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Winnipeg House Prices See Healthy Gain in the First Quarter as Buyers Adjust to OSFI Mortgage Regulations

19 Jun 19

Region expecting brisk sales activity and an uptick in prices during spring market

WINNIPEG, April 4, 2019 /CNW/ - According to the Royal LePage House Price Survey1 released today, the aggregate price of a home in Winnipeg saw a moderate increase in the first quarter of 2019, rising 3.4 per cent year-over-year to $296,853.

The median price of a two-storey home increased 6.6 per cent year-over-year to $320,196 and the median price of a bungalow increased 2.0 per cent year-over-year to $287,132 during the same period. Meanwhile, the median price of a condominium decreased 9.3 per cent year-over-year to $224,967.

"Winnipeg is having a moment in the spotlight," said Michael Froese, managing partner, Royal LePage Prime Real Estate. "Winnipeg is recognized as a great place to live and work. We are seeing new businesses flourish and an expanding tourism sector. The region's brisk economic activity is supportive of a healthy real estate market."

On a quarter-over-quarter basis, the aggregate price of a home in Winnipeg is expected to appreciate 0.7 per cent to $299,074 in the second quarter of 2019.

"Inventory levels are moderately up but now sales have pulled even with inventory after record-breaking cold temperatures in February kept buyers away from the market," said Froese. "The Winnipeg real estate market will continue to tighten into spring as sales return to normal spring activity now that buyers have adjusted to the OSFI mortgage stress test measures introduced in January 2018."

Nationally, year-over-year home prices showed moderate gains in many regions across Canada in the first quarter of 2019. The Royal LePage National House Price Composite, compiled from proprietary property data in 63 of the nation's largest real estate markets, showed that the price of a home in Canada increased just 2.7 per cent year-over-year to $621,575 in the first quarter of 2019, well below the long-term norm of approximately 5 per cent. When broken out by housing type, the median price of a two-storey home rose 2.6 per cent year-over-year to $729,553, while the median price of a bungalow rose 1.1 per cent year-over-year to $513,497. Condominiums remained the fastest growing housing type on a national basis, rising 5.4 per cent year-over-year to $447,260.

"We are expecting this to be a sluggish year overall in Canada's residential real estate market, with the hangover from the 2018 market correction and weaker economic growth acting as a drag on home price appreciation, balanced by lower for longer interest rates," said Phil Soper, president and CEO, Royal LePage. "There is a silver lining here. This slowdown gives buyers, and first-time buyers in particular, an opportunity to buy real estate in our country's largest cities."

Source: Royal LePage Real Estate Services

Market starts 2019 with a bang - Real estate shows strong growth compared with last year

19 Jun 19

Winnipeg's real estate market has shown strong growth so far this year compared with the sluggish beginning of 2018, according to data released by Winnipeg Realtors.

While 2018 got off to a slow start for the city’s real estate industry, both January and February this year have posted strong sales numbers, leading industry players to think historically low mortgage rates have set the stage for a market recovery.

"We have now had two back to back months of improvement in sales and listing gains over 2018. While early in the year, and a cold one at that, it does show buyers are making necessary adjustments to mortgage regulation rules to complete a transaction," Kenneth Clark, president of Winnipeg Realtors, said in a written statement.

"Some of the increase in listings, most notable in January with a 19 per cent increase in new listings coming on the market, is that sellers are feeling more confident about taking their next step in the local housing market."

In February, there were 724 sales in the city, a six per cent increase over the same month in 2018. That represents a 10 per cent increase in dollar volume at more than $215 million.

Last month, 1,447 new listings were added to the market, bringing the number of active listings in the city up to 3,735. That marks a 10 per cent increase in the number of listings over February 2018.

Year-to-date sales are also up eight per cent over last year and three per cent over the five-year average.

Winnipeg’s market shows signs of remaining affordable despite skyrocketing real estate prices in other major Canadian municipalities, such as Toronto and Vancouver. Half of all condominium sales in February went for less than $200,000, while roughly half of all single-family homes were sold for less than $300,000.

"The combination of a wide choice of affordable properties to purchase in our local market gives us an advantage over more expensive housing markets in the country," Clark said.


Top Legal Mistakes to Avoid

3 Dec 17

The process of buying or selling a house seems to involve a million details. It is important that you educate yourself on as many parts of this process as you can - this knowledge could mean the difference of thousands of dollars in the long-run. The legal issues involved in the process are often particularly intricate, ranging from matters of common knowledge to subtle details that might escape the untrained eye. Any of these issues, if not handled properly, could develop into larger problems

8 Mistakes to Avoid When Buying a Home

21 Feb 17

You've been saving for awhile, weighing your options, looking around casually. Now you've finally decided to do it - you're ready to buy a house. The process of buying a new home can be incredibly exciting, yet stressful, all at once. Where do you start?

Benefits of Using a Realtor to Sell your Home

21 Feb 17

Selling your home is a complex process that can be stressful and time-consuming. An experienced Realtor has the knowledge, skills, and connections to help you through the process every step of the way.

The Best Asking Price for your Home

21 Feb 17

Setting a realistic price for your home that reflects current market values will help sell your home quickly and for top dollar. When you price your home properly, you increase the chances that the offer you receive will nearly match your asking price, and that there will be competing offers - which may net you even more in the long run.

Buy or Sell First?

21 Feb 17

If you are considering looking for a new house, and are a current home-owner, then chances are you're wondering what your strategy should be: do you wait to find the perfect new home before you put your current home on the market, or do you sell first and then look around? You have a few options. Use the following as a guide to explore what might be the best move for you.

"Drive-Up Appeal": Get your Property Ready to Show

21 Feb 17

When preparing your property to show, work your way from the outside in. It is essential that your home possess a certain "drive-up appeal". Remember, a potential buyer's first impression of your house is formed while s/he is still sitting in the realtor's car. So, first you need to view your house from this perspective. Go stand on the opposite curb and observe your property. Compare it to surrounding properties.

Buying a Home: What Expenses to Expect

21 Feb 17

Budgeting for a new home can be tricky. Not only are there mortgage installments and the down payment to consider, there are a host of other - sometimes unexpected - expenses to add to the equation. The last thing you want is to be caught financially unprepared, blindsided by taxes and other hidden costs on closing day.

Hire the Right Agent, For the Right Reasons: 8 Questions to Ask

21 Feb 17

Finding a real estate agent who is right for you requires doing a little homework, and asking the right questions. Choosing an agent is a decision that could ultimately cost or save you thousands of dollars. Keep in mind the individual you choose will be handling almost every maneuver in the biggest financial investment of your life. Experience, interests, and expertise vary from agent to agent, so you should be asking very specific questions in order to align your own needs with the abilities of an appropriate representative

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