Steady Sales And Increased Inventory Finish 2013:
The first time the Winnipeg MLS did $1 billion in sales activity was 2002. Then the MLS® did $2 billion in sales in 2007. Sales broke $3 billion in 2011. In 2013 the Winnipeg REALTORS® co-operative marketing system has reached $3.2 billion at the end of November!
Winnipeg had reported the dollar volume strength has benefited from 24 sales valued over $1 million so far this year. - 20 residential-detached homes and four condominiums. Although real estate values continue to increase, the market appears to be establishing some degree of balance; a shift from the sellers’ markets of the past dozen years.
Dettman President of Winnipeg REALTOR® said the local MLS® activity has defied all the national media predictions of gloom & doom for the Canadian real estate market. “We read the anecdotal stories and ‘expert’ ramblings on the Vancouver, Toronto and Calgary markets. But in Winnipeg we do not experience the meteoric price increases and the even more startling market corrections that the big cities experience. Winnipeg continues to be a market that remains steady and affordable.”
There are predictions advising that interest rates will stay low through 2015 and inflation should remain under control.” The Bank of Canada announced the housing market is well behaved right now and the bank wants to keep it that way,” according to the Canadian Real Estate Association.
Dettman said the market would even be stronger if the federal government would stop tinkering with mortgage regulations; if the provincial government were to be convinced to seriously review their dependence on excessive Land Transfer Tax fees and remove education funding from property owners – then we could look to an even healthier and better balanced real estate marketplace for the foreseeable future.
Predictions for 2014: There were a lot of positives when building an MLS® forecast for 2014.
More business investment in Manitoba with economic growth going from 1.7 per cent in 2013 to two per cent in 2014.
Manitoba has a stable labour market with a 5.3 per cent unemployment rate. More private investment is occurring in Manitoba as a percentage than in the rest of Canada. Mortgage arrears are 0.25 per cent compared to 0.31 per cent in the rest of Canada. Manitobans have the lowest personal and mortgage debt per capita in the country.
Population growth has been increasing faster than the national average. It has resulted in over 7,000 housing starts annually, which is the highest level since 1986. Manitoba has the fourth lowest average residential price in the country.
Information provided by Winnipeg REALTORS®