in June 2007 and June 2008. As a result, year-to-date sales for the first half of 2014 show a slight edge over 2013 at close to 6,500 sales – only 1% off the 10-year average.  Just shy of $416 million, June MLS® dollar volume resulted in the second highest MLS® monthly total ever. Only last month is higher when $438 million worth of listings was sold on MLS®. 

 

New listings entered in June on MLS® continue to march along on an upward trend in 2014 with a 22% increase over June 2013. It leaves year-to-date listings placed on MLS® up 13% to 12,052 listings. There are 1,000 more MLS® listings available going into July than was the case last year at this time.

 

For the first six months, condominium listings have increased 33% over 2013. A number of new projects are helping add to the jump in listings this year. More listings have translated into an 11% rise in condominium sales.  Residential-detached listings are up to a lesser extent. They have risen 12% with sales ahead by 2%. Listings in particular vary according to which MLS® neighbourhood you are interested in. So contact a REALTOR® if you want to know exactly what the current supply situation is in any given area in Winnipeg or RMs in the capital region.

 

June MLS® unit sales increased 2% (1,515/1,480) while MLS® dollar volume went up 6% ($415.7 million/$392.4 million) in comparison to the same month last year. Year-to-date MLS® sales are up less than 1% (6,476/6,431) while MLS® dollar volume has increased less than 5% ($1.76 billion/ $1.68 billion) in comparison to the same period last year.

 

“One of our better second quarter MLS® results after a slow start to 2014,” said David Powell, president of WinnipegREALTORS®. “Besides sales activity, June was especially impressive in the spike in new listings coming on the market.  This development bodes well for continued strong MLS® sales activity in July and the third quarter. To just keep pace with 2013, we will need to perform at a high level.”

 

At the halfway mark in the year, other MLS® property types are mixed in their results.  Single-family attached properties have picked up steam this year with a 16% rise in activity over 2013. They offer more affordability than single family homes or condominiums. Multi-family properties are doing well too with a 17% jump in sales.

On the other hand, vacant lots are well off last year’s sales with a 32% decrease and duplexes are down 27%. With so many resale properties now available it is safe to assume more buyers are less inclined to buy a lot and build their own home if they can find an existing home which meets their requirements.

 

The most active residential-detached price range for sales was the $250,000 to $299,999 one at 25%. Closest to it were the two price ranges immediately below and above at 18 and 14% respectively. If you now add in the 12% of sales from $350,000 to $399,999 and another 11% from $150,000 to $199,999, you capture 80% of total residential-detached sales. The highest sale price was $1,495,000 and the lowest price being only $35,000 (almost entirely exempt from the provincial land transfer tax).

 

The busiest condominium price range continues to be from $150,000 to $199,999 at 32%. However there is a tilt upward with the next two highest price ranges representing 36% of sales activity – evenly split at 18%. The highest condominium sale price was $715,000.

 

The average days on market for residential-detached properties was 25 days, the same pace as last month and 3 days slower than June 2013. Average days on market for condominiums was 41 days, 11 days off pace set last month and the same result as June 2013.

 

Established in 1903, WinnipegREALTORS® is a professional association representing 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 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

June 10, 2014

For Immediate Release

 

 

HIGHEST MONTHLY MLS® DOLLAR VOLUME IN 111 YEARS

-          -              -

$438 Million Transacted in May 2014

 

WINNIPEG  -  An all-time  record setting month for MLS® dollar volume and the third highest month for MLS® sales brings year-to-date sales even with last year and dollar volume ahead by 4%. 

 

May is really a make or break one for the year and if this is a marathon we are right up with the lead runners when it comes to staying with 2013. Where we are ahead of 2013, however, is in listings. The over 4,500 active listings by month end are up 22% from last year. New listings entered on the MLS® in May rose 10% over May 2013. It was not until 2006 that new listings in May consistently eclipsed 2,000 and we have now reached 2,755 in May 2014.

 

Helping set a new monthly dollar volume record was seeing for the first time the average monthly residential-detached sales price reach and climb over the $300,000 level to $300,786.  The year-to-date average residential-detached price is lower at $294,232. May 2014 had three homes sell for over $1 million including one of the highest on record at $1,820,000.

 

As much as it should be noted that over one-third of all residential-detached MLS® properties in May sold for above list price and another 10% sold at list price, a number of listings did not sell as the conversion of all MLS® new listings on the market to sales was 57%.  This places WinnipegREALTORS®’ many Winnipeg and rural MLS® areas within balanced market territory.

 

There are always exceptions to the rule. Some Winnipeg MLS® neighbourhoods in particular are still seeing much higher conversions of listings to sales. The main Charleswood MLS® neighbourhood south of Roblin Boulevard in May had 18 residential-detached sales compared to 15 new listings. In a situation like this one, the remaining active listings from the end of the previous month are being sold to enable a higher number of sales than new listings. Fort Garry and Linden Woods are two other MLS® areas with a very high equivalent number of sales to new listings.

 

Conversely recreational beach MLS® areas such as both the eastern and western sides of Lake Winnipeg experienced fewer conversions of listings to sales in May as the former tend to come on strong at the beginning of the cottage season with sales following later. This year in particular has seen listings being delayed and sales also due to late spring conditions.

 

Not only are local markets different across the country but they vary within a local market too – urban and rural. It behooves buyers to contact a REALTOR® to help them understand what the current market situation is in a city neighbourhood or rural municipality where they may want to live. 

 

May MLS® unit sales were up 1% (1,570/1,550) while dollar volume rose 6% ($438.4 million/$411.9 million) in comparison to the same month last year. Year-to-date sales are in a virtual deadlock with 2013 (4,961/4,951) while dollar volume is up 4% ($1.34 billion/$1.29 billion) in comparison to the same period last year.

 

“We are meeting expectations as far as our MLS® forecast goes and encouraged by the continued increase in MLS® listings supply to create more options for buyers in our local MLS® market,” said David Powell, president of WinnipegREALTORS®. “June should be another strong performing month for us and help finish off a solid second quarter.”

 

The most active residential-detached price range was the $250,000 to $299,999 with 26% of total sales. Well back in second place was the next lower price range of $200,000 to $249,999 at 16%. Condominium sales were most active in the $150,000 to $199,999 price range at 30% of total sales while the $200,000 to $249,999 price range finished respectably at 22%. 

 

The average days on market for residential-detached property sales was 25 days, 1 day quicker than last month and 3 days off the pace set in May 2013. Average days on market for condominium sales was 30 days, 8 days faster than last month and 11 days earlier than May 2013.

 

Established in 1903, WinnipegREALTORS® is a professional association representing 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 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

Good Morning,

 

I hope you enjoyed your weekend! 

 

 

Well there have been a lot of changes with CMHC in the last few weeks,.  CMHC, in my view point, is slowly looking to turn to privatization.  The government has expressed time and time again that they want to limit the increase of taxpayer-backed mortgage insurance.  They don’t know where the housing market is going but if there was a chance of a collapse (highly unlikely) this would mitigate the public tax dollar exposure.

 

 

 

CMHC has increased insurance premiums (effective May 1st) and removed stated income and self employed products (effective May 30th).  Details below:

 

 

 

 

 

Loan-to-Value Ratio	Standard Premiums               (Current)	Standard Premiums      (Effective May 1, 2014)
Up to and including 65%	0.50%	0.60%
Up to and including 75%	0.65%	0.75%
Up to and including 80%	1.00%	1.25%
Up to and including 85%	1.75%	1.80%
Up to and including 90%	2.00%	2.40%
Up to and including 95%	2.75%	3.15%

 

 

 

CMHC announcing that it would stop insuring both second homes and self-employed borrowers without traditional proof of income.

 

Canadians have used these two programs for the last nine and seven years respectively.

 

But these are not the only adjustments CMHC has in store. It put the market on notice that “This is the first set of changes” we should expect, as a result of its internal insurance business review.

 

Thankfully, at least one private insurer is not making knee-jerk changes because of this news.

 

Andy Charles, CEO of Canada Guaranty, told CMT:

 

“We are currently reviewing the announcement and potential implications…(The) overall materiality of the change is modest but indicative of an evolving market dynamic…(We have) no current plans to alter our product offering but, as indicated, are reviewing…"

 

What’s behind CMHC’s announcement?

 

• Terminating these programs appears to be a business decision by CMHC.

   

• Sources tell us that the insurance regulator, OSFI, was not behind this decision. (OSFI doesn’t generally impose product restrictions on individual institutions.) Moreover, there is no indication that this news is directly related to the recently released B-21 guidelines.

   

• We’re also awaiting comment from the Department of Finance. In recent years its leadership has clearly indicated a desire to see less government involvement in the mortgage market. (CMHC is 100% backed by the federal government.)

   

Market impact

 

• CMHC says these two programs only accounted for a combined 3% of its unit volume.

   

• It claims this should not have “a material impact” on the housing market. (Mind you, this is yet another instance where CMHC is withdrawing and/or limiting its programs. All of these “immaterial” changes may ultimately combine to slow the market further.)

   

• There is no word yet on whether the second-largest insurer, Genworth Canada, will follow suit. It’s in its quiet period before earnings so it couldn’t comment.

   

• Even before this news, it was clear in talking with CMHC sources that it plans to meaningfully reduce its insurance business. This will create further opportunities for private insurers and self-insured lenders (e.g., Equitable Bank, Home Trust, Optimum Mortgage, certain credit unions, private lenders, mortgage investment corporations, etc.)

   

Borrower impact

 

• The last day to submit CMHC-insured “stated income” and second home mortgage applications is May 29 (but many lenders may set a cut-off date earlier than this.)

   

• The majority of Canada’s 2.7 million self-employed borrowers prove income in traditional ways (for example, using a 2-year average of income from their NOAs, grossed up by 15% to account for write-offs)

   

• Self-employed who can’t prove income traditionally, and Canadians who buy a second home with less than 20% down, will be left with these options:

   

  • Prime lenders who insure through private insurers (assuming the privates keep their “low-doc” and second home programs intact)

     

  • Non-prime institutional lenders, who finance up to 85% loan-to-value (less in non-urban areas) at higher interest rates

     

  • MICs and private lenders who finance up to 80% with even higher rates and fees

     

  • Private lenders who offer second mortgages in urban areas above 80% loan-to-value

     

• Anyone with a CMHC-insured residence will no longer be able to obtain, or co-sign for, an additional CMHC-insured mortgage. There are two exceptions:

   

• Bulk-insured mortgages are not affected by this particular rule (“The rules apply to all transactionally insured homeowner mortgages, both high and low ratio,” says CMHC spokesperson Charles Sauriol. “The rule does not apply to loans that are bulk insured — (i.e., CMHC's Portfolio insurance product.”) Lenders purchase bulk insurance on mortgages with 20% equity or more, typically so they can resell these mortgages to investors.

   

• CMHC-insured rental mortgages are also unaffected (“There is no limit on the number of CMHC-insured rental mortgages a borrower may have,” Sauriol adds.)

   

 

 

Updates on Stated Income & Second Home Programs 

 

 

CMHC surprised the market last week by eliminating its insured second home and stated income programs. Many believed that the Department of Finance (DoF) had something to do with it.

 

We asked the DoF directly. Here’s what they told us:

 

“CMHC's decision to discontinue its Second Home and Self-Employed Without 3rd Party Income Validation mortgage insurance products (both high and low ratio) is the result of the Corporation's review of its mortgage loan insurance business…

 

The CMHC changes are aligned with the Government's continued efforts to adjust the housing finance framework to restrain the growth of taxpayer-backed mortgage insurance, as noted in Economic Action Plan 2014. The Government has not amended regulations related to these products.”

 

CMHC's withdraw from this space will create opportunity for private insurers, at least for the foreseeable future.

 

On Genworth Canada’s conference call yesterday, CEO Brian Hurley said, “These are two (programs) we are evaluating right now."

 

The self-employed program is about 5% of Genworth’s business, notably more than CMHC. The secondary homes program is only 1-1.5% of its volume.

 

“(There is) no mandate for us to follow (CMHC),” Hurley added. “These two particular products perform quite well for us.”

 

Genworth’s evaluation has led to just one change so far. Today the company announced that it is reducing the maximum number of allowable units under its Vacation/Second Home program from two units to one unit.

 

Fortunately for self-employed borrowers, it has left its stated income product alone, saying today that, “Upon review of the current Business for Self Program, we will not be making any amendments to current product guidelines.”

 

The company also clarified that “There will be no amendment to the maximum number of Genworth-insured properties per borrower.” CMHC said last week that it would "limit the availability of homeowner mortgage loan insurance to only one property (1-4 units) per borrower/co-borrower at any given time."

 

Update: After this story first went to press we received confirmation that Canada Guaranty is not changing its stated income program. Like Genworth, however, Canada Guaranty will limit its second home program to one unit, effective May 30.

 

Rob McLister, CMT

 

CMHC CUTS TWO PROGRAMS

 

 

 

The Canadian Mortgage and Housing Corporation (CMHC) announced Friday it is axing two of its insurance programs, signalling to brokers that the era of rule tightening isn’t quite over.

Effective May 30, 2014 the Crown Corporation will no longer insure second homes and self-employed individuals who do not have third party income validation.

“CMHC helps Canadians meet their housing needs and contributes to the stability of the housing market and finance system” Steven Mennill, Senior Vice-President, Insurance with CMHC says in an official release. “As part of the review of its mortgage loan insurance business, CMHC is evaluating its products and services to ensure they are aligned with these objectives.”

According to CMHC, this is the first set of changes to come out of a review.

“As a result of changes to CMHC’s mandate to contribute to the stability of the housing market, benefitting all Canadians, while effectively managing and reducing taxpayers’ exposure to risk, CMHC is undertaking a review of its mortgage loan insurance business,” the release states. “This is the first set of changes resulting from this review.”

These two programs account for only three per cent of CMHC’s insured business volume, according to the release.

PRESS RELEASE

May 7, 2014

For Immediate Release

 

MLS® SALES HOLD THE LINE

-              -              -

MLS® Sales Drop Less than 2%

 

WINNIPEG - In what has been anything but a normal year for getting everyone into normal spring market expectations and buying activity to match them, April sales actually held their own. They fell just shy of last year’s total number and are exactly at the 10-year average performance level for this month.

 

Owing to affordability issues that have been well identified with first time buyers, which in turn has a broader impact on other aspects of the housing market, single family homes continue to underachieve compared to more affordable property types such as condominiums and single- attached properties.  Given single family homes or residential-detached units make up the majority of sales in the Winnipeg MLS® market region, converting less than 50 per cent of your inventory is going to make it difficult to see a stronger overall April MLS® sales result.

 

Year-to-date results mirror April in that sales are in lockstep with last year’s.  However, year-to-date sales are down 4% from the 10-year average of 3,548 sales. 2007 which remains the best year ever for total MLS® sales also holds the highest sales number for the first four months at 3,740.

 

April MLS® unit sales were down less than 2% (1,227/1,245) while dollar volume was up 2% ($333.1 million/$325.9 million) in comparison to the same month last year. Year-to-date MLS® sales essentially were even ( 3,391/3,401) while dollar volume rose 3% ($904.0 million/$876.3 million) in comparison to the same period last year. The MLS® inventory remains healthy with 11% more to choose from at this time than last year.

 

“May will now be a true test of how our MLS® market behaves this year as this is the month where sales usually reach the highest monthly total of the year and push dollar volume up another notch,” said David Powell, president of WinnipegREALTORS®.  “We are in great shape with supply so demand will be the determining factor.”

 

Talking about supply, those would be spring buyers should be contacting their REALTOR® to find out just what is available on the current market. Some consumers who have been unsuccessful in the past securing  a home they desire may be pleasantly surprised this year given there are 3,860 active MLS® listings available at the end of April.

 

The most active residential-detached price range was the $250,000 to $299,999 one with 20% of total sales. The immediate price ranges above and below this range were next at 17% each. There were only 5 sales from $750,000 to $1 million with no sales at or above $1million. The lowest sale price was $42,500. Condominium sales were most active in the $150,000 to $199,999 price range at 29% of total sales.  A strong second place result was the $200,000 to $249,999 price range at 22%.

 

The average days on market for residential-detached property sales in April was 26 days, 2 days quicker than last month and one day off pace set in April 2013. Average days on market for condominium sales was 38 days, 6 days slower than last month and 9 behind the turnover rate in April 2013.

 

Established in 1903, WinnipegREALTORS® is a professional association representing 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 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

April 9, 2014

For Immediate Release

 

                               

BALANCED MARKET CONDITIONS CONTINUE IN MARCH

-              -              -

New MLS® Listings Up 15%; Active Inventory Rises 23%

 

Winnipeg - 2014 is showing continued improvement in MLS® listings and overall inventory. Both new listings in March and active listings or overall inventory at the end of the month were well up over last year.  Buyers have far more to choose from when you look at all residential property types. Going into April last year there were over 2,000 residential listings whereas now there are in excess of 2,500.  Condominiums show the largest increase with 562 available for sale this year compared to 346 in 2013. The only residential property types down from last year are duplexes and resort properties.

 

MLS® sales for March rebounded from a poor March 2013 with year-to-date sales slightly ahead of last year for the first three months.  If you compare them to the 10-year average sales performance they are off 3 and 7% respectively. However we must keep in mind Winnipeg endured it coldest winter since 1898.

 

March MLS® unit sales were up 9% (919/844) while dollar volume increased 11% ($249.1 million/$224.7 million) in comparison to the same month last year.  Year-to-date MLS® unit sales are up less than 1% ( 2,164/2,156) while dollar volume has risen 4% ($570.9 million/$550.4 million) in comparison to the same period in 2013.

 

A sign of home buyers seeking more affordable options in March was readily apparent from single –attached unit sales rising 45% and condominiums up 17%. Residential-detached or single family home sales increased 10%.

 

While WinnipegREALTORS® MLS® market is becoming more balanced than in previous years March still saw over one in three homes sell for above list price. Less than one in five condominiums sold for above list price with nearly 25% getting full list price.

 

Speaking of prices, March saw average home sale prices nudge up to just under $300,000 for both above and at list price sales while those selling for under list price still achieved $295,000. As for areas of Winnipeg, the southwest quadrant had an average home sale price of $390,000 while southeast Winnipeg was second highest at $325,000. The lowest average home sale price in the city was the northwest quadrant at $235,000. The average rural home sale price was $290,000.

 

“We are in a real favourable position going into April to take advantage of better weather,  low unemployment, very competitive mortgage rates, and the best inventory we have seen in many years,” said David Powell, president of WinnipegREALTORS®.   “One of the benefits increased condominium supply brings is it will encourage a growing empty nester demographic to look at selling their existing single family home and as a result create more choice for families seeking a desirable home.”

 

The most active residential-detached price range was the $250,000 to $299,999 price range with 23% of total sales. Next busiest was the $300,000 to $349,999 price range at 15%. Close behind was the $200,000 to $249,999 price range at 14%. The highest home sale price was $1,035,000 while the lowest went for just $18,000. For condominiums, the most active price range was from $150,000 to $199,999 at 28%. There were another 21% of sales from $200,000 to $249,999 and 15% more sales from $250,000 to $299,999.

 

The average days on market for residential-detached property sales  in March was 28 days, 4 days faster than last month and the same pace as March 2013. Average days on market for condominium sales was 32 days, 12 days quicker than last month and 5 days off the pace set in March 2013.

 

Established in 1903, WinnipegREALTORS® is a professional association representing 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 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

March 5, 2014

For Immediate Release

 

                   

FEBRUARY MLS® SALES DROP OFF LESS THAN 3%

-              -              -

Nearly 3,000 MLS® Listings Available for Sale

 

WINNIPEG -  Whether it be Olympic fever or just plain deep freeze weather that kept buyers at home, the February MLS® results show strong listing activity but less motivation by buyers to get out and take advantage of the good supply and selection of listings.  Sales were affected in one way or another and are down 8% from the 10-year average of 743 sales. Property types most negatively impacted this month were vacant lots and duplexes as residential-detached and condominiums, in particular, saw increases over last February.

 

As a result of more listings coming on the market with less of them being converted to sales than last year at this time, Winnipeg’s MLS® market has moved into balanced conditions. Buyers are now in a more favourable position to get what they want and have more time to do it. The number of residential-detached listings selling for above list price in February was just over 30 per cent, down five percentage points from February 2013. Conversely, the number of listings that sold for less than list price went from 51% in 2013 to 59% in February 2014.

February MLS® unit sales were down less than 3% (680/698) while dollar volume decreased less than 2% ($175.7 million/$178.7 million) in comparison to the same month last year. Year-to-date MLS® unit sales are down 5% (1,245/1,312) while dollar volume is off 1% ($321.7 million/$325.7 million) in comparison to the same period last year. The 2,549 listings entered on MLS® this year are up close to 10% from 2013.

 

“Far too early to get overly concerned with a market that is well poised and in a position to do better as we move into an early spring market,” said David Powell, president of WinnipegREALTORS®. “Besides expecting warmer weather in March to get people out of their winter mode I would also like to see a signal in this week’s provincial budget to give Manitobans more confidence in investing here.  First-time buyers in particular would welcome some relief from Manitoba’s very onerous land transfer tax as they are now faced with higher CMHC insurance premiums.”

 

The most active residential-detached price range in February was from $250,000 to $299,999 at 22%. After that is was fairly spread out in price range sales activity. Another 22% of total sales came from $100,000to $149,999 and $150,000 to $199,999 price ranges. 16% of sales fell within the $200,000 to $249,999 price range. Less upper end activity happened in February with only 15 homes selling for above $550,000. The highest one sold for $825,000.

 

Nipping at the heels of the busiest price range for condominium sales is the $200,000 to $249,999 price range with 26% of total condo sales. The leader still remains the $150,000 to $199,999 price range at 29% in February. The next lower and upper price ranges of these two ones are almost identical and together make up another 23% of condominium sales activity. 

The average days on market for residential-detached sales in February was 32 days, 11 days quicker than last month and 5 days slower than February 2013. For condominiums the average days on market was 44 days, one day ahead of last month and 2 days quicker than February 2013.                                                                                

 

Established in 1903, WinnipegREALTORS® is a professional association representing 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 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