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A NEW ANNUAL MLS® SALES RECORD SET IN 2016

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 May 1st, 2017 and are roughly $5,100 per 1,000 square feet.  If building permit applications are submitted prior to May 1st, applicants will not have to pay the impact fee as long as the permit is issued within six months and construction begins prior to November 1st, 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 January 18th, 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.markets infographic

Condo Sales Pie Chart YTD December 2016

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Sales Surpass the Previous 2007 Record Total of 13,079

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 

riverstone-terrace-condominiums-record-sale-property

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® longstanding 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.

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November Delivers Solid Results with 877 Sales

PRESS RELEASE

December 6, 2016

For Immediate Release

ON THE CUSP OF A NEW MLS® ANNUAL SALES RECORD

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November Delivers Solid Results with 877 Sales

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

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

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

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

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

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

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

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

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

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

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

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

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

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

rd-sales-pie-chart-november-2016

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OCTOBER MLS® SALES UP 5%

PRESS RELEASE

November 9, 2016

For Immediate Release

OCTOBER MLS® SALES UP 5%

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Sales On Pace to Set New Annual MLS® Sales Record

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

RD Sales Pie Chart October 2016.xlsx

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Get up to $2,000 towards your child’s education!

ACORN Canada is working with SmartSaver to get parents signed up to receive up to $2000 for their children’s post-secondary education. It’s called the Canada Learning Bond. This is a Government of Canada contribution to a child’s Registered Education Savings Plan, and the great thing about it is that parents open the account with $0 and they have no obligation to contribute to it later – and the federal government contributes up to $2000. Up to 70% of eligible families aren’t taking advantage of this free savings plan.

You are eligible if your child was born in 2004 or later, and if you have ever been eligible for the National Child Benefit Supplement as part of the Canada Child Tax Benefit, known as the family allowance.

Contact ACORN Canada at the number below, and we can give you more information and help you fill out the application for the Canada Learning Bond. It takes less than 10 minutes to apply for free to get up to $2000 for your kids’ education! Feel free to forward this information to other families who may be eligible.

Call toll free 1-866-991-0025 TODAY!

Make sure your family takes advantage of this great savings plan. Your children deserve it! 

acorn-canada-logo

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ANOTHER MLS® RECORD SET IN SEPTEMBER

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 July 2015 to July 2016 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.condo-infographic

rd-sales-pie-chart-september-2016

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August MLS® Sales UP 7%

PRESS RELEASE

September 8, 2016

For Immediate Release

August MLS® Sales UP 7%
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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.

rd-sales-pie-chart-august-2016

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