Reused by permission of the Real Estate News
Read the full press release here: http://www.winnipegrealtors.ca/Resources/PressRelease?fileID=476
Winnipeg – If you are going to duplicate a month’s sales activity, do it when it is a good one and that was the case in November. MLS®sales of 878 units in November were one sale higher than November 2016 and 4% above the 10-year average for this month. Only once in 2015 did November sales edge over 900, so not a big difference in sales.
A solid performance in November and year-to-date sales of 12,890 ensures 2017 will be no worse than second highest on record. 2016 was the best year ever with over 13,600 sales.
Balanced market conditions still prevail overall with over 4 months of listings available if there were no new listings added on to the MLS® system.
MLS® area neighbourhoods such as Riverview, Crescentwood, River Heights, Wolseley, Southdale, Fort Garry, Linden Woods, Garden Grove and Harbourview South show depleted inventories in relation to residential-detached sales this year.
“Depending on the property type and area of the city or capital region you wish to live in, you need to be calling a REALTOR® to provide their knowledge and expertise on what your best course of action is based on current market conditions, especially due to financing,” said Marina R. James, CEO of WinnipegREALTORS®. “All real estate markets are local and vary within according to different market indicators.”
Commencing January 1, 2018, a new stress test comes into effect on Canadians making down payments of over 20 per cent and therefore not requiring mortgage insurance. It applies to all federally regulated financial institutions and requires the applicant to qualify for mortgage payments based on the greater of either the Bank of Canada’s five-year benchmark rate or their contract mortgage rate plus two percentage points.
Backing up WinnipegREALTORS® claim that it has one of the most affordable major real estate markets in the country is the percentage of sales it has under $300,000. In November 59% of residential-detached sales and 77% of condo sales were under $300,000. The busiest condominium price range at 26% of total sales was from $150,000 to $199,999.