Kelly Fernandez

Prepare To Be Moved

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




September 2020 sales soar 47%


 


WinnipegREALTORS® September Real Estate Market Release - September MLS® sales reaching an all-time high of 1,777 for this month compared to 1,211 in 2019 indicates the resurgence of sales since June continues throughout the third quarter.


 


Sales dollar volume in September of over half a billion dollars rose 57% compared to September 2019. The higher percentage increase in dollar volume compared to the 47% gain in sales is an indicator of upward pressure on prices. This is due to the accelerated sales activity and the rapid depletion of listings.


 


Active listings at the end of September are down 34% from 6,012 in 2019 to current inventory of 3,942.


 


“We are witnessing unprecedented times and certainly our third quarter sales activity of over 5,500 sales is unrivalled from any previous quarter in WinnipegREALTORS® history,” said Catherine Schellenberg, president of WinnipegREALTORS®. “For comparison sake, last year’s third quarter performed exceptionally well and there were fewer than 4,100 sales.”



As a result of another robust month of MLS® sales, year-to-date sales activity of 12,286 is up nearly 13% over the same period in 2019. MLS® dollar volume for the first nine months increased 15% to over $3.7 billion in comparison to last year. The 19,493 listings entered on the MLS® this year are down less than 9% from the same period in 2019.


 


“As much as we have witnessed a shortage of listings, this can be attributed to the strong pace and growth in demand for property the last four months,” said Schellenberg. “Similar to a store owner, we have not been able to stock the shelves fast enough to keep up with a spike in demand in a number of sought after neigbourhoods and municipalities within our market region.”


 


Proof of demand outstripping supply or at least making it necessary for residential-detached listings to be replenished were experienced in Winnipeg neighbourhoods including Norwood Flats, Riverview, Lord Roberts, Fort Richmond, Waverley Heights, St. Norbert, Whyte Ridge, St. Vital, River Park South, Windsor Park, East Kildonan, North Kildonan, Kildonan Estates, Mission Gardens, Amber Trails, Garden City, Maples, Tyndall Park, Woodhaven, Westwood and Crestview. Some rural municipalities that were seeing higher conversions of their inventory were the City of Selkirk and the RMs of Ritchot, Rockwood, Woodlands and West St. Paul.





In the last few months condo market sales have been strong. Condo sales in September helped reduce the sizable deficit built up earlier in year compared to the same period last year to less than 3% at the end of this month.


 


Given price pressures the average residential-detached sales price in September was $352,010, an 11% increase over September 2019. This can be explained by the wide differences in sales in price ranges above $300,000. For example, the $300,000 to $349,999 price range has edged out the $250,000 to $299,999 range which has been the perennial leader.


 


The one price range to show the largest percentage gain over last year is from $350,000 to $399,999 with a 114% increase over September 2019. Higher end sales above $500,000 were brisk with the highest selling for $3,750,000.


 


“We are seeing first-time home buyers having to go above $300,000 in their offer to acquire a home they may have been able to purchase under this benchmark level last year,” said Schellenberg.


 


Other MLS® property types exceeded market expectations in September with vacant lots up 179%, townhouses increasing 150%, mobile homes ahead by 86% and single-attached rising 58%.


 


“REALTORS® know the market and it is in your best interest to work with one to become familiar with the ebb and flow of listings, sales and pricing,” said Marina R. James, CEO of WinnipegREALTORS®.
 
 
 
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*


August ushers in the third consecutive month of 1,800 plus sales
 
WinnipegREALTORS® August Real Estate Market Release - Recovery in sales since June has turned into a strong resurgence in MLS® market activity with August registering 1,845 sales, the third straight month of 1,800 plus sales. Sales in August are up 28% over August 2019 and the five-year average for this month.
 
Listings however have not rebounded with the same vigour. The 2,374 new listings entered on the market in August are down 1% from last August and dropped 9% in July when compared to the same month in 2019.  As a result, it leaves the current inventory of 4,232 listings down 30% from the same time last year. The number of sales in August represents 44% of the current inventory whereas last August it was 24%.
 
“Following three months of overall heightened sales activity we are not seeing the same response with listings coming on the market,” said Catherine Schellenberg, president of WinnipegREALTORS®. “The impact is a shortage of listings for eager buyers and increased situations where multiple offers and bidding wars are occurring.”

Year-to-date sales which were running a deficit at the end of May of 8% are now up the same percentage at the end of August. There are 10,511 sales compared to 9,702 last year. Listings entered this year to the end of August are 17,208, off more than 9% from the 18,962 in 2019. Dollar volume of close to $3.2 billion has increased 10% in comparison to last year.
 
With high turnover of listings to sales this year, especially in the last three months, overall listing inventory shows a tilt in the current market to favour sellers. The high turnover of listings converting to sales this year, especially in the last three months, is creating a real lack of supply in available listings for buyers at this present time. Most affected are residential-detached properties with only one and one-half months of supply based on the current sales pace. Condos are in a more balanced position at 4 months.
 
In terms of specific MLS® property type sales activity for the busiest August on record, residential-detached sales increased nearly 31% while condos edged ahead by 7%. The third most active property type at 98 sales was vacant land - a 66% increase over August 2019.
 
Similar to July 2020, there were close to one out of three residential-detached listings selling for above list price. Number of sales equated to 67% of the entire inventory and 86% of the new listings entered in August.
 
The most active price range for the second month in a row is $300,000 to $349,999 at over 16% of total sales with the $250,000 to $299,999 just five sales behind and the $350,000 to $399,999 close at 14%.
 
When you compare sales under and over $300,000 to August 2019, the major gains are in the upper end of the housing price spectrum. This indicates real strength in the move-up market. Where the percentage gain in sales for houses selling under $300,000 is 5%, and only a difference of 26 sales, for over $300,000, the percentage increase is a whopping 57% with 787 sales compared to 502.
 
The upper end of the residential-detached market was punctuated with the highest sale price ever at $3.9 million. The previous record was set last month at $2.8 million. Not surprisingly, with this move up to more spacious and expensive homes, the average square footage for a home sold in August was just under 1,400 square feet compared to 1,313 square feet in August 2019.
 
Condominiums were most active in the $150,000 to $199,999 price range with one in four sales, however the next three higher price ranges up to $349,999 all exhibited strong activity with another 44% of total sales. One condo sold for just over $1 million.
“A work from home trend is changing the way one thinks about the kind and extent of space and has definitely garnered more thought and attention,” said Schellenberg. “This coupled with historically low mortgage rates are motivating factors for a number of sellers and buyers to make a change during this pandemic.”
 
“Unprecedented times call for experts who can help you navigate safely and seamlessly through the home buying and selling process,” said Marina R. James, CEO of WinnipegREALTORS®. “REALTORS® are there to advise you on all aspects of our ever changing real estate market.”




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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** Article and all content has been written by Winnipeg Realtors and not Kelly Fernandez **


June MLS® sales spring back to pave way for recovery
 
WINNIPEG - On record for the first time, WinnipegREALTORS® market region experienced consecutive months for top monthly MLS® sales. July MLS® sales are 1,898 compared to 1,897 in June which outpaced the previous record month in May 2019 of 1,705 sales.
 
July 2020 MLS® sales are up 32% over July 2019 while dollar volume ($596.1 million) is up 36% over July 2019. Year-to-date MLS® sales of 8,672 is 5% ahead of the same period last year and the dollar volume reached $2.61 billion in the first 7 months or a 7% increase over last year.
 
“We are witnessing a very different market this year, with the record month in July bringing us beyond our year-to-date sales in 2019,” said Catherine Schellenberg, president of WinnipegREALTORS®. “While WinnipegREALTORS® forecasted another strong year following a successful 2019 with an expanded rural area, we did not expect such a significant recovery from the drop off in April and May sales activity due to the economic shutdown.”


MLS® listings on the other hand, have not had the same v-shaped recovery as sales in the last two months. They have a bigger deficit to bounce back from, given the drop off in April (-42%) and May (-21%). In July, new listings entered on the MLS® were down 9% from July 2019 (down 10.9% year-to-date) leaving current inventory heading into August at 4,408, or a 27% decrease from 2019 and 15% from the 5-year average at this time of year.
 
“Less inventory suggests sellers have been reluctant to participate in our real estate market as opposed to buyers, which has created inventory shortages in a number of MLS® areas,” said Schellenberg. “This market change has resulted in multiple offer situations,” said Schellenberg.
 
Over 31% of single family detached home sales in July sold for over list price – nearly doubling the percentage of above list price sales in July 2019. July’s demand for all single family detached listings was brisk with total sales volume close to equaling total listing volume. 
 
July single family home sales equaled 88% of the new single-family listings entered this month. The single family homes sales-to-listings ratio for the first 7 months is 65% or 10 percentage points higher for the same period last year.
 
Single family is singled out as this leading MLS® property type with almost a 73% market share achieved its highest monthly July sales total. With 1,374 sales and a 65/35 split between Winnipeg and outlying rural areas, the dollar volume total of $485 million puts the year-to-date dollar volume to over $2 billion for the first 7 months of this year.
 
Another first in our market is the most active price range moved up to the $300,000 to $349,999 with nearly 18% of total sales, replacing the $250,000 to $299,999 range which had 15.5% share of total sales. The third most active price range was from $350,000 to $399,999 at 13%.
 
Helping push the average single family home price of $353,450 up 9% from July 2019 is the 7 million dollar plus in sales. Contributing to this, was a premium luxury home which sold for $2.9 million, the highest price recorded on WinnipegREALTORS® MLS® market region.
 
For July, condos did not have the highest average sales this year, however the 223 sales reduced the year-to-date decline from 18% last month to 10% at the end of July. Nearly 65% of condos sold in three price ranges from $150,000 to $299,999.
 
Other property types outpacing 2019 sales are resort properties, vacant lots and vacant lots with buildings. Their respective year-to-date increases over 2019 in July are 57%, 38% and 73%.
 
“Our local market continues to show a strong recovery with buyers taking advantage of historically low interest rates and some of the most affordable house prices in the country,” said Schellenberg. “The shift to a tighter housing market means more potential multiple offer situations so you need to be working closely with your REALTOR®.”
 
“REALTORS® are professional and informed,” said Marina R. James, CEO of WinnipegREALTORS®. “Your REALTOR® operates in an ever-changing real estate industry with new technology, regulatory changes and most importantly, market conditions. REALTORS® know the local market and can help their clients through the buying and selling process.”
 
 
 
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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** Article and all content has been written by Winnipeg Realtors and not Kelly Fernandez **


June MLS® sales spring back to pave way for recovery
 
WINNIPEG - June sales activity took a major step forward towards bringing year-to-date sales back to last year’s total. Multiple Listing Service® sales in June of 1,897 increased 24% over the same month in 2019 and 15% over the 5-year June average. This monthly sales total of just fewer than 1,900 succeeds the previous best month on record in May 2019 when there were 1,705 sales.
 
Year-to-date sales at the mid-way point of the year are 6,779, less than 1% or 44 unit sales behind the same period in 2019, and 1% below the 5-year average of 6,865 sales.
 
“Our sales recovery which began in the second half of May confirms Manitobans are feeling confident in transacting in WinnipegREALTORS® market region,” said Catherine Schellenberg, president of WinnipegREALTORS®. “I give credit to all Manitobans who are doing their part to follow social (physical) distancing protocols and a special note of thanks to essential workers.”
 
Backing up the record-setting June sales numbers is a public poll Probe Research conducted early June on behalf of the Manitoba Real Estate Association and WinnipegREALTORS®. According to the survey, only one in ten Manitobans (11%) say they are now less likely to purchase a home because of COVID-19, with the vast majority (84%) saying the pandemic has no bearing on their homebuying intentions and a small number (4%) saying they are more likely to buy a home now.
 
Listings have not come back as quickly as sales. New listings entered on the MLS® in June equalled June 2019 so they are returning to normal but not catching up with the significant deficit created in April and May. Active listings at the end of June are down 22% from the same time in 2019.
 
“We have a reduced inventory compared to the last few years with 3 months available if no new listings were to come on to our market based on current sales activity,” said Schellenberg. “There are a number of Winnipeg neighbourhoods in particular with fewer residential-detached listings and very high sales to active listings ratios. For example, in the MLS® area immediately south and east of St. Vital Shopping Centre, the ratio is 550% while the East Kildonan MLS® area is 367%.” 
 
This current market situation translated into more showings with multiple offers leading to 29% of residential-detached sales going for above list price. It was at 23% in June 2019. The total dollar volume of all residential-detached sales versus their respective listing dollar volume in June was 99.3%. This metric represents strong demand for housing.
 
The percentage of above list price condo sales held their own with June 2019 at 13%. 
 
June average sale prices for residential-detached and condominium property types were higher than June 2019. The residential-detached average sales price of $340,085 was up 1.5% while the condo average sale price of $257,961 increased 5.4%.
 
Both residential-detached and condominium June sales saw double digit sales percentages spread over 5 price ranges. Residential-detached sales went from $200,000 to $449,999 with the $300,000 to $349,999 price range edging out the next lower one at 17% of total sales. There were 5 million dollar plus sales with the highest selling for $2,250,000.
 
Condo sales were most prevalent in price ranges from $100,000 to $349,999 with the $150,000 to $199,999 dominant at 23% of total sales. The 13% of sales recorded from $300,000 to $349,999 is notable since this price range with few exceptions has never attained a double digit percentage share of the total. 


This chart shows how prices are faring for the 6 main MLS® zones WinnipegREALTORS® tracks throughout the year. For the first six months, the southwest zone’s average residential-detached price increased over $11,000 from $435,430 in 2019 to $446,598 in 2020. Other MLS® zones have seen more modest increases with the west and rural zone seeing very modest decreases. The market region year-to-date average residential-detached sale price is $328,172, down one-half a percentage point from 2019.
 
In terms of sales generated in these MLS® zones for the first half of 2020, rural comprises by far the largest percentage at 33% with the southwest zone next at 17% of total sales.
 
“Resiliency is the word that comes to mind with respect to our real estate market upon reflecting on the first half of 2020,” said Schellenberg. “Manitobans put great value in the importance of home ownership and are showing it by their actions this year.”
 
“REALTORS® are the experts when it comes to utilizing monthly market statistics to assist both buyers and sellers with real estate market intelligence and trends in the local market,” said Marina R. James, CEO of WinnipegREALTORS®. 


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** Article and all content has been written by Winnipeg Realtors and not Kelly Fernandez **


May Multiple Listing Service® sales decrease 19% 
 
WINNIPEG - Sales of 1,377 decreased 19% in May compared to the same month last year while just over $400 million worth of dollar volume transactions fell 23% compared to May 2019. The 2,428 new listings entered in May were down 21% from last year. There are still 4,621 listings available for sale in June.
 
“May market activity was clearly impacted by COVID-19 at the outset of May with MLS® sales down similar to the 30% drop off in April sales by mid-month,” said Catherine Schellenberg, president of WinnipegREALTORS®. “It is worth noting however that recovery took hold in the second half of the month with sales from May 20-26th actually outpacing the number recorded the same week in May 2019. Listings also saw an improvement over April with the percentage decline cut in half.”
Year-to-date MLS® sales are at 4,884, less than 8% off the pace set in 2019 while dollar volume of $1.44 billion is down close to 10% from the same period last year. 50% or one in two listings have sold this year and that is higher than 2019 when 47% of total MLS® listings sold.
 
With the exception of condominiums where COVID-19 has created a deeper setback in sales, for those sellers and buyers engaged in the market, many performance metrics are in line with May 2019. Residential-detached homes had slightly more above list price sales at 24% than last May and price levels trended higher based on CREA’s MLS® Home Price Index prices. The equivalent of 64% of new listings entered in May sold and this compares favourably to 63% in 2019 and 59% in 2018.
 
“To use a sports analogy, and why not hockey, since our Winnipeg Jets may well be playing again this year, you have less participants in the market due to reasons we all know, yet the ones in the lines you put on the ice are delivering similar results,” said Schellenberg.
 
Speaking of less numbers on what is normally the busiest time of year, residential-detached home listing inventory is thin in a number of Winnipeg MLS® areas. A return to more typical spring market conditions in June with a good injection of new listings coming on the market will be welcome.
 
There are too many neighbourhoods spread throughout the city to mention. The common denominator for most is having more sales in May than listings remaining at month end. Waverley Heights for example had 6 sales in May with only 3 listings available for sale going into June while St. Norbert had 6 sales too with only 2 listings for sale this month.
 
While Winnipeg had the tightest market conditions for residential-detached homes in comparison to the outlying rural MLS® areas, the latter represented nearly 36% of total residential-detached sales.
 
“This month in particular shows the extent of WinnipegREALTORS® market region beyond Winnipeg  with residential-detached sales gaining an increasing market share of total sales,” said Schellenberg. She added, “Vacant lot sales which are experiencing double-digit percentage increases this year are largely rural in make-up with only 3 of the 68 lots sold in May located in Winnipeg.”
 
Residential-detached sales decreased 18% from May 2019 while condominiums saw a decline of 41% compared to the same month last year.
 
35% of residential-detached sales were equally divided between the $250,000 to $299,999 and the $300,000 to $349,999 price ranges with another 13% occurring from $200,000 to $249,999. 5 sales went for over $1 million with the highest selling for $1,525,000. The lowest sale price was $15,000.
 
The most active price range for condominium sales was from $200,000 to $249,999 at 23%. Just slightly behind was the $100,000 to $149,999 price range at 22%. The usually most active price range of $150,000 to $199,999 was third at 18% of total sales. The highest sale price for condos in May was $488,920.
 
“As we are now in the second phase of reopening Manitoba’s economy, REALTORS® will continue to follow and adhere to Manitoba health directives and safe practices to ensure buyers and sellers can transact safely,” said Schellenberg.
 
“All markets are local and can vary within a market as large and diverse as WinnipegREALTORS® market region,” said Marina R. James, CEO of WinnipegREALTORS®. “You need to be talking to your REALTOR® about how your particular real estate needs can be met to your satisfaction.”
 
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.


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** Article and all content has been written by Winnipeg Realtors and not Kelly Fernandez **


March Multiple Listing Service® Sales Up 8%
 
WINNIPEG - March finished off a strong first quarter of sales activity with 1,089 sales, an 8 % increase over March 2019. First quarter MLS® sales rose 12% over the same period in 2019. 
 
MLS® stands for the Multiple Listing Service®. It is a cooperative real estate selling system operated and promoted by WinnipegREALTORS® that includes an up to date inventory of listings from participating REALTORS®. 
 
 MLS® new listings entered on the market in March fell 2% in comparison to March 2019 but remained up nearly 6% for the first three months. Active listings or available listings at end of March of 4,723 remain above previous years with a 12% jump over the same time last year and the same percentage rise over the 5-year average.
 
“Our first quarter has been consistently solid every month,” said Catherine Schellenberg, president of WinnipegREALTORS®. “Buyers have been taking advantage of affordable prices with a wide choice and healthy supply of listings to choose from. This first quarter is one of the best starts on record for WinnipegREALTORS® but we know unprecedented times are upon us with public health being the highest priority now for Manitobans and Canadians.”

March sales activity exemplifies the vast range of sold prices within WinnipegREALTORS® market region. The highest single family sales price was a newly built 3,335 sq. ft. luxury home in the Waverly West MLS® area of southwest Winnipeg. It sold for $1,146,872. Sharply contrasting this sale is the lowest priced home which sold in Mariapolis in the RM of Lorne in south central Manitoba. This 1 and 3/4 storey 1920 built home sold for $13,000.
 
Speaking of single family home sales which performed exceptionally well in March with sales and a 15% increase over March 2019, the most active price ranges were the $250,000 to $299,999 and $300,000 to $349,999 ones. They represented 35% of total sales. Adding 23% more in sales activity were the $200,000 to $249,999 and $350,000 to $349,999 price ranges.
 
Condominium sales in March were only 6 short of the 139 units sold in March 2019. The most active price range for condominiums at 29% of total sales is from $150,000 to $199,999.Next most active at 20% is the $200,000 to $249,999 price range. The highest priced condo to sell in March was for $750,000.  It is a bungalow style condominium at nearly 2,000 sq. ft. located in Tuxedo.
 
Other MLS® property types to distinguish themselves for heightened sales activity in the first quarter compared to the same period in 2019 are single-attached, vacant land, vacant land with buildings, farm, commercial and mobile homes. Of these property types, only vacant land and vacant land with buildings showed gains in March owing in part to fast developing changes in our market.
 
“Going into the spring market which is normally the busiest time of our annual market cycles will be different in 2020,” said Schellenberg. “We have already noticed a slow-down in listing and sales activity the last week of March and this is totally understandable given everyone’s desire and the critical need to flatten the curve on COVID-19.”
Schellenberg added, “Our REALTOR® members are adjusting to new ways of transacting real estate in the present environment where Manitoba is in a state of emergency.
 
“You need to have a conversation with your REALTOR® on how to follow new protocols and best practices to ensure everyone stays safe” said Marina R. James, CEO of WinnipegREALTORS®. “Real estate services have been declared a critical service under a recent Public Health Order but we clearly recognize it is not business as usual.”
 
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 just over 2,000 REALTORS® and other industry related professions active in Winnipeg and surrounding areas, WinnipegREALTORS® promotes the value of a REALTOR® and organized real estate. WinnipegREALTORS® provides its members with essential market information, professional development sessions, networking opportunities, marketing products, an effective industry voice and strong leadership to further their professional success.
 
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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** Article and all content has been written by Winnipeg Realtors and not Kelly Fernandez **


February continues upward climb with a 15% increase
 
WINNIPEG - MLS® sales activity in February replicated January’s 15% increase resulting in 837 sales. The extra day helped as the only other year to see sales rise above 800 in February was in the 2016 leap year. Dollar volume of $236 million was not as strong with a 10% increase over February 2019.
 
The over 1,700 new listings entered on MLS® is an indicator of early year enthusiasm as are up 18% over the same month last year. This keeps the local market well supplied with 4,266 active listings available for sale in March. The big difference from year to year is in residential-detached listings as they rose 22% over February 2019 while condominium listings entered were slightly down.
 
As a result, total MLS® inventory is sitting at just over 5 months based on current sales activity.
 
“It is important to keep in mind some of the spike in residential-detached listings this year is attributable to WinnipegREALTORS® 2019 expansion into rural areas outside Winnipeg which did not fully materialize until later in the year” said Catherine Schellenberg, president of WinnipegREALTORS®. “Listings entered for first 2 months outside Winnipeg were up 23% while listings inside the city rose 7%.”
 
One MLS® area within Winnipeg which is seeing a significant increase in residential-detached listings this year is Waverley West and that is due in part to its continued growth in new communities such as South Pointe. There have been 148 listings entered for the first two months compared to 119 for the same period in 2019.
 
Many MLS® property types experienced increases in February with condo sales activity rebounding with an 8% increase after a slow start in January. Vacant land and vacant land with buildings are both performing exceptionally well in comparison to last year. The 44 vacant land sales in February resulted in a 63% increase over February 2019.
 
Housing affordability is a real strength of WinnipegREALTORS® market region. The latest from National Bank’s Housing Affordability Monitor based on the fourth quarter 2019 indicates only Vancouver and Winnipeg saw income increase faster than housing prices during this quarter. In Winnipeg’s case, an income of $68,780 allows you to buy a median priced home of $324,094 while an income of $47,793 is enough to buy a median priced condo at $225,203.
 
Winnipeg’s North End, which encompasses three MLS® areas, showed improvement in residential-detached sales after being negatively impacted the last few years by the mortgage stress test. Sales in February doubled the number sold in February 2019.
 
This bodes well heading into the spring, In light of the federal government announcing recently that they will be adjusting the mortgage stress test for insured mortgages on April 6 to be more responsive and align with the median five-year fixed insured mortgage rate from mortgage insurance applications plus two percentage points. This new qualifying rate will be lower than the Bank of Canada’s five-year benchmark qualifying rate.
 
Speaking of the Bank of Canada, the overnight lending rate was lowered this week by half a percentage point from 1.75 per cent to 1.25 per cent. This is on the heels of other major countries lowering their rates with the US Federal Reserve dropping its interest rate by half a percentage point too.
 
Our local market’s high level of affordability relative to other major housing markets positions home buyers well to take advantage of any further developments to lower mortgage costs. It opens up more buyers to the opportunity to purchase a home,” said Schellenberg.
 
“If you are selling in what is a competitive housing market, you need to be talking to your REALTOR®,” said Marina R. James, CEO of WinnipegREALTORS®. “REALTORS® have the knowledge and expertise to develop a strategy to sell your home or purchase residential or commercial real estate.”
 
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 just over 2,000 REALTORS® and other industry related professions active in the Winnipeg metropolitan area, WinnipegREALTORS® promotes the value of a REALTOR® and organized real estate. WinnipegREALTORS® provides its members with essential market information, professional development sessions, networking opportunities, marketing products, an effective industry voice and strong leadership to further their professional success.
 
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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** Article and all content has been written by Winnipeg Realtors and not Kelly Fernandez **

2020 Starts Strong with 731 MLS® Sales in January
 
WINNIPEG - 2020 got off to a strong start with 731 MLS® sales, a 15% increase over January 2019 and 18% more than the 5-year average total. Dollar volume rose 18% to $207.4 million. The 1,870 listings entered on MLS® in January were up less than 5% and at month end there were 4,002 listings available for sale, nearly 7% higher than last year.
 
“Positive momentum from the end of 2019 continues in 2020 with brisk sales for this time of year,” said Catherine Schellenberg, president of WinnipegREALTORS®. “Helping kick start 2020 are very favourable mortgage rates with 5-year fixed residential mortgage rates available for under 3%.”

Affordability is a real strength in the WinnipegREALTORS® market region and makes the dream of homeownership possible. Over half of all detached homes and condominiums are listed below $300,000 and another 20% are listed from $300,000 to $400,000.
 
The flight to affordability was born out in January with 55% of the 511 detached home sales selling for under $300,000 and another 23% successfully transacted from $300,000 to $399,999. There were still gains in upper end market activity this January compared to the same month last year. It was punctuated by two detached homes each selling for over one million dollars.
 
Proof that all MLS® areas within a local market do not all perform the same is the St. James MLS® area in West Winnipeg. It stood out in January with a very high conversion rate of 90% of detached home sales to listings (19 out of 21). It also had one of the highest detached home sales totals of any MLS® area and resulted in the highest ratio of sales to active listings (19 sales versus 14 active listings at month end).
 
Of the 70 condominium sales, 85% of them sold for under $300,000 with the most active price range being from $100,000 to $149,999 at 20% of total sales. The highest condo price to sell in January was $589,900.
 
It is worth noting that single-attached properties which saw double-digit growth in sales activity last year recorded 44 sales in January, a 42% spike in sales from January 2019. Commercial properties also shone in comparison to last January with 23 sales and one mixed use commercial building selling for $2.6 million. 
 
“Lots of choice and options for buyers in 2020 and that will prevail in February and into the spring, “said Schellenberg. “ This is in stark contrast to a number of other housing markets in the country where they are concerned about a housing supply shortage.” 
 
“Variations exist within local markets depending on the property type, price range and MLS® area you are interested in.” said Marina R. James. “Your REALTOR® is available and ready to help you understand your specific real estate needs in the current marketplace.”
 
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 just over 2,000 REALTORS® and other industry related professions active in the Winnipeg metropolitan area, WinnipegREALTORS® promotes the value of a REALTOR® and organized real estate. WinnipegREALTORS® provides its members with essential market information, professional development sessions, networking opportunities, marketing products, an effective industry voice and strong leadership to further their professional success.
 
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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** Article and all content has been written by Winnipeg Realtors and not Kelly Fernandez **


December to remember brings a successful 2019 to a great close


WINNIPEG - December sales of 674 were exceptional — up 25% over the same month in 2018 and 8% above the 5-year average. As a result, activity this month propel year-end sales to the highest level on record at 13,662, a 7% increase over 2018 and slightly ahead of the 13,632 MLS® sales transacted in 2016.
 
Similarly, December’s impressive dollar volume of close to $200 million pushed the year-end dollar volume total over the $4 billion threshold level for the first time. Dollar volume in 2019 of $4.059 billion rose over 7% compared to 2018.
 
Last year also ushered in the highest number of listings entered on WinnipegREALTORS® MLS®. The 25,741 listings increased 8% over 2018 and 6% above the 5-year average. The percentage of MLS® listings selling or what is referred to as the sales-to-listings ratio is still within 2% of the 5-year average. Notable in 2019 is that residential-detached listings sold, on average, for 98% of their list price.
 
“December market results are not only indicative of a strong second half to 2019 but a very active year as a whole,” said Kenneth Clark, outgoing president of WinnipegREALTORS®. “Buyers in particular benefited from a healthy supply of listings and sales gains across most MLS® property types show they were actively engaged in the 2019 real estate market.”
 
It is important to note 2019 saw an increase in overall MLS® activity as a result of welcoming new rural brokerage offices, such as ones in the South Central Plains MLS® area (e.g. Winkler, Morden and Altona), onto the WinnipegREALTORS® MLS®. They formerly had been on the Manitoba Real Estate Association (MREA) MLS®. As they were main contributors to MREA’s MLS® market activity in previous years, their contribution to WinnipegREALTORS®’ MLS® in 2019 was instrumental in generating higher listings, sales and dollar volume totals.
 
The city of Winnipeg remains the dominant selling area within WinnipegREALTORS® market region with 71% of residential-detached and nearly 85% of condominium sales. However, when it comes to vacant lot sales, of which there were 502 in 2019, rural MLS® areas dominate with over 90% of total sales.
 
WinnipegREALTORS® market region showed very little change in average 2019 residential-detached and condominium sale prices in comparison to 2018. The 2019 average residential-detached sales price was $324,122 versus $321,945 in 2018. Condominiums showed less than a $1,000 difference with a slight decrease from $238,916 in 2019 to $238,088 in 2018.
 
Speaking of the main MLS® zones within Winnipeg and those many MLS® rural areas outside Winnipeg, average residential-detached sale prices in 2019 were remarkably similar to 2018. The biggest gain at 3.5% was the Winnipeg west MLS® zone (north of Assiniboine River). It went from $251,588 in 2018 to $260,453 in 2019. The only decrease was in the rural MLS® zone which saw its average sales price drop from $308,320 to $305,035. The highest average sales price is in the southwest Winnipeg MLS® zone at $426,573.
 
As for sales, the rural MLS® zone saw a 16% jump in sales activity due primarily to the significant increase in activity in the South Central Plains MLS® area on WinnipegREALTORS®’ MLS®. The only drop in sales activity was in the Winnipeg west MLS® zone. It was a very modest 2.6%.
 
For the two main property types, residential-detached and condominiums, total sales were up 5% and 7% respectively compared to last year. There were 9,788 residential-detached sales and 1,750 condo sales. While representing less than 5% of total MLS® market share, single-attached properties really stood out in 2019 with 640 sales, a 24% increase over 2018.
 
Affordability remains firmly intact as nearly three out of four condominium sales in 2019 were at prices under $300,000, whereas 76% of residential-detached sold for under $400,000 with nearly one in two selling for under $300,000.
 
The highest residential-detached home to sell in 2019 was for $2,290,000, while the most expensive condominium to sell was $1,300,000.
 
“2019 is testimony to our hard-working REALTORS® really stepping up to lead WinnipegREALTORS® to a record number of transactions,” said Marina R. James, CEO of WinnipegREALTORS®. “REALTORS® expertise and knowledge came to the fore in making a listing stand out in what has been a very competitive marketplace this year.”
 
For more information and insights on the local market and what lies ahead in 2020, WinnipegREALTORS® is proud to be hosting its annual Forecast Breakfast on Wednesday, January 29. The high impact event will shed more light and details on what may happen in the local housing and commercial market in 2020. Headlining this very informative breakfast is BMO Chief Economist Douglas Porter. The theme this year is 2020 Vision and all presenters will look ahead to our next decade.


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** Article and all content has been written by Winnipeg Realtors and not Kelly Fernandez **


November MLS® Activity Maintains Strong Pace in 2019
 
WINNIPEG - November sales, dollar volume and listings contributed to a strong second half finish to 2019.
 
November’s 902 sales transacted on WinnipegREALTORS® MLS® were up 4% over November 2018 and on record to be the second time sales eclipsed 900 in this month. Dollar volume of $270.8 million is the highest for the month of November and increased nearly 10% over November 2018.
 
Listings continue their record-setting pace this year with an 18% increase over November 2018 in new listings coming to market. Active listings or inventory at the end of November is sitting at 21% above last year with over 5,000 listings available for sale. 
 
“Manitobans are actively engaged in our real estate market this year given the extent of MLS® listing and sales activity we are experiencing,” said Kenneth Clark, president of WinnipegREALTORS®. “The recovery we predicted in 2019 over 2018 has come to fruition.” 


Year-to-date sales of 12,988 are up 6% over the same period of time in 2018 and already ahead of last year’s annual total. Depending on how December 2019 concludes, a new sales record is conceivable. Year-to date sales are 27 sales behind the best year on record for the first 11 months in 2016.


Year-to-date dollar volume of $3.86 billion, which is 7% higher than last year and with only a month to go, is on pace to set a new annual dollar volume record. 


“Seeing the number of REALTOR® members grow this year with more activity of members in rural areas where we have not been as active in previous years is helping make 2019 a banner year”, said Clark.


Improvement in sales over 2018 has not only been in residential-detached and condominiums which make up 85% of all MLS® sales, but other property types have enjoyed stellar performances such as single-attached properties with over 600 sales and close to a 5% share of total MLS® sales. Vacant land sales have also done well with 466 sales. Duplex sales are up 20% over 2018 with 187 sales.


Speaking of residential-detached sales, the November average sales price of $327,485 was skewed higher than normal with 8 sales that were one million or higher compared to 4 last November. There were also 65 sales of $500,000 or higher in 2019 compared to 47 in 2018.


Similarly, the November average condominium sales price of $249,681 was skewed higher with a $1 million plus sale and 9 sales of half a million or more compared to 3 in November 2018.


The most active price range for residential-detached sales in November was from $250,000 to $299,999 at 24% while condominiums were busiest from $150,000 to $199,999 at 26%.


“While too big to fit under your tree, looking for a property to buy in the festive season has never been better,” said Clark. “So many options to choose from and our local market delivers great value on a wide price range of MLS® properties.”


“Tis the season to be buying so if you find yourself in the market for a home, you need to be contacting your REALTOR®”, said Marina R. James, CEO of WinnipegREALTORS®. “REALTORS® are local market experts who can guide you through the entire process and find the home right for you.”


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