I’ve been tracking the available condo listings in Winnipeg for a few years now, and see something very interesting taking place right now! The Winnipeg condo market goes thru the usual cycle of low to high inventory each year, same as the rest of the residential real estate market does. We can see low numbers of listings in January thru March (for example, check the Feb. 2013 Real Estate Update).
Right now, mid-October, we have more condo units available on the market than we have had at any point in the past few years. The numbers usually fluctuated between a low of approximately 200 available condos, up to a high point of 360 available units. The current numbers are staggering….. why is this so?
Is Winnipeg reaching saturation point in condominium units?
We can see a number of large condo projects in development, which follows closely on the heels of several other condominium projects recently completed. The Exchange District, Downtown Winnipeg, St James, South St. Annes Rd and just a few areas which have seen either new condo projects, or warehouse conversions as well as apartment building conversions, taking place in recent times. Condominiums make a great alternative to buying a house, especially for the first time buyer, single people or empty nesters looking to downsize. But with so many projects, are we finally seeing a saturation point?
Currently available in Winnipeg
Today, Oct 15th, 2013, we have a whopping 424 available condominium units for sale. Keep in mind that, by en large, these are the condos which are available for resale, and do NOT include the bulk of the new construction units, which could number in the hundreds, if not thousands of additional units available.
Great news of the buyer
All this spells excellent news for buyers. While no one knows what the future holds as far as availability, interest rates, prices etc, right now appears to be an excellent time to shop for a condo. Seek out a real estate agent who can show you any condo on the market, and help you select your first (or next) home.