Today is National Siblings Day and National Cinnamon Crescent day
A newly published article in Better Dwellings reports the fact that Canadian real estate owners are not selling right now, and examines the reasons why.
The article reports that two of Canada's trend leading markets, Toronto and Vancouver, saw new listings in March fall by 44% and 34% respectively.
They identify the main reason as being ‘little reason to sell'. Higher interest rates ‘normally' cause prices to drop, but that's not happening this time around.
The report somewhat falsely claims that the shortage of listings is a country wide phenomenon, affecting all markets. For the full report, go here; https://boknows.homes/4b74e290
But again, Winnipeg is bucking the national trend.
On April 1st this year, Winnipeg had 961 houses of all types, styles and sizes available for sale. That was more than double the numbers available on April 1st last year. While we can agree that last year's 426 houses was an abnormally low number, April 2021 still only had 615 available. We have to go back to the very start of the pandemic, to find over 1,000 listings on any April 1st date.
So Winnipeg right now is actually seeing more choices for buyers than at anytime in the past 2 yrs. How about prices.
The most recent report from Winnipeg REALTORS shows that the average house in Feb. this year sold for $375k, which is down 13% from the average of 429K the same period of the previous year.
The March sales stats should be out in the next day, and I'll be happy to report them here…
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