September ushers in three annual records
 
WINNIPEG, October 7, 2021 - The third quarter finished strongly in September — surpassing three annual MLS® records. Year-to-date dollar volume of just under $5 billion surpasses the 2020 annual dollar volume of $4.9 billion, and the 2,014 condominium sales for the first nine months of 2021 are comfortably ahead of the 1,847 annual record total set last year. Residential-attached sales at the end of September are slightly ahead of the 2020 annual sales record of 1,060, with 1,081 year-to-date sales. The fourth quarter will add to these September totals.
 
“The new peak for annual dollar volume is a combination of increased sales and higher prices,” said Kourosh Doustshenas, 2021 President of the Winnipeg Regional Real Estate Board. “As for condominiums, the growing spread between single-family detached homes and condominium average sale prices in 2021 have made the latter property type an even more affordable option for buyers, especially first-time buyers who do not have the benefit of equity gains from the sale of their existing home. Moreover, residential-attached properties offer another affordable option.” 
 
The 1,501 MLS® sales recorded in September dropped 15% from September 2020 but gained 16% over the previous 5-year average for this month. Up until 2020, a September with sales reaching, or just passing, the 1,200 sales mark was considered an excellent month. Likewise, September dollar volume of close to or above $500 million in 2021 and 2020 respectively, makes previous Septembers appear quite modest at less than $350 million in sales transactions.
 
It is worth noting that — contrary to some MLS® property types, such as single-family detached homes and vacant land not being able to keep pace with last year’s third quarter surging sales — condominiums, duplexes, and commercial properties all made gains compared to the same period last year. Duplexes stood out with 81 sales in 2021 versus 48 in 2020.
 
 
The current supply of listings at the end of September is 2,840, down 28% from the same time last year. With a high conversion rate of new listings to sales of 78%, it is readily apparent that if there is a pick-up in new listings in the fourth quarter, it will lead to increased sales. In September, new or current listings of 1,922 were down 16% from 2020, and 19% from 2019. 
 
“A number of Winnipeg neighbourhoods did not meet the unrelenting demand for single-family properties,” said Doustshenas.
 
No better example is in the southwest Winnipeg neighbourhood of Whyte Ridge, where there were 12 sales in September and only one listing left for sale in October. This translates to a sales-to-active listings ratio of 1200%. River Park South in southeast Winnipeg had 23 sales, leaving only three listings available for sale in October. 
 
Regional MLS® areas outside Winnipeg were largely below 100% sales-to-active listings ratios, meaning at month end there are more listings for sale than sales. However, the RM of Brokenhead was at 112% with 19 sales and 17 listings for sale, while the City of Selkirk is at 167% with 20 sales and 12 listings.
 
Given the talk of not enough listings to meet demand this year, the 19,203 listings entered on the MLS® in the first 9 months are down less than 2% from the same period in 2020. Condo listings are actually up 3% while residential-attached listings have risen 17%.
The year-to-date condominium average sales price of $244,171 has resulted in a very modest increase at less than 2%. One out of four sales are from $150,000 to $199,999, and 83% fall between $100,000 and $350,000.
 
 
Single-family detached homes, on the other hand, have experienced a greater degree of price appreciation at 12% with a year-to-date average sales price of $379,056. Although the third quarter — in comparison to a supercharged second quarter with two months of sales over 2,000 each — showed moderation with prices less heated. The second quarter average single-family home sales price was $388,422 whereas the third quarter came in at $374,777.
 
A breakdown of the five MLS® zones in Winnipeg and the regional area outside the city shows how the third quarter was more subdued. The southwest area of the city at $473,631 came down from $513,008 in the second quarter and the regional municipalities fell back from $364,549 to $322,619.
 
“Our regional market delivers some of the most affordable house prices in Canada," said Doustshenas. “Increasing new housing supply and returning to a balanced market is the key to containing house price increases in the fourth quarter and beyond.”
 
“Your REALTOR® is the market expert and can give you insights into the ebb and flow of real estate sales activity among all the different property types,” said Marina R. James, CEO of the Winnipeg Regional Real Estate Board.
 
 
The Winnipeg Regional Real Estate Board (WRREB) is a not-for-profit corporation founded in 1903 by a small group of real estate practitioners. Today, as one of Canada’s longest running real estate boards, WRREB serves more than 2,200 licenced real estate Brokers and Salespersons, along with other industry related professions in and around the Winnipeg Metropolitan Region providing them with essential resources to enhance professionalism, advance the industry’s development and enrich the communities they serve. WRREB is the collective voice for both its residential and commercial REALTOR® Members and operates under the direction of an elected voluntary Board of Directors.
 
The MLS® is a co-operative real estate selling system operated and promoted by the Winnipeg Regional Real Estate Board that includes an up to date inventory of listings from participating REALTORS®.
 
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by CREA and identify real estate professionals who are members of CREA.
 
Media Inquiries:
Peter Squire
Vice President, External Relations & Market Intelligence
Winnipeg Regional Real Estate Board
Office: 204-786-8857
 
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August sales of 1,626 show market stabilizing compared to spring peak activity of over 2,000 monthly sales

Winnipeg, September 8, 2021 –1,626 sales were recorded in August 2021 making it the second-best August on record. While 12% off the record-setting 1,845 sales transacted in August 2020, it was up 9% over the 5-year average for this month.

“There has been some moderation in sales activity in our regional market since June 2021," said Koroush Doustshenas, president of the Winnipeg Regional Real Estate Board. “Though it is important to acknowledge July and August were still very active and ahead of previous same month sales with the exception of 2020."


Active or available listings for sale at the end of August are at just under 3,000, a 30% decrease from the same time in 2020. New listings entered on the MLS® in August were 2,157, a 9% drop from last August but only 3% off the 5-year average for this month.
 
“While listing supply is lower than previous years, there is some improvement in inventory owing largely to the less rapid turnover of listings to sales that have been occurring at an accelerated pace this year,” said Doustshenas.
 
Year-to-date sales of 13, 414 are up 27% over 2020 and the 5-year average. Prior to 2020 where sales vaulted well ahead of 2019 to finish just over 16,000, the 2021 year-to-date total is in line with WRREB’s more recent annual totals of over 13,000. With four months to go and expectation of a strong finish to 2021, it is a foregone conclusion 2021 will usher in WRREB’s third consecutive year of record annual sales.


MLS® dollar volume will also set a new annual record and has risen 41% above 2020 for the first 8 months. It is just $400 million away from closing in on the best annual total set last year of $4.9 billion. In August 2021 there was close to $539 million dollars transacted.
 
In looking more specifically at MLS® property types, residential-detached or single-family homes saw sales down nearly 15% from the same month last year but up 5% over the 5-year average. Condominium sales of 212 were only two fewer than August 2020 and are up 58% for the year at 1,808 sales.
 
 
The Canadian Real Estate Association’s MLS® Home Price Index, which tracks the most typical property type selling in our regional market every month, shows prices have moderated slightly since peaking in June with a higher index and benchmark price. The benchmark price of a single-family home was $340,800 in June, $333,100 in July and $333,700 in August. Though it is worth noting a two-storey home topped out at $362,000 in June, however, fell back to $348,600 in August.
 
As for condominiums, their high point this year happened in July as climbed up from $202,700 in June to $209,700 in July and dropped back slightly to $207,700 in August.
 
Another housing index, the National Bank-Teranet HPI, which produces a housing affordability monitor report for major markets across the country, indicates in its most recent one released in August, that for the price of a representative home of $369,511 in Winnipeg the required household income to afford it is $75,352 and it will require 28 months to save for the down payment (savings rate of 10%). In sharp contrast you need to earn $124,891 to afford a $618,684 representative priced home in Ottawa/Gatineau and will require 52 months to save for a down payment.
 
“With current dialogue surrounding how home ownership is becoming out of reach for Canadians we must keep things in perspective that all markets are local and behave differently across the country”, said Doustshenas. “Winnipeg is still one of the most affordable housing markets in the country with many Manitobans being able to afford a home or condo.”
 
“2021 is proving to be a very dynamic and fast-paced real estate market,” said Marina R. James, CEO of the Winnipeg Regional Real Estate Board. “You should contact your REALTOR®, an expert on the local market, to gain a full appreciation and understanding on what is happening in the current market.
 
 
 
The Winnipeg Regional Real Estate Board (WRREB) is a not-for-profit corporation founded in 1903 by a small group of real estate practitioners. Today, as one of Canada’s longest running real estate boards, WRREB serves more than 2,200 licenced real estate Brokers and Salespersons, along with other industry related professions in and around the Winnipeg Metropolitan Region providing them with essential resources to enhance professionalism, advance the industry’s development and enrich the communities they serve. WRREB is the collective voice for both its residential and commercial REALTOR® Members and operates under the direction of an elected voluntary Board of Directors.
 
The MLS® is a co-operative real estate selling system operated and promoted by the Winnipeg Regional Real Estate Board that includes an up to date inventory of listings from participating REALTORS®.
 
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by CREA and identify real estate professionals who are members of CREA.
 
Media Inquiries:
Peter Squire
Vice President, External Relations & Market Intelligence
Winnipeg Regional Real Estate Board
204-291-8022
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June market activity remains brisk with strong upward price movement
 
WINNIPEG, July 8, 2021 - June sales of 1,943 edged out last June’s sales of just under 1,900 by 2% and are up 14% over the 5-year average for this month. Dollar volume of $677.5 million jumped 16% over June 2020. New listings coming on to the market in June were down 12% at 2,373, while current inventory of 2,791 at month end decreased 39% from 2020.
 
“Sales are coming down off their peak in April 2021, and more closely aligned with 2020. June 2020 was the first month when sales rebounded strongly after the pandemic economic shutdown,” said Kourosh Doustshenas, 2021 president of the Winnipeg Regional Real Estate Board. “2021 dollar volume gains remain in the double-digits and represent strong upward price movement compared to 2020.”


Year-to-date sales of 10,131, for the first half of 2021, increased 49% over the same period in 2020 and 35% over the 5-year average. Dollar volume of $3.4 billion has risen 68%. A remarkable 78% of all listings entered on the Multiple Listing Service® this year have been sold compared to 54% in 2020.
 
“A true hallmark of this year has been the unprecedented buyer demand for all property type listings with major percentage gains in sales from 2020,” said Doustshenas. 
 
This surge in demand has created seller’s market conditions resulting in price escalation in property types such as single family homes where supply has seen a record number of buyers participating in the market.
 
The average residential-detached or single family home sales price for the first six months of 2021 is $381,053, a 16% increase over last year. Here is the breakdown for the 5 MLS® zones within Winnipeg and the regional area surrounding the city.
 
 
One of the notable developments is the southwest zone of Winnipeg. This area is over $500,000 for the first time, increasing from $446,598 in 2020. All of the 6 areas have experienced double-digit percentage price gains, with Winnipeg’s northeast zone the highest at 19%. It went from $290,101 in 2020 to $344,996 this year.   
 
An important metric gauging price movement is the total sales price to total list price ratio as it indicates the strength of house prices. This ratio went from 98.6% in 2020 to 103.9% in 2021. In June 2021 the ratio was 104.7%.
 
Other MLS® property types have seen average sales price increases for the first half of 2021. Duplex prices have risen 26% to $314,188, while townhouses are up 18% to $314,603. Condominiums, with near double the number of sales from 2020, have seen an average sales price increase of 2% to $244,416.
 
It is worth noting that the West Transcona MLS® area has converted 100% of its 108 listings to sales, with the RM of Ste. Anne’s not far behind with a 99% conversion ratio of 74 sales out of 75 listings.
 
In addition to the impressively high residential-detached percentage listing conversions, are a number of MLS® areas that sold out all of their condo listings. The most notable one is Sage Creek, where more than 100% of listings sold. Outside Winnipeg, the lake country MLS® area running along the west side of Lake Winnipeg sold all of its 15 condo listings.
 
 
“A very dynamic real estate market has unfolded in 2021, with changes in prices not seen in years,” said Marina R. James, CEO of the Winnipeg Regional Real Estate Board. “REALTORS® are experts when it comes to determining the market value range of properties. Reach out to your REALTOR® to discuss what opportunity exists for you to buy or sell today.”
 
 
The Winnipeg Regional Real Estate Board (WRREB) is a not-for-profit corporation founded in 1903 by a small group of real estate practitioners. Today, as one of Canada’s longest running real estate boards, WRREB serves more than 2,100 licenced real estate Brokers and Salespersons, along with other industry related professions in and around the Winnipeg Metropolitan Region providing them with essential resources to enhance professionalism, advance the industry’s development and enrich the communities they serve. WRREB is the collective voice for both its residential and commercial REALTOR® Members and operates under the direction of an elected voluntary Board of Directors.
 
The MLS® is a co-operative real estate selling system operated and promoted by the Winnipeg Regional Real Estate Board that includes an up to date inventory of listings from participating REALTORS®.
 
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by CREA and identify real estate professionals who are members of CREA.
 
Media Inquiries:
Peter Squire
Vice President, External Relations & Market Intelligence
Winnipeg Regional Real Estate Board
Office: 204-786-8857
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May eclipses 2,000 sales for second consecutive month
 
WINNIPEG, June 4, 2021 - Back-to-back monthly sales of over 2,000 reaffirms 2021 as a year like no other. May 2021 sales of 2,006 increased 46% over May 2020 and 21% above the 5-year average for this month. The 2,006 sales are only surpassed by April 2021 when 2,055 sales were transacted on the Winnipeg Regional Real Estate Board’s Multiple Listing Service® (MLS®).
 
Dollar volume for May is up 70% over the same month last year with an all-time record monthly total of $692.6 million worth of sales.


Year-to-date MLS® sales of 8,197 have increased 68% while dollar volume of $2.72 billion is up 89% over the same period in 2020. Listings entered on the MLS® this year are ahead of 2020 by nearly 9% with 10,594 listings. 
 
Despite a 4% increase in new listings entered in May due to this month’s very buoyant sales activity, the active listing supply at month end going into June is down 40% from 4,621 last year to 2,768 in 2021.
 
“Buyers continue to show unwavering enthusiasm for all property types in May and as a result it is putting a price premium on many listings that come onto the market for sale,” said Kourosh Doustshenas, president of the Winnipeg Regional Real Estate Board.
“Sales-to-active listings for all single-family homes in our entire market region was 111% which means listings are turning over quicker than can be replaced to meet current demand. Another real indicator of market strength is the metric which shows the ratio of the total sales price dollar volume of all homes sold in May compared to their total list price dollar volume which was 105%.”  
 
The greatest percentage increase in sales from last year for the first 5 months is vacant land at 162%. There are many other property types which are more than doubling last year’s sales. They are condominiums, duplexes and townhouses. In actual numbers, vacant land has 601 sales compared to 229 in 2020, and condominiums have 1,141 versus 513 last year.
 
May condo sales were up 146% with 293 sales. Only March 2021 comes close to this record monthly sales level with 288 sales. The average condo sales price is also impressive at $254,928, up 11% over May 2020. Over one-out-of-five condo listings sold for above list price.
 
“As single-family home prices have risen rapidly in the last year, especially in 2021, condominiums have become an alternative affordable option for first-time buyers keen to get a foothold in the ownership market,” said Doustshenas. “Winnipeg Regional Real Estate Board’s Home Price Index benchmark price for a typical apartment condo in May is $202,700, whereas the benchmark price for a single-family home is $335,700.”
 
 
A new higher mortgage stress test qualification rate of 5.25 % comes into effect June 1, 2021. As a result, it will reduce buying power by about roughly 4% — though with Manitoba having one of the most affordable housing markets in the country, this increase will not preclude most buyers from attaining their goal of purchasing a property. They just may need to be more aware of their mortgage ceiling limit when making an offer on a listing. Buyers are still able to take advantage of some of the lowest mortgage rates in our history.
 
June ushers in a significant education property tax rebate of 25% this year for residential and farm property owners. The total rebate amount for all of the approximate 658,000 properties in Manitoba is $248 million and property owner rebate cheques are being mailed out this month.
 
The Bloomberg Nanos Consumer Confidence Index — which tracks Canadians views on personal finances, the economy, employment and real estate — recently reached a 13-year record high. 
 
In an interview with Amanda Lang of BNN Bloomberg, Nik Nanos said, “Real estate is still a significant positive outlier when it comes to people’s views on the future value of homes in their neighbourhood.”
 
He also said, in reference to Canadians wanting to live in different types of homes including those large enough to work in, “There is a structural change that is underpinning a lot of the movement in the real estate market that is very different than anything that we have seen in the past.”
 
“Our new monthly dollar volume record of close to $700 million would not have happened without some big ticket sales beyond a number of one million dollar plus homes,” said Doustshenas. “There were three major vacant development land sales totalling over $12 million with one selling for over $5 million.”
 
“May sales show how diverse our regional market is in the mix and scale of property types that were sold,” said Marina R. James, CEO of the Winnipeg Regional Real Estate Board. “REALTORS® are professional and informed and make it their business to become experts in all facets of real estate.”
 
 
The Winnipeg Regional Real Estate Board (WRREB) is a not-for-profit corporation founded in 1903 by a small group of real estate practitioners. Today, as one of Canada’s longest running real estate boards, WRREB serves more than 2,100 licenced real estate Brokers and Salespersons, along with other industry related professions in and around the Winnipeg Metropolitan Region providing them with essential resources to enhance professionalism, advance the industry’s development and enrich the communities they serve. WRREB is the collective voice for both its residential and commercial REALTOR® Members and operates under the direction of an elected voluntary Board of Directors.
 
The MLS® is a co-operative real estate selling system operated and promoted by the Winnipeg Regional Real Estate Board that includes an up to date inventory of listings from participating REALTORS®.
 
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by CREA and identify real estate professionals who are members of CREA.
 
Media Inquiries:
Peter Squire
Vice President, External Relations & Market Intelligence
Winnipeg Regional Real Estate Board
Office: 204-786-8857
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April sales tip MLS® 2,000 threshold
 
WINNIPEG, May 7, 2021 - For the first time in the history of monthly MLS® sales, the Winnipeg Regional Real Estate Board’s April sales tipped over the 2,000 threshold. The 2,055 sales in April edged out last month’s sales of 1,975 and are up 53% over the 5-year average for this month. Dollar volume set a new record monthly high as well in April with $678.3 million transacted in sales — a 65% rise over this month’s 5-year average.
 
The 2,615 listings remaining at month end are down 41% from the same time last year despite a dramatic fall off in new listings entered in April 2020 due to the pandemic economic shutdown. The good news is that year-to-date cumulative listings of 8,066 represent a 10% increase over 2020 and are less than 1% behind those entered in 2019.
 
In April, 78% of active MLS® listing supply turned over — and for single-family homes it was an astounding 131% — leaving less than a month’s listing supply going into May.
 
There were a number of MLS® areas throughout the entire Winnipeg Regional Real Estate Board’s market region where there are as many single-family home sales or more than the number of listings remaining at the end of April. River Park South had 31 sales with only 5 listings left for sale while St. James also had 31 sales with only 10 listings available for sale at the end of April.
 
Two MLS® areas in the first four months have had more sales than new listings entered this year. Transcona MLS® area has 82 sales versus 81 listings while the RM of Ste. Anne has 47 sales — 6 more than what has been listed in 2021.
 
“Rapid sales are depleting our listings quicker than we can replace them,” said Kourosh Doustshenas, president of the Winnipeg Regional Real Estate Board. “Our average continuous days on market for single-family home sales in April was three weeks and for sales from $350,000 to $399,999 it was just 2 weeks.”
 
Year-to-date MLS® sales after 4 months are 6,197, a 76% gain over the same period in 2020 while dollar volume of $2.0 billion increased 96% compared to 2020. The conversion of listings to sales is another metric indicating a supercharged market with 77% of all listings being sold. In the previous 5 years, this percentage has never attained 50% and you have to go back to 2004 and 2005 when the conversion percentage was as high as it is this year.
 
“Clearly, 2021 is a year like no other with buyers actively engaged in our regional market to place offers on many different property types and a wide spectrum of price ranges,” said Doustshenas. “Condominiums have seen the biggest gain thus far with a 115% increase in sales over the same period last year.”
 
 
As for house prices, April was notable for a few reasons.
 
The southwest area of Winnipeg saw its average residential-detached sales price go over $500,000 to end up at $521,625 and also be at the half million dollar mark for the first 4 months. Given this area of Winnipeg has a significant portion of sales within the city, it is not surprising Winnipeg’s average residential-detached sales price was skewed upward to reach just under $400,000 in April. The region outside Winnipeg ended up at $351,000.
 
April also ushered in 13 one-million plus sales with nine selling in southwest Winnipeg, including the highest one at $2,250,000. 
 
Higher priced house sales were also evident in the price range sales activity chart with the $500,000 to $749,999 capturing the most sales activity at 17%. A close second was from $300,000 to $349,999 at 16%.
 
The brisk condominium sales in April saw the most sales activity at nearly 30% of total sales from $150,000 to $199,999 with the next busiest price range of $200,000 to $249,999 well behind at 18%.
 
“You are best advised to contact a REALTOR®,” said Marina R. James, CEO of the Winnipeg Regional Real Estate Board. “They know the current market and can help you navigate through all the housing options you will need to consider in making an informed decision.”
 
 
The Winnipeg Regional Real Estate Board (WRREB) is a not-for-profit corporation founded in 1903 by a small group of real estate practitioners. Today, as one of Canada’s longest running real estate boards, WRREB serves more than 2,100 licenced real estate Brokers and Salespersons, along with other industry related professions in and around the Winnipeg Metropolitan Region providing them with essential resources to enhance professionalism, advance the industry’s development and enrich the communities they serve. WRREB is the collective voice for both its residential and commercial REALTOR® Members and operates under the direction of an elected voluntary Board of Directors.
 
The MLS® is a co-operative real estate selling system operated and promoted by the Winnipeg Regional Real Estate Board that includes an up to date inventory of listings from participating REALTORS®.
 
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by CREA and identify real estate professionals who are members of CREA.
 
Media Inquiries:
Peter Squire
Vice President, External Relations & Market Intelligence
Winnipeg Regional Real Estate Board
Office: 204-786-8857
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Winnipeg Regional Real Estate Board February MLS® sales surge 48% over 2020
 
WINNIPEG -  February continues to show significant increases over the same month last year with 1,240 sales, a 48% rise in early year market activity and 68% in comparison to the 5-year average. The $395 million in dollar volume transacted in February was more pronounced with a 67% jump over February 2020. 
 
Rapid turnover of listings due to heightened market activity resulted in current supply at the end of February down 41% — 2,501 versus 4,266 in 2020. New listings coming on the market in February were 1,661, down less than 3% compared to the same month in 2020 and up 5% over the 5-year average.
 
“New listings entered on our MLS® in February are in keeping with previous years,” said Kourosh Doustshenas, president of the Winnipeg Regional Real Estate Board. “The difference in 2021, and much like the second half of 2020, is we are experiencing record-setting month over same month sales, so sellers remain in the driver’s seat.”

Evidence of the strength in turning new MLS® listings into sales is the remarkable 75% conversion of the equivalent number of listings to sales in February. This percentage is well above the previous four-year average of 48%.    
 
Year-to- date MLS® sales of 2,174 are up 39% while dollar volume of $680 million has vaulted 53% over the same period in 2020.
 
February MLS® property type sales increases were impressive in more than just the two main property types of residential-detached and condominiums with 45% and 46% respectively. There were 105 vacant land sales, a 139% increase over February 2020, and 31 duplexes transacted in comparison to 13 in 2020.
 
“Momentum from 2020 continues uninterrupted in 2021,” said Doustshenas. “I see no signs of it letting up as we head into March and in all likelihood will see a quick start to our spring market,” said Doustshenas.  
 
Another indicator of buyers being more engaged in our region in February is the metric which shows almost one in two residential-detached sales went for above list price.
As for price range sales activity, a move to higher prices presented in the residential-detached price range activity with the $350,000 to $399,999 just edging out the normally most active price range of $250,000 to $299,999. In third place by a small margin was the $500,000 to $749,999 range. All ranges each had over 100 sales in February.
 
In contrast, condominium sales remained most active in the $150,000 to $199,999 price range at 26% of total sales. Nearly 65% of all condominiums in February sold for under $300,000.
 
Something to watch out for this year is price movement within Winnipeg and the outlying rural areas. This was a trend in February 2020, with Winnipeg’s average residential-detached sales price heading upward to $378,234 from $312,315. Rural had a similar average sales price of $312,708 in 2020 but its sale price increased less in 2021 to $325,787.
 
Backing up the sharp increase in above list price sales and the sales price increases in both Winnipeg and the rural region was the fact the overall sales price to list price ratio rose over the 100% equilibrium mark to 102.5%. In February 2020 it was 98.4%.
 
“This month is one of the best examples I can recall which shows how real estate markets can ebb and flow from year to year,” said Doustshenas. “This year it is on the rise and we would like to see listings come along with it.”
 
“You can say time is of the essence in a fast-paced market such as the one we have now,” said Marina R. James, CEO of the Winnipeg Regional Real Estate Board. “Your REALTOR® will keep you informed on and help you navigate through it.”
 
 
 
The Winnipeg Regional Real Estate Board (WRREB) is a not-for-profit corporation founded in 1903 by a small group of real estate practitioners. Today, as one of Canada’s longest running real estate boards, WRREB serves more than 2,100 licenced real estate Brokers and Salespersons, along with other industry related professions in and around the Winnipeg Metropolitan Region providing them with essential resources to enhance professionalism, advance the industry’s development and enrich the communities they serve. WRREB is the collective voice for both its residential and commercial REALTOR® Members and operates under the direction of an elected voluntary Board of Directors.
 
The MLS® is a co-operative real estate selling system operated and promoted by the Winnipeg Regional Real Estate Board that includes an up to date inventory of listings from participating REALTORS®.
 
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by CREA and identify real estate professionals who are members of CREA.
 
Media Inquiries:
Peter Squire
Vice President, External Relations & Market Intelligence
Winnipeg Regional Real Estate Board
Office: 204-786-8857
 
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*all content written by Winnipeg REALTORS®  and not Kelly Fernandez*


Market momentum continues in 2021
 
Winnipeg Regional Real Estate Board - January Market Release - 2021 picked up right where 2020 left off with MLS® sales brisk and listings still in short supply. MLS® sales in January of 934 increased 28% while dollar volume was up 38% to over $285 million in comparison to the same month last year.
 
New listings entered on Winnipeg Regional Real Estate Board’s MLS® System in January were down 15% compared to January 2020. The current listing supply at the end of January of 2,410 decreased 40% from the 4,002 listings available last year.
 
“As we enter 2021, the same tight market supply conditions experienced last year remain firmly entrenched,” said Kourosh Doustshenas, president of the Winnipeg Regional Real Estate Board.



One indicator — or metric — used to gauge market demand strength is the percentage of listings converted to sales every month. January 2021 is leaps and bounds ahead of previous years. There was close to the equivalent of 60% of new listings sold and 39% of all active or current listing inventory turned over. In a typical January, you will see less than 40% of new listings sold and fewer than 20% of existing supply removed at the end of the month.


 


For residential-detached properties, the conversion of new listings sold rose above 70%, and because of the shortage of listings available for sale, almost the same percentage turnover (67%) occurred with respect to the existing listing supply. Heading into February, this highly sought after property type has just 924 listings for sale compared to the 2,001 that were for sale in 2020.

 
Speaking of property types, condominiums have had two exceptional back-to-back months of sales activity compared to the same months the previous year. Sales were up 62% in December and 76% in January. As a result, listing supply has dipped under 500 heading into February, when the 5-year average in 2020 was 635.
 
The most active price range in 2020 for condominiums was from $150,000 to $199,999 which did not change in January 2021 with 26% of the 123 sales falling within this range. On the other hand, the most active price range for residential-detached properties moved up one price range to the $300,000 to $349,999 range. The $500,000 to $749,999 price range — which was noted last year for its significant jump in sales activity as the year progressed — had 79 sales versus 45 in January 2020.
 
While on property types and trends carrying over from last year, vacant land, which saw it sales rise 72% in 2020 over 2019, had a big start to 2021 with 67 sales — up 91% over January 2020. 
 
“One month does not make a year, but January is certainly a sign that buyers are eager to take advantage of historic low mortgage rates and some of the most affordable house prices in the country,” said Doustshenas. “Strong demand so early in the year should give those looking to list their property confidence to begin planning now to have a successful outcome in 2021.”
 
“With listings in short supply in a number of MLS® areas throughout the Winnipeg Regional Real Estate Board region, especially in Winnipeg, you need to be contacting your REALTOR® to discuss how you can put yourself in a position to maximize your price when bringing your property to market in 2021,” said Marina R. James, Chief Executive Officer of the Winnipeg Regional Real Estate Board.
 
 
The Winnipeg Regional Real Estate Board (WRREB) is a not-for-profit corporation founded in 1903 by a small group of real estate practitioners. Today, as one of Canada’s longest running real estate boards, WRREB serves more than 2,100 licenced real estate Brokers and Salespersons, along with other industry related professions in and around the Winnipeg Metropolitan Region providing them with essential resources to enhance professionalism, advance the industry’s development and enrich the communities they serve. WRREB is the collective voice for both its residential and commercial REALTOR® Members and operates under the direction of an elected voluntary Board of Directors.
 
The MLS® is a co-operative real estate selling system operated and promoted by the Winnipeg Regional Real Estate Board that includes an up to date inventory of listings from participating REALTORS®.
 
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by CREA and identify real estate professionals who are members of CREA.
 
Media Inquiries:
Peter Squire
Vice President, External Relations & Market Intelligence
Winnipeg Regional Real Estate Board
Office: 204-786-8857
 
 


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*all content written by Winnipeg REALTORS®  and not Kelly Fernandez*


Dynamic Rise in Regional Real Estate Market Caps off 2020 at $4.9 Billion
 
WinnipegREALTORS® December Real Estate Market Release - December 2020 MLS® sales of 970 elevated year-end total sales to 16,033, a 17% increase over 2019. This year has been a remarkable record-setting one with 7 consecutive months of new highs. December continues this record with sales up 44% over December 2019 and 41% over the 5-year average.
 
December dollar volume of nearly $290 million increased 46% over December 2019 and pushed dollar volume up to over $4.9 billion, a 21% increase over the previous highest dollar volume year of 2019.
 
For all of the record sales activity the last 7 months, active listings or inventory going into 2021 is down 38% to 2,316 listings. Residential-attached properties (include single-attached, townhouse and duplexes) help illustrate this point.
 
In December, the 90 residential-attached sales transacted doubled last year’s total and represented 90% of the supply at month end of 100 listings. While not to the same extent, the impressive residential-detached and condominium sales activity were equivalent to 66% and 35% of remaining inventory respectively.
 
“While total listings entered on MLS® ended up being down less than 9% in 2020, it was months like December where listing supply was easily outstripped by accelerated buyer demand,” said Catherine Schellenberg, outgoing 2020 President for WinnipegREALTORS®. “Listings never had a chance to catch up after falling behind earlier in the year.”


One of the best examples of what happened in 2020 is in the Waverley West MLS® area. It had a significant decrease in condominium listings in 2020 (117 versus 188 in 2019) yet recorded 69 sales in both years. Similarly, Waverley West’s residential-detached sales overcame a 10% drop in listings to end up with a 32% increase in sales compared to 2019.
 
Last year also showed how not all MLS® areas behave the same. Proof of that is how the rural MLS® areas outside Winnipeg were the primary reason for the double-digit percentage increase in MLS® sales in 2020. Sales in rural municipalities were up 40% compared to Winnipeg’s 7% increase. The two rural frontrunners are Steinbach and Morden/Winkler with 881 and 697 sales respectively. The most active MLS® area in Winnipeg is Waverley West at 607 sales.
 
The 37% increase in rural residential-detached sales was bumped up a few more percentage points because of the 72% jump in vacant land sales (861) which occurred largely outside Winnipeg and a 24% rise in resort property sales (142).
As a result, rural municipalities’ total MLS® market share went from 30% in 2019 to 36% in 2020 and represents 57% of Winnipeg’s MLS® sales.
 
“One of the impacts of COVID-19 was a quest for more space and it is clear rural municipalities were beneficiaries of being a place with space,” said Schellenberg.
 
Looking north to cottage country in three MLS® areas that encompass lake communities such as Gimli, Winnipeg Beach, Grand Marais, Victoria Beach, and Lac du Bonnet, MLS® sales went up 67% from 507 in 2019 to 848 in 2020. 
 
As for prices, the residential-detached average sales price increased 5% from $324,122 to $341,175. Condominiums went up less than 1% from $238,088 to $240,060. With respect to the different MLS® zones within Winnipeg and the rural municipalities, the southwest zone saw the biggest average residential-detached sales price increase at 8%. It is also the highest at $460,301. Helping reach this new level were 45 million dollar plus sales with one home selling for $3,750,000 in Tuxedo.
 
Higher average residential-detached price increases were driven by more sales activity in higher price ranges in 2020 than ever seen before. For the first time, the $300,000 to $349,999 price range equaled the usual dominant one of $250,000 to $299,999 at 17% of total market share. Moreover, sales under $300,000 only edged 2019 by 2% yet ones above this price point level vaulted 31%.
 
The $500,000 to $749,999 price range stood out through the 7-month record sales run. It went over 1,000 sales for the first time in 2020 and showed a 49% increase over 2019.
Condominium sales remained most active in the $150,000 to $199,999 price range at 25% of total market share with the second highest at 20% of sales being the next higher price range from $200,000 to $249,999. Sales were actually lower for condominiums over $500,000 than in 2019.
 
“2020 was a year where Manitobans were determined to make their home of utmost priority and that came in ways where it often meant more functional space and different amenities to satisfy their needs,” said Schellenberg.
 
“I am proud of how our REALTOR® Members and the industry as a whole responded to all of the health measures and protocols by adopting new and safer approaches to make 2020 the best year on record,” said Marina R. James, CEO of WinnipegREALTORS®.
 
For a recap and insights on the local market and what lies ahead in 2021, WinnipegREALTORS® is proud to be hosting its Market Insights event on Wednesday, February 3rd. The informative virtual event will shed more light and details on what can be expected to happen in the local housing and commercial market in 2021. Headlining the event and presenting a national perspective is Canadian Real Estate Association’s Senior Economist Shaun Cathcart.  Media interested in attending this event, can contact psquire@winnipegrealtors.ca to register.
 
 
 
Since 1903, WinnipegREALTORS® has assisted its Members in achieving high levels of excellence in organized real estate by providing superior tools and services that enhance and build a vibrant real estate industry. Representing over 2,000 REALTORS® and other industry-related professions active in Winnipeg and its surrounding areas, WinnipegREALTORS® exists to provide services and resources for Members to ensure a high standard of business practices and ethics. WinnipegREALTORS® is recognized as the voice and our Members as the experts in the real estate market.
 
The MLS® is a co-operative real estate selling system operated and promoted by WinnipegREALTORS® that includes an up to date inventory of listings from participating REALTORS®. 
 
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by CREA and identify real estate professionals who are members of CREA.
 
 
For further information, contact Peter Squire at (204) 786-8854. 
 
 


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*all content written by Winnipeg REALTORS®  and not Kelly Fernandez*


15,000 MLS® sales with a month to go
 
WinnipegREALTORS® November Real Estate Market Release - Six consecutive months of record monthly sales have pushed year-to-date sales over 15,000 for the first time. This total is over 2,000 sales greater than the 11 months of MLS® market activity in 2019. November sales of 1,193 were up 32% over the same month in 2019. Up until 2020, 900 sales has been the upper limit of this month.
 
New listings coming on the market in November are down 12% compared to a very active listing month in November 2019. Inventory or current listing supply going into December is 3,136. There were over 5,000 listings available for sale at this time last year.
 
Year-to-date sales of 15,066 are up 16% over the same period last year while dollar volume of $4.6 billion is ahead of 2019 by 19%. There are 22,646 listings entered on MLS® this year, down 9% from the number of listings entered last year up until the end of November.
 
“Momentum for real estate purchases has clearly taken hold of our local market this year once buyers determined that their current home was no longer suitable for their changing preferences,” said WinnipegREALTORS® president Catherine Schellenberg.
 
“The incredibly low mortgage rate environment this year is enabling buyers to move into a new living arrangement,” she added.


In a month and year like no other, some numbers really stood out in November beyond pushing WinnipegREALTORS® to a new all-time milestone level of 15,000 sales.
 
The November average residential-detached sales price of $358,465 was up 10% over the same month last year.
 
Sales this month were particularly elevated in the higher price ranges with sales over $500,000 really standing out. The 123 sales over $500,000 were close to double the 65 which sold the same month last year.
 
There were 14 sales over $1 million with southwest Winnipeg having 10 of them. Southwest Winnipeg’s average monthly residential-detached sales price was close to half a million dollars at $495,000. Meanwhile in November southeast Winnipeg climbed to a high of $420,000 and rural sales averaged $340,000.
 
95% of the equivalent number of new residential-detached listings entered in November sold while the ratio of sales price to list price for this property type was at 100%. This percentage signals an overall market equilibrium between sellers and buyers though many listings are still selling for above list price - 32% in November.
 
Many MLS® areas within Winnipeg and the R.M. of Tache had more residential-detached sales than what listings remained available for sale at the end of November. Two to note are Windsor Park with only one listing available when there were 7 sales, and 2 listings available in Garden City with 9 sales in November.
 
“Residential-detached listings are in short supply based on current demand in many Winnipeg neighbourhoods,” said Schellenberg.
 
Schellenberg added, “Strong condominium sales activity the last few months, including November, is putting more pressure on listings, too. However, supply remains in better shape with 4 months of listings available compared to 1.6 months for residential-detached.”
 
Speaking of property types, the real stand-out this year is vacant lots with the 84 sales in November increasing 180% over November 2019. Year-to-date sales are up 69.7%.
 
“The huge year-over-year increase in vacant lot sales in 2020 is largely a rural phenomenon as there are much fewer listings in comparison for sale in Winnipeg,” said Schellenberg. “Of the 84 lots sold in November, only 5 were located in Winnipeg.”
 
Heading into the final month of 2020, Schellenberg stresses, “We as an organization are remaining vigilant by reminding our REALTORS® to follow all the public health protocols and adopt a myriad of practices to keep everyone safe from COVID-19,” said Schellenberg.
 
“REALTORS® are adapting to new ways of conducting business during these times,” said Marina R. James, CEO of WinnipegREALTORS®. “They understand change and will continue to serve as professionals to help buyers and sellers meet their current and future real estate needs.”




 
 
 
Since 1903, WinnipegREALTORS® has assisted its Members in achieving high levels of excellence in organized real estate by providing superior tools and services that enhance and build a vibrant real estate industry. Representing over 2,000 REALTORS® and other industry-related professions active in Winnipeg and its surrounding areas, WinnipegREALTORS® exists to provide services and resources for Members to ensure a high standard of business practices and ethics. WinnipegREALTORS® is recognized as the voice and our Members as the experts in the real estate market.
 
The MLS® is a co-operative real estate selling system operated and promoted by WinnipegREALTORS® that includes an up to date inventory of listings from participating REALTORS®. 
 
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by CREA and identify real estate professionals who are members of CREA.
 
 
For further information, contact Peter Squire at (204) 786-8854. 
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*all content written by Winnipeg REALTORS®  and not Kelly Fernandez*


October sales continue record-setting pace since June
 
WinnipegREALTORS® October Real Estate Market Release - Five consecutive months of record-setting market activity puts an exclamation mark on a year like no other. As a result, the v-shaped recovery from the early spring economic shut-down, which began in earnest in June, brings year-to-date results to a record total of 13,876 sales. 
 
Sales have risen 15% over the same period in 2019 and are ahead of the 13,662 annual total sales record set last year. Similarly, year-to-date dollar volume of $4.24 billion is up 18% over the same period in 2019, and higher than last year’s record dollar volume of $4.06 billion.
 
October sales of 1,595 increased 36% over October 2019 and dollar volume of $505.3 million eclipsed last October’s total by 48%. New listings of 1,786 entered in October were actually down 8.8% in comparison to October 2019. The 3,545 listings available for sale in November have declined 35% from the same time in 2019.
 
“Delayed spring 2019 market sales has more than made up for in the last few months with brisk sales activity, “said Catherine Schellenberg, president of WinnipegREALTORS®. “Listings on the other hand, have been less so as a consequence sellers’ market conditions prevail.”
 
Backing up a survey WinnipegREALTORS® and the Manitoba Real Estate Association conducted with Probe Research in June which indicated strong buyer interest in purchasing a home despite COVID-19, are two recent national surveys by Nanos Research Group and the Mortgage Professional Association (MPA).

Nanos weekly survey indicates 45% of Canadians believe values of homes in their neighbourhood will go up over the next six months while only 13% said they will go down. The MPA survey of 1,000 Canadians conducted between September 25 to October 8 show 90% of Canadians are happy with the purchase of their home with only 2% expressing complete regrets. In this same MPC report, the percentage of people who never expect to own a home dropped in half compared to the end of 2019.
 
A local indicator of how robust buyer sentiment is in October is called the sales to new listings ratio. A 60% to 70% ratio would be considered very good whereas this October it was 89% for all MLS® sales and an amazing 99% for single family homes. Moreover, 72% of the equivalent number of single family listings on the market at the beginning of October sold.
 
“Homes in particular have become so sought after since the pandemic took hold.” said Schellenberg. “Condominiums have performed well with 201 sales in October and year-to-date activity now surpassing last year.”
 
Both single family homes and condominiums experienced increases over 10% in average sale price compared to the same month last year. While it is more common to see a home sell over a $1 million, in October we saw a downtown condominium sell for $1,150,000.
 
As the third busiest property type with 708 sales this year, vacant land represents over 5% of total MLS® sales and continues its incredible percentage increases over last year with a 124% rise in October and 63% year-to-date.
 
Schellenberg emphasized, “REALTORS® have adopted important measures to ensure the safety of you and your family with safe showing practices, including virtual showings, digital signatures and scheduled open houses to assist buyers and sellers navigate the real estate process safely and professionally.”
 
“Your REALTOR® is professional and informed,” said Marina R. James. “They know the market and will provide you with expert advice on how best to buy or sell based on current situation.”
 
 
 


Since 1903, WinnipegREALTORS® has assisted its Members in achieving high levels of excellence in organized real estate by providing superior tools and services that enhance and build a vibrant real estate industry. Representing over 2,000 REALTORS® and other industry-related professions active in Winnipeg and its surrounding areas, WinnipegREALTORS® exists to provide services and resources for Members to ensure a high standard of business practices and ethics. WinnipegREALTORS® is recognized as the voice and our Members as the experts in the real estate market.
 
The MLS® is a co-operative real estate selling system operated and promoted by WinnipegREALTORS® that includes an up to date inventory of listings from participating REALTORS®. 
 
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by CREA and identify real estate professionals who are members of CREA.
 
 
For further information, contact Peter Squire at (204) 786-8854. 



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