If you’re serious about buying a house or condo right now in Winnipeg, you’ll face two issues: Here are the challenges and the suggested solution that fixes both.
Your 2 Minute Market Update on Winnipeg Real Estate Conditions in February 2020
Listen to the Audio Version here!
Feb sales increased 15% over January, which is of course expected, as the spring market starts to get rolling. But it also increased by the same 15% over LAST YEARS Feb market.
There are 22% MORE residential detached home listings this Feb than in 2019, while condo listings are down slightly from last year. The condo market being saturated as it is, this is not necessarily a bad thing.
An area which stands out with an abundance of available homes is the Waverley West area which saw 148 new listings during the first 2 months this year, as opposed to 119 in the same period last year.
Winnipeg’s market has always been strong in the ‘entry level’ homes ranges. 50% of all residential detached home sales happened in the $200,000 to $350,000 price range.
Winnipeg is also one of the most affordable places to own a home. An income of $68,800 allows someone to buy a median priced home of $325K, while an income of $48,000 allows for the purchase of a median priced condo of $225K.
Buying or Selling in Winnipeg?
Bo Kauffmann – REMAX
Award winning service for Winnipeg house and condo buyers and sellers since 2005. “Bo Knows Real Estate”
Having a lot of listings available is a good thing, mostly because of two recent developments: First the announced changes to the Mortgage Stress Test on April 6th, which should make it a little easier for buyers to qualify for a mortgage.
The second is the very recent drop of ½% in the bank of Canada rate.
If you’re thinking of buying or selling, a house or a condo in Winnipeg, work with your own real estate professional who can help you navigate these numbers, and make sense of the market.
Simply call me at REMAX performance realty, direct 204-333-2202
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