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News and Updates

Another stand out month for WinnipegREALTORS®

Read the entire June 2017 press release here: http://www.winnipegrealtors.ca/Resources/PressRelease?fileID=462

“June is a good reminder of Winnipeg’s affordable housing in comparison to many other more expensive housing markets across the country,” said Blair Sonnichsen, President of WinnipegREALTORS®.  “In our local market which has tightened up more due to brisk sales over the past two months, buyers are finding alternative property types or less expensive neighbourhoods in or outside the city.”

While the overall WinnipegREALTORS® MLS® market can be characterized as balanced with active listings well above the 10-year average, there are still neighbourhoods which would benefit from an influx of new residential-detached listings including Fort Garry, Linden Woods, Riverview, Fort Rouge, Fort Richmond, Waverley Heights, Richmond West, Whyte Ridge, St. Vital, Windsor Park, East Kildonan, North Kildonan, Transcona, Garden City, Wolseley, Sargent Park, Woodhaven, and Crestview.

Supply of residential-detached listings is stronger in rural municipalities outside the city. Condominiums throughout the Greater Winnipeg market area are not seeing demand outstrip supply. Other property types such as vacant land and resort properties are also well stocked in relation to those selling every month.

“Not all local markets are the same applies within a local market too,” said Sonnichsen. “There can be considerable differences within a local market depending on the property type, location and availability of listings to buy. REALTORS® really show their expertise and knowledge when they point out to a buyer what options they have. Broadening their search can be a real eye opener.”

“You really need to be talking to REALTORS® who are professional and informed,” said Marina James, CEO of WinnipegREALTORS®. “They make it their business to know the market and stay current on the changes such as new regulations and technology.”

 

 

 

 

 

 

 

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MAY DELIVERS BEST MONTH EVER

http://www.winnipegrealtors.ca/Resources/PressRelease?fileID=461

Winnipeg – While May is not a make or break month for the year, it has proven to be the busiest month of real estate activity for WinnipegREALTORS® and one the 114 year-old association counts on to contribute measurably  to the year–end total. 2017 did not disappoint.

May 2017 ushered in an all-time record sales and dollar volume month with MLS® sales just shy of 1,700 and dollar volume flirting with the one-half billion or $500 million mark. May sales of 1,696 were up 4% while dollar volume of $499.4 million increased 8% in comparison to the same month last year.

As a result, year-to-date sales in comparison to the same period last year, made up lost ground in April to total 5,434 sales, only 12 sales off last year’s brisk pace, while dollar volume of $1.58 billion gained a few percentage points to end up 4% ahead of 2016 at this time.

“A stellar month for WinnipegREALTORS® which we know is attainable based on strong market fundamentals and a healthy choice of listings to choose from, “ said Blair Sonnichsen, president of WinnipegREALTORS®.  “The difference this year, as a result of tougher qualifying criteria for insured mortgages, is fewer residential-detached sales under $300,000. Offsetting them to some extent are gains in lower priced condominium sales. “

Sonnichsen added, “Another factor this year, which cannot be ignored, is City of Winnipeg impact fees on residential development in new emerging areas.”  “There are more existing residential-detached home sales happening in price ranges above $300,000. May recorded an upsurge in sales from $300,000 to $499,999 of 21%.”

After 5 months, condominium sales are leading the way for all property types with an increase of nearly 9% over the same period in 2016. May’s condo transactions of 214 helped make this possible with a 13% jump in activity over May 2016. Year-to-date residential-detached sales on the other hand are down 1%.

Besides condos, May was an excellent month for single-attached and town house sales with increases of 25% and 18% respectively.

“Not only does Winnipeg have one of the most affordable housing markets in the country but it also offers many alternatives to more expensive single family homes,” said Sonnichsen.

Current inventory going into June shows 2,406 residential-detached or single family home listings and 883 condominium listings. This translates to less than 2 months of residential-detached listing supply and 4 months for condos if no new listings were to come on the market.

Notable MLS® areas with scarce to limited residential-detached listings include Riverview, Fort Rouge, Crescentwood, River Heights, Linden Woods, Charleswood, Whyte Ridge and Richmond West – all neighbourhoods in the southwest quadrant of Winnipeg.  In the southeast quadrant, St. Boniface, St. Vital, River Park South and Windsor Park in particular would welcome a new influx of listings to meet spring market demand.

Based on high turnover of inventory in May, other neighbourhoods in short supply include North and East Kildonan, Transcona, Mandalay West, the West End, Wolseley, St. James, Westwood and Crestview.

I cannot stress enough the importance of working with your local REALTOR® – a market expert – to understand what exactly is happening within the local market you are interested in,” said Marina James, CEO of WinnipegREALTORS®.

Beyond the success of over 1,750 REALTORS® working together to help buyers and sellers achieve more sales than ever before in one month, it is important to understand the economic impact of all these completed transactions.

In 2017, the Canadian Real Estate Association estimates each home sale will generate an estimated $53,300 in spin-off spending and create one job for every three transactions. MLS® home sales and purchases in 2017 will add an estimated $27.6 billion in spin-off consumer spending to the economy and create almost 192,000 jobs.

“May was without doubt a win for buyers, sellers and the local economy,” said Sonnichsen.

All markets are local and vary within a specific market region. To understand what is happening with your property type, price range and area of city or outside Winnipeg, call a REALTOR® to provide you with their expert advice and knowledge.

Established in 1903, WinnipegREALTORS® is a professional association representing just over 1,90 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.

The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by CREA and identify real estate professionals who are members of CREA.

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

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April MLS® Sales Fall Off First Quarter Pace

http://www.winnipegrealtors.ca/Resources/PressRelease?fileID=458

WINNIPEG – After a solid first quarter of MLS® sales activity, April sales were more subdued. Unit sales of 1,300 were down 5% from a record April in 2016 but still up 2% over the 10-year average for this month.

MLS® dollar volume decreased 1% in April however for the first four months is up 2% to $1.08 billion. New MLS® listings in April fell 5% while the inventory or active listings at the end of April is down 7%.

The percentage of new listings being converted to sales is in line with April 2016 when the equivalent of over 53% of the 2,439 listings entered on the MLS® in April were sold.

The drop off in sales activity compared to April 2016 was most noticeable in the first-time buyer market segment. WinnipegREALTORS® has identified a concern regarding the new stress test on insured mortgages and its impact on buyer qualification

For residential-detached properties under $300,000 there was a 15% decrease in sales activity in comparison to last April. On the other hand upper price ranges in residential-detached outperformed April 2016.

There was also a decline in condominium sales in the price ranges from $150,000 to $249,999.

“April is the kickoff to our spring market and first-time buyers are a driving force to generating sales activity,” said Blair Sonnichsen, president of WinnipegREALTORS®.  “We are now learning first-hand how tougher mortgage qualifications and higher insurance fees are making it more difficult for this buyer segment to purchase a home.”

Another new development this year which helped propel higher end sales was the City of Winnipeg’s impact fee which came into effect on May 1, 2017. There have already been 15 sales of homes valued over $1 million and six of those are new or to be built homes in the Waverley West MLS® area. It is clear buyers are advancing their plans to commit earlier this year to avoid paying the impact fee ($500 for every 100 square feet).

It is also apparent from examining April sales activity that vacant lots in rural municipalities benefited from the onset of higher fees in Winnipeg as there was a jump of 27% in vacant lot sales from April 2016. The vast majority of those are located outside Winnipeg.

“Demand remains strong for MLS® listings,” said Sonnichsen. “The average days to sell for residential-detached and condominiums was better than last year’s record-setting April.”

In terms of residential-detached sales activity while the most active price range remained from $250,000 to $299,999 at 20% the next busiest from $300,000 to $349,999 was not far off at 16%.

The average days to sell a home in April was 25 days, one day quicker than the record-setting April 2016. The sales- to -list price ratio in April was 99.19%, an improvement from the 98.59% in April 2016.

Condominium sales continue to be most active in the $150,000 to $199,999 price range which represented 30% of total sales. Next busiest at 16% was the $200,000 to $249,999 price range. Average days to sell a condo in April was 40 days, one day quicker than April 2016.

“In an ever-changing real estate industry with new technology, regulations and market conditions, you need to be contacting a REALTOR® who can provide you with their professional advice and market expertise,” said Marina James, CEO of WinnipegREALTORS®.

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.

The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by CREA and identify real estate professionals who are members of CREA.

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

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March MLS Sales Up 5%

WINNIPEG –  In March, 1,111 MLS® listed properties sold in the Greater Winnipeg market region, which is an increase of 5% over March 2016 and 8% over the 10-year average for this month. Dollar volume rose 10% to $326 million. This is the first time in March there has been over $300 million in MLS® sales transactions.

MLS® listings entered in March were right in line with last year at 2,200 though active listings or inventory of 3,903 listings going into April  is down  9% from 2016. This is largely due to a very active 2016 which left less listings carrying over into 2017.

Due to a good result in March where sales start to accelerate and are significantly higher than either of the first two months of the year, first quarter sales of 2,438 are in line with last year and 5% ahead of the 10-year average for the first three months. Dollar volume of close to $700 million is at its highest level ever for the first quarter and up over 4% from the same period in 2016.

“Overall we are quite pleased with the MLS® first quarter sales results since they are only a few sales shy of last year’s same period total and we ended up recording our best year ever in 2016,” said Blair Sonnichsen, president of WinnipegREALTORS®. “The second quarter by far is our busiest and one we count on to put us in a good position to deliver solid year end numbers. The consistency and steadiness of our MLS® market over the past few years bodes well for strong sales numbers to continue.”

“Helping give us more confidence going into the second quarter are Manitoba’s employment numbers,” said Peter Squire, MLS® market analyst.  “The recently released Statistics Canada labour force survey shows Manitoba’s March employment went up 2,800 jobs and the unemployment rate decreased 0.3 percentage points to 5.5 %. Only B.C. has a lower rate at 5.4%.”

Looking more closely at single family home sales in the first quarter in comparison to the same period in 2016 they are down less than 2% while condominiums are on a record setting pace with an increase of 18%. Condos may well be benefiting from their lower price point in comparison to single family homes as anyone requiring an insured mortgage with less than 20 per cent down must qualify for the higher Bank of Canada 4.64 % 5-year term rate.

“Condos are leading the way so far in marked sales increases compared to the first quarter in 2016,” said Sonnichsen.  “They have captured an additional 3 percentage points of total MLS® market share at the expense of single family or residential-detached sales”.

Another point worth noting with regard to March specifically is explaining why the average residential-detached selling price was just under $320,000, noticeably higher than the 2016 year- end average of $302,707. It was the result of what is called a compositional shift in sales activity where March had a real overweight in higher priced sales. For example, there was a 25% increase in sales over $350,000 and above compared to March 2016.

If you take the median price (mid-point of all sales) of residential-detached homes in March 2017 there is a far closer alignment to March 2016 – $285,500 versus $284,000.

For the first three months this year the average residential-detached selling price is $307,977, a 2.4% increase over the same period in 2016. As for condominiums, the average selling price for the first quarter is $244,406, a 7.9% increase over first quarter 2016.

Residential-detached unit sales in March were more spread out amongst a number of price ranges with the highest at 18% of total sales from $250,000-$299,999 and the $200,000-$249,999 at 15%. A close third at 14% was from $350,000-$400,000.

March condominium unit sales at nearly one in four sales were from $150,000-$199,999 however there were a number of price ranges with sales activity in the teens.  Amongst them, the $250,000-$299,999 was highest at 18%.

All markets are local and vary within a specific market region. To understand what is happening with your property type, price range and area of city or outside Winnipeg, call a REALTOR® to provide you with their expert advice and knowledge.

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by CREA and identify real estate professionals who are members of CREA.

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

 

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Top 10 Spring Home Maintenance Tips

Protect your investment with seasonal maintenance.

  1. Inspect the exterior for any potential damages that may have occurred during the winter (roof, eaves troughs, steps, walkway, fences, etc.)
  2. Clean leaves and debris from gutters and make sure water is draining properly after first good rainfall.
  3. Repair any holes that could be inviting for insects, rodents, and birds.
  4. Inspect the ceilings inside for any water leakage or damage.
  5. Get your home’s sump pump checked, preferably before all of the snow has melted.
  6. Check and clean all windows and doors. Re-install screens if they were removed.
  7. Get your Hot water tank inspected.
  8. Schedule Central Air Conditioning check and replace filter.
  9. Check any trees on or around your property for potentially hazardous limbs.
  10. Clean refrigerator coils, dryer vents, and kitchen exhaust hood filters.

*With any home maintenance and/or repair, always check owner’s manuals or call a certified professional.

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February MLS® Sales Down 6%

http://www.winnipegrealestatenews.com/Resources/PressRelease?fileID=443

Condominium Sales Continue Double-Digit Increase Over 2016

WINNIPEG – True to form February MLS® market activity marked another solid result in sales which were 4% above the 10-year average for this winter month. So being down 6% from February 2016 which is the only February to reach and eclipse 800 in sales is no reason to be disappointed.

One clear pattern emerging this year has been the fast start to condominium sales. Year-to-date sales are up 33% and dollar volume has jumped 37%. One thing is for sure. There is no lack of listings to enable this pattern to continue. With the exception of 2016 where the condominium inventory was nearly 12% higher than the current 665 condominium listings on the market now, they remain elevated over previous years.  Only 2015 is close since it was the first year when a real spike in condominium supply took off.

On the other hand residential-detached or single family properties are not keeping up with last year’s record-setting pace. Listings entered on MLS® for the first two months have decreased 6% while sales are down 8%.

One price range which did unusually well in February was for home sales over $1 million. You often may not have one sale in this month as was the case in 2016 or just one in February 2015. This year there were 7 and this significant difference is the first clear indication of the City of Winnipeg’s new impact fee on new residential property. Buyers intending to build their luxury homes in Winnipeg are advancing their plans to avoid paying Winnipeg’s impact fee which comes into effect May 1, 2017.

February MLS® unit sales of 766 were down 6% in comparison to February 2016 while dollar volume of $217.4 million decreased 2% from the same month last year.  New listings coming on the market in February also fell 9% from February 2016.

“Not only are we coming off a record-setting year but are faced with new challenges in stricter mortgage qualifications and new City of Winnipeg impact fees on residential property,” said Blair Sonnichsen, president of WinnipegREALTORS®. “While too early to tell at this juncture in the year it is apparent already some substitution to more affordable property types is occurring and buyers are aware of Winnipeg’s new impact fees.”

Regardless of some of the new wrinkles in the 2017 real estate market one overriding housing demand driver well intact is immigration and the manifestation of it in population increases.   In February some of the Statistics Canada 2016 census data was released which showed Manitoba is growing at a faster rate than the national average. While Winnipeg’s growth rate from 2011 to 2016 was 6.6%, higher but less than a percentage point above Manitoba’s at 5.5%, what really stood out is to what extent some of the rural municipalities within the capital region are growing. Steinbach’s has increased 17%, Niverville (26.6%), Ste. Anne (30%), Blumenort (19.3%) and Ile des Chenes (25.1%).

“Winnipeg has always been in our name since WinnipegREALTORS® incorporation in 1903 however our MLS® market area encompasses the entire capital region,” said Marina James, CEO of WinnipegREALTORS®.  “We therefore are well attuned to the growth taking place outside Winnipeg.”

The most active residential-detached price range was from $250,000-$299,999 at 21%. Another 30% of residential-detached sales came from the next higher and lower price ranges with both tallying 15% of total sales. The average days to sell a residential-detached property was 34 days, 3 days faster than February 2016.

The most active condo price range was the $150,000-$199,999 at 36% of total sales. The average days to sell a condominium was 45 days, 3 days quicker than February 2016.

All markets are not only local like WinnipegREALTORS®  market region but vary within as evident from differences in population growth rates.  Whether buying or selling you should be calling a REALTOR® because they know the variations within a local market and how the different property types behave throughout the capital region.

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.

The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by CREA and identify real estate professionals who are members of CREA.

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

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