The first time the Winnipeg Multiple Listing Service® 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 WinnipegREALTORS® co-operative marketing system has reached $3.2 billion at the end of November!
WinnipegREALTORS® president Richard Dettman reports 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.
“With 3,454 properties available, it’s the best November for active inventory in the last 10 years,” said Dettman. “In November alone, there were 1,247 new listings, which is also the most entered for the month in 10 years. This gives potential buyers a greater selection of houses to choose from.”
November MLS® unit sales were up almost 2% (863/847) while dollar volume rose 1.6% ($219.3 million/$215.8 million) in comparison to the same month last year. Year-to-date MLS® sales are down less than 1% (12,293/12,392) while dollar volume is up 4% ($3.18 billion/ $3.05 billion) in comparison to the same period last year. New listings coming on the MLS® market in November showed a healthy increase of 17% and inventory is up 28% over last year.
Dettman 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.”
He went on to say; “We have predictions from knowledgeable pundits advising that interest rates will stay low through 2015 and inflation should remain under control.”
The Bank of Canada announced its trend-setting interest rate will not increase as it does not want to risk reversing the current “gradual unwinding of household imbalances” and slowdown in household debt growth. “In other words, 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.
Even with all the government taxation and interference taken into account, innovative real estate initiatives continue to make our Winnipeg a more exciting and cosmopolitan place to live and do business. The almost extinct construction crane can be seen resurfacing around the new Convention Centre … and at the SHED (Sports, Hospitality and Entertainment District) …the Zoo expansion and other Assiniboine Park initiatives … and of course CentrePort Canada and the potential spillover development opportunities at the Forks from the completion of The Canadian Museum for Human Rights …
“There is no visible housing market bubble in Winnipeg,” said Dettman. “It’s an exciting time to be involved in real estate in Winnipeg.”
Residential-detached sales in November were most active in the $250,000 to $299,999 price range with 23% of total sales. Neck and neck in second place was the price ranges of $200,000 to $259,999 and $150,000 to $199,999, each with 17% of all residential-detached sales. The highest sales price was $1,200,000 while the lowest was only $61,000. The average days on market for residential-detached sales in November was 34 days, 5 days slower than last month and 3 days slower than November 2012.
Condominium sales in the $150,000 to $199,000 price range were the most active in November with 33% of the sales. The next highest price range was $200,000 to $249,999 with 20% of all condominium sales. The highest sales price was $1,100,000 and the lowest was $68,500. The average days on market for condominium sales in November was 32 days, 2 days slower than last month but 5 days quicker than November 2012.
Established in 1903, WinnipegREALTORS® is a professional association representing 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.