Tag Archives: winnipeg home sales

Fewer starts, more resales from the Winnipeg Real Estate Market

Slow but steady growth forecast for Winnipeg’s housing market

 

Finance. For Sale signs for condos in South Pointe.  It’s to go with a story on September’s MLS sales and housing start numbers. It was a good month for both MLS sales and housing starts. Murray McNeill story.  Wayne Glowacki / Winnipeg Free Press October 8 2015

Finance. For Sale signs for condos in South Pointe. It’s to go with a story on September’s MLS sales and housing start numbers. It was a good month for both MLS sales and housing starts. Murray McNeill story. Wayne Glowacki / Winnipeg Free Press October 8 2015


 
The resale market is expected to chug along in the next few years even though home-building will slow down because there is more supply than demand. New projections were released Monday. Photo Store
 
Rising inventory will take some of the steam out of the local home-building market over the next few years, but healthy population and employment growth should keep the resale market chugging along, the fall forecast by Canada Mortgage and Housing Corp. shows.
 
“Total starts (in the Winnipeg Census Metropolitan Area) will continue to come down from the 2013 peak over the forecast period,” Lai Sing Louie, CMHC’s regional economist for the Prairie region, said Monday.
 
“Rising inventory in the multi-family sector will prompt builders to reduce production in 2016 and 2017, offsetting slight increases in single-detached construction.”
 
The agency predicts total starts in the Winnipeg CMA will drop by 7.6 per cent this year, falling to 3,925 units from 4,248 in 2014. And they will continue to drift down during the next two years, falling to 3,800 units in 2016 and to 3,750 units in 2017.
 
Manitoba Home Builders Association president Mike Moore agreed builders of multi-family complexes — condominiums, townhouses and rental apartments — will likely postpone some new projects next year until they can significantly reduce the inventory of unsold units.
 
“But I think the inventory will be pretty much gone by then (the end of 2016) and it will be time to start building again,” he added.
 
“So I’m a little more optimistic about (2017). I think the numbers will be slightly better than is forecast — by a couple of hundred units. ”
 
As for the single-family side, Moore said the industry would be satisfied to see starts continue to grow at a slow but steady pace during the next few years.
 
“That’s good news for the bulk of our builders who are single-detached builders.”
 
CMHC also expects the local resale market to continue chugging along during the next couple of years as population and employment continue to grow. But the growth in MLS sales will be modest — less than one per cent in 2016 and 2017, it said.
 
Balanced market conditions should keep price increases in check. The average MLS selling price is expected to climb by 1.7 per cent to $278,000 this year, and by 1.4 per cent in both 2016 and 2017.
 
Peter Squire, residential market analyst for the Winnipeg Realtors Association, said those prices are in line with industry expectations.
 
Although sales of detached homes are up a bit this year, condo sales are lagging, he said.
 
It will likely be a similar story in 2016.
 
“That (the inventory of unsold condos) will have to work its way through, and it will,” he said.
 
CMHC’s fall forecast also looks at what’s likely to happen in the Manitoba housing market, and it’s a similar story. Housing starts are expected to fall to 5,600 units this year from 6,220 in 2014, hold steady at that level in 2016, and rebound to 5,700 units in 2017.
 
Like Winnipeg, MLS sales will continue to climb at a moderate pace in the next two years, rising to 14,200 units in 2016 and to 14,400 units in 2017, the agency added. The average selling price will creep up, rising to $273,600 in 2016 and to $277,500 in 2017.
 
murray.mcneill@freepress.mb.ca
 
CMHC fall housing forecast
 
Here are the Canada Mortgage and Housing Corp.’s projected numbers for the Winnipeg and Manitoba housing markets, with the percentage change from the previous year in brackets:

Winnipeg CMA* 2014 2015 2016 2017
Housing starts 4,248 3,925 (-7.6) 3,800 (-3.2) 3,750 (-1.3)
MLS sales 12,147 12,300 (1.3) 12,400 (0.8) 12,500 (0.8)
Average selling price $273,363 $278,000 (1.7) $282,000 (1.4) $286,000 (1.4)
Manitoba 2014 2015 2016 2017
Housing starts 6,220 5,600 (-1.0) 5,600 (0) 5,700 (1.8)
MLS sales 13,782 14,000 (1.6) 14,200 (1.4) 14,400 (1.4)
Average selling price $266,329 $269,800 (1.3) $273,600 (1.4) $277,500 (1.4)

* Census Metropolitan Area
 
Republished from the Winnipeg Free Press print edition October 27, 2015
 
Source: http://www.winnipegfreepress.com/

Winnipeg Real Estate News – September Sales Better than Average at 1,144

Winnipeg real estate News Logo

YEAR-TO-DATE SALES OF 10,298 JUST AHEAD OF 2014
–           –           –
September Sales Better than Average at 1,144

 

WINNIPEG – September MLS® sales activity and the year-to-date pace is indicative of a steady market.  It is tracking very closely to 2014 as was forecast.  2014 saw Winnipeg
REALTORS®’ 5th highest MLS® sales result in its 112-year history.

 

If we even use the third quarter or the past 3 months as an example, and look back over 3 years including 2015, it is quite remarkable how similar they are. Some may say nearly identical as there is a difference of only 7 sales between the highest and lowest sales results.  In order of highest third quarter MLS® sales to lowest they are as follows: 2013 – 3,803; 2014 – 3,802; 2015 – 3,796. You would be hard pressed to find such a minimal sales difference in any other major Canadian real estate market.

 

“They are not headline grabbing numbers,” said WinnipegREALTORS® president David MacKenzie. “What they tell us is we are very much in a narrow range of monthly MLS® sales results when up against the same month in 2014. Stability lives here and that is an attribute we can feel positive about in a world full of uncertainty.”

 

September MLS® sales of 1,144 were off 3% from September 2014.  However, they are over 2% higher from the 10-year September average.  There has only been one September when sales climbed over 1,200. Despite sales being down 3% from September 2014, dollar volume of $307 million eclipsed last year’s level of $305 million and is the highest MLS® dollar volume on record for September.

 

Year-to-date dollar volume is now over $2.8 billion, up 2% from 2014.  At 10,298 sales, year-to- date sales are in a virtual deadlock with 2014 as a mere 20 more sales have been processed through WinnipegREALTORS® MLS® in 2015 when compared to the same period in 2014.

 

More activity has emerged in the last few years with listings. Winnipeg is in a far more balanced market with 5,538 MLS® listings available at the end of September.  This equates to roughly 5 months of supply if no new listings were to come onto the market.

 

Single family homes represent the most at 3,110 while condominiums are well back at 860. There are another 708 vacant land listings.

 

“People in the market who are looking to buy property are well placed at this time to take advantage of a healthy supply of all MLS® property types within our market region,” said David MacKenzie. “They should be calling their REALTOR® as they will advise them on what specific choices they have within the property type and location they are interested in living.”

 

The most active price range in September for residential-detached sales was $250,000-$299,999 (24% of sales), followed by the $200,000-$249,999 (19%) and $300,000-$349,999 (12%).  Average days on market for residential-detached sales was 35 days, 2 days slower than September 2014. The highest priced residential-detached sale was $1,150,000. The least expensive sale was $39,500.

 

The busiest condo price range was $150,000-$199,999 (30% of sales), followed by the $200,000 to $249,999 (22%) and $250,000- $299,999 (16%).  Average days on market for condominium sales was 56 days, 16 days slower than September 2014. The highest-priced condo sale was $482,500 and the lowest-priced sale was $72,500.

 

Established in 1903, WinnipegREALTORS® is a professional association representing over 1,880 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.

 

Source: Winnipeg Real Estate News
 

Message from Winnipeg Realtor Rosalie Drysdale

If you are in the market to sell or upgrade your home. Please contact my Real Estate team and we will show you how to get the best dollar value for your home. Selling Homes from thousand dollar to million dollar homes, we can help you find what you are looking for or selling your home.
 
999-rose -- For Sale

Winnipeg Realtors Association December and year-end resale market report:

A slew of new reports

Thursday was a busy day for housing news, with four new reports being released. Here are some of the highlights:

Winnipeg Realtors Association December and year-end resale market report:

  • Last month was the best December on record for dollar volume of sales through the local Multiple Listing Service, and the third-best for unit sales. The dollar volume was also up 17 per cent from a year earlier — $183 million versus $156 million — while unit sales were up three per cent to 633 from 615.
  • 2013’s dollar volume of $3.36 billion was also a new record and a five per cent improvement from the previous record of $3.2 billion set in 2012.
  • Last year was also one of the better years on record for unit sales, even though they were down one per cent from the previous year — 12,924 versus 13,007.
  • The two big stories for the year were a nine per cent increase in MLS listings and a record number of condominium sales. The latter rose by 13 per cent to 1,759 units.
  • The WRA also saw a new record for the most million-dollar-plus sales in a single year, at 31. That included 26 single-detached homes and five condos.
  • The highest-priced residential property to change hands was a nearly 8,000-square-foot home in Charleswood that sold for $2.2 million.
  • The average selling price for the year for a residential detached home was up five per cent to $284,000 from $269,000 in 2012.
  • The average days on the market was 28 days — unchanged from 2012.
  • Canada Mortgage and Housing Corp. December and year-end housing starts report:
  • Total starts in the Winnipeg Census Metropolitan Area (CMA) were up 74 per cent in December (294 units versus 169 in December 2012) and 15.8 per cent for the year (4,705 versus 4,065).
  • The biggest increase was in multi-family starts — up 522 per cent in December to 112 from 18, and up 28.5 per cent for the year (2,487 versus 1,936).
  • Single-family starts were up 18.3 per cent in December — 182 versus 151 — and 4.2 per cent for the year — 2,218 versus 2,129.
  • For Manitoba’s eight largest urban centres combined, total housing starts for 2013 were up 20.1 per cent to 5,894 units from 4,908 in 2012.
  • That included a 31 per cent increase in multi-family starts — 3,151 versus 2,406 — and a 9.6 per cent increase in single-family starts — 2,743 versus 2,502.

Royal LePage’s 2014 House Price Survey report:

  • Results were mixed last year for the three most popular type of Winnipeg homes — detached bungalows, two-storeys and condominiums.
  • Condos enjoyed the biggest increase in the average selling price for the year — up 7.2 per cent to $205,976.
  • Two-storey homes saw the second-biggest gain — up 2.0 per cent to $329,104.
  • Detached bungalows were the only type of home that didn’t see a price increase. The average selling price was essentially unchanged (down 0.1 per cent) to $303,760.

Statistics Canada’s New Housing Price Index report for November, 2012:

  • The cost of a new home in the Winnipeg CMA in November was unchanged from the previous month, and up 3.7 per cent from a year earlier.

Source: Winnipeg Free Press