After a decade of drastic price escalation and shortage of inventory, the real estate market in Winnipeg finally reached the balance. As per the MLS statistics, during 2013 the average home prices increased by 5% and condominium prices – by 9%. It is expected that in 2014 the prices will grow by 2-4% and 6-8% for homes and condos, respectively.
So, what does it mean for buyers and sellers?
Congratulation to Buyers! They will see more listings on the market and enjoy more options. Even though the bidding wars are still taking place, only 30% of houses in 2013 were sold in competition. Increased inventory coupled with the low mortgage rate makes it a good time to buy! The mortgage interest rate remains around 3-4%.
Hey Sellers, not to worry! You will get a good price for your properties, even though you would have to slightly adjust your expectations to the new conditions. The market is very healthy, prices are moderately rising. Moreover, with the steady stream of new immigrants, there is no shortage of supply of buyers. 12,800 new immigrants arrived to Manitoba last year, and about 8000 of them are expected to arrive to Manitoba by July 1 this year!
Among other conditions, contributing to the stability of the Manitoba’s market is the vast diversification of the local economy.
Currently, I am preparing a blog titled “Where should I buy a home?” , in which you can read about the state of the real estate market in different neighbourhoods of Winnipeg. So, please come back…
Forward your questions attention Luda Kozlova, REALTOR® with Century 21 Bachman & Associates at firstname.lastname@example.org.