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September 2018 Market Update

Reused by permission of the Real Estate News

http://winnipegrealestatenews.com/Resources/PressRelease?fileID=500

September Sales Drop 12%

WINNIPEG – September sales of 1,046 were disappointing as they fell 12% in comparison to September 2017 and were off 9% from September’s 5-year average of 1,156 sales. On the other hand, new listings were up 6% and inventory of 5,134 listings grew by 11% over the same time last year.

Year-to-date sales activity shows sales of 10,264 are down 7% over the same period in 2017 while dollar volume has decreased 5% to $3.0 billion.  Listings entered on the MLS® at the end of September are 19,771, up less than 2% from 2017.

If you look back before 2016 and 2017, the best years ever on record where sales after nine months were right around 11,000, year-to-date sales are very much in line with 2015 and 2014 and much closer to 2013 in total sales.

“Winnipeg’s resilient market is being tested this year in light of newly tightened federal mortgage regulations and it is preventing a number of prospective buyers from entering our market,” said Chris Dudeck, president of WinnipegREALTORS®.  He added, “ The lack of new entrants to a housing market compounds matters further as the cascade effect of more sales occurring further up the real estate ladder is muted due to sellers unable to move on with their plans to buy a home if theirs does not sell.”

We also need to keep things in perspective how Winnipeg and the outlying metropolitan region  housing market is performing relative to many other housing markets across the country. At a Canadian Real Estate Association national conference held this month, delegates were told 50 local markets are down more than 10% and 75 out of 101 markets are experiencing declining sales activity in comparison to year-to-date sales in 2017.

“As always, both buyers and sellers need to consult with their REALTOR to develop a strategy to navigate our current market conditions,” said Dudeck.

In September there were 5 million dollar plus single family home sales with one selling for $2 million. The lowest sales price was $44,500. For condominiums, one unit sold for close to $1 million at $964, 950 while the lowest one went for $66,500.

The average days to sell a residential-detached or single family home was 32 days while for condominiums it was a week longer at 39 days.

A real positive for the Manitoba economy going into the last three months of the year is the recently signed United States-Mexico-Canada Agreement. It should bring more certainty and economic stability to what was concerning for many Manitoba businesses which rely on exporting their goods and products south of the border.

One of the most important components you need to take into account when selling a home is strategy”, said Marina R. James, CEO of WinnipegREALTORS®.  “Your REALTOR® knows strategy and will help you navigate through complex issues from start to finish.”

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Get a jump on the 2018 housing market!

http://www.winnipegrealtors.ca/Resources/Article/?sysid=3209

Reused by permission of the Real Estate News

Get a jump on housing market to find a hidden gem
Jan 19, 2018

by Todd Lewys

It’s a saying most everyone is familiar with: strike while the iron’s hot.

Now is the time to strike if you’re looking for a new home, said 2018 WinnipegREALTORS® president Chris Dudeck.

“With over 3,000 MLS® listings (3,037, to be exact), there’s definitely an opportunity for home buyers,” he said. “There’s a real opportunity to get a jump on the market and find a hidden gem.”

But that window of opportunity is a relatively short one, the asssociation president added.

“The spring real estate market usually starts to heat up around mid- to late-February, so now is the time to start looking.”

Why is that?

“By starting early, you’ll deal with way less competition,” said Dudeck. “With a lesser number of buyers looking, you can go through homes without feeling pressured, and perhaps find the home that’s right for you at a great price.”

It’s important to note that the key to finding the right home lies in enlisting the services of a knowledgeable REALTOR®.

“Sometimes buyers don’t know what they don’t know (and) that’s why it’s so important to find a Realtor who will guide you through the market.

A Realtor can not only help you explore the opportunities that are out there, but help you identify the one that suits you best,” added Dudeck.

Make no mistake about it, there are bona fide opportunities out there in the housing market.

With selection at a high level, buyers can find the home that best suits their needs and budget, whether it be a condo, duplex, townhome, detached single-family home or even a mobile home.

Sales numbers through the first two weeks of January have been solid, noted Dudeck.

“They’re actually up about 10 per cent over last year, with new listings up by around 10 per cent, as well. There’s great value to be found in all kinds of properties.”

That’s why it’s important to make a move now if you’re serious about finding a home.

At the same time, it’s important to keep an open mind about where you want to buy.

“A lot of people get focused in on a particular area that they want to live in,” said Dudeck.

“While that’s understandable, I think it’s important for buyers to realize that there are good homes in all kinds of neighbourhoods across the city.”

Again, it’s critical to rely on a Realtor’s expertise in this instance.

“A Realtor will guide you to explore different neighbourhoods — ones that are nearby the one you want to live in, even ones a bit further out,” said Dudeck.

“You can’t afford to lose sight of the quality homes that exist in other areas.”

In other words, buyers, if they don’t mind buying a bit further out, can find a home that provides them with more bang for their buck in the form of more space, amenities and, in many cases, a smaller mortgage, which is important in the new era of the mortgage stress test.

At the same time, buyers, particularly first-time buyers, can also move up in the world.

“By getting into the marketplace, you’re no longer paying rent. Instead, you’re gaining equity and appreciation.

“And by purchasing a home, whether it be a detached single-family home, side-by-side, townhome or condo, you stand to capitalize on the market increase over the next five years or so,” added Dudeck.

What’s the bottom line here?

If you’re in the market for a home, take advantage of market conditions that are about as close to ideal as they’re going to get.

“There’s a bit of a window — about a month or so — before the real estate market starts to heat up,” emphasized Dudeck.

“If you’re looking for a home, find a good Realtor, and don’t be afraid to explore other neighbourhoods and different property types.

“As I said earlier, now is a great opportunity to get a jump on the market and find a hidden gem.”

Association past-president Blair Sonnichsen said that there are many affordable housing options available that Realtors are able to indicate to buyers.

In 2017, Sonnichsen said that, with the help of Realtors, it had “become apparent … that buyers were making adjustments within certain propery types to attain their dream of acquiring a place to call home.”

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