Winnipeg Housing Market Report – Real Estate Market

Is spring 2023 turning into a great ‘Buyers Market’?

When comparing listings and sales, year over year, there is no doubt that numbers are looking favorable for home and condo buyers in Winnipeg.  Let's take a look at the stats of the month of April 22 and April 23.

As we can see from the ‘ALL MLS' graph, active available listings (all types of houses and condos) are up 70% over last year, same time. They are actually right in line with the 5-yr average of available listings (3,548)

At the same time, property sales are down by 24% from last year……  as well as being down 17% from the 5 yr average.

Detached Homes in Winnipeg

The numbers for stand-along houses (detached homes) is even more telling.  The active listings for the Winnipeg Real Estate Board area are 1,761, which is nearly double (+84%) of the active listings in April 2022, which were 956.

At the same time, sales are off by 25% when compared to last year.  So these numbers alone would suggest a nod towards a buyers market.  Since there are MORE HOMES for sale, and FEWER sales happening, buyers overall face less competition, more choices and fewer bidding wars.  But the story does not end there.  Take a look at the average prices:

Last year the average detached home sold for $447,295 while this year its $409,286,  a drop of 9%.  A third sign of a buyers market.

• Increased Inventory
• Lower buyer activity
• Lower home prices

Attached Homes in Winnipeg

How about the so-called attached homes.  These are side-by-sides and townhomes.  Home builders have been constructing these as an alternative for first time buyers.  Since they use less land, and less building material, they are quite a bit cheaper to build.  Let's see how those are faring:

Here active listings are actually more than double, going from 122 in 2022 to 252 this year.  Sales are off 28%,  from 109 last year to 79 in April 2023.  And prices are also down 28%, to an average of $326,995.

So the story is very much the same as it is with detached homes…….more availability, less competition among buyers and lower prices to boot.

Condominiums in Winnipeg

Does the story repeat for condos in Winnipeg as well? Yes, but not the same extreme.

The 484 available condominiums are a 42% increase over last year, which sales are off by 24%.  Last April we sold 224 condos, whereas this year we only sold 171.  However prices have remained fairly stable, dropping just 1% for the average sale, from $261,802 last year to $258,571 this year.

What about interest rates?

While all those numbers point to a more buyer-friendly environment, some folks point to the higher interest rates as a deterrent.  Here is another way to look at this

“Interest rates will go up and down, but the purchase price is forever.”

Unless you're lucky (or wealthy enough) to pay your mortgage off in 5 yrs, you will most likely have to re-new it a few times.  Each time you will be subject to the current interest rates of the day.

Your mortgage payment will, of course, be based on your current outstanding debt.  And right now, you can buy a house for around 10% less than last year.  PLUS have more homes to choose from, AND fewer bidding wars than last year.

All of this adds up to an encouraging sign for home buyers.

If you're interested in exploring your options, and see how much home your current pre-approval will buy for you, call me to set up a free buyer consultation.

Bo Kauffmann    REMAX performance realty…. 204-333-2202

February 2023 Winnipeg Market Report

This is the first market update of 2023.  Click on the pic for a great mobile experience.

December 2022 Winnipeg Real Estate Update

This is a quick highlights version of the monthly real estate update.  Try it on your mobile too.

Click on the picture to see the report, including info on the most expensive houses and condos in Winnipeg.

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Winnipeg Real Estate Update for October 2022

Check out the latest sales and listing stats for Winnipeg's changing real estate market.  Winnipeg housing market report, and the condo market report all in one.

And here is the audio format for that same report:

Winnipeg Real Estate Update for August 2022

Transcript of August WInnipeg Real Estate Report

[00:00:00] Bo Kauffmann: Wait till you hear what's going on in the Winnipeg real estate market. That's coming up next on Winnipeg's real estate podcast.

[00:00:09] You're listening to the Bo knows real estate podcast tips and advice for home buyers, sellers, and owners with award winning Remax agent Bo Kaufman.

[00:00:25] Hello, this is Bo Kaufman Remax performance Realty in Winnipeg. And what a difference a couple of months makes we've gone from a super, super insanely strong seller's market, which was happening in April and may. June started to slow down and July saw further slow downs. And right now it's turned into an almost too strong a buyer's market.

[00:00:44] It's completely swung the other way.. There are reports of listings going up and getting one showing in the first week on the market. I'm not talking about offers. I'm talking to just one showing. So why is this happening? I think rising interest rates have one or one reason. Second reason might be that buyers are just fatigued.

[00:01:03] They've been getting beaten in April and may and parts of June. And they've just taken a break. And the third reason is that August traditionally is a slower time. People that want to get into a house before the school starts have already done their buying and August is actually a big moving month.

[00:01:19] So August is super busy for lawyers and moving companies. So one of the most common questions I get is when it's a great time to buy a house while it's right now. So actually I've got buyers that I work with throughout April and may we kept. We kept getting hosed. We kept getting beaten by 10, 12, 15 offers going a hundred thousand over asking.

[00:01:38] And they basically gave up around June. They had to renew their lease, which was up in July and they just emailed me and saying, Hey, we just, we had to renew our lease. We're gonna go one more year and we're gonna come back into it. Next spring. Guess what? So I told them exactly what I'm gonna tell you now, traditionally, and I'm going back over the last 17 years.

[00:01:56] Cause that's all the history that I know. Cause I've been doing this for 17 years now. Spring is the singularly worst time to buy a house. That's because everybody else is doing it. There's a famous saying that says that if everybody else is buying, sell. Another way to look at it is if everybody else is buying, don't buy it that time.

[00:02:14] There's super competition. It's just a natural thing in Winnipeg. We hibernate through December, January, February, and then spring comes out and all the buyers come out and that's when you start getting these crazy Bing worse, this year was absolutely insane. But even in past years, April and May have been really busy, very competitive.

[00:02:34] So that's probably the worst time to buy. You should be looking at buying right now are a lot of listings on the market and some of them aren't getting any showings, let alone multiple offers. So let's look at some of the numbers of how many listings there are and compare that to spring. On August 1st, we actually had 1,263 houses for sale on the market.

[00:02:57] 1263. Compare that to 426 in April and 568 in may. It's almost triple the amount of listings available. So breaking that down houses under a quarter million dollars, we have 288 in April. We had a hundred. So now we have nearly 300 throughout the month of July. We sold about 108 of these houses.

[00:03:19] Compare that to last year, same time, 151. So that's like a 35% less than last year houses between two 50 and 500,000. We have 561 homes on the market. In February we had 116. Now we have about five times as many homes available as we did in February. We've sold throughout the month of July 482 of them, 482 compared. 583 in may.

[00:03:49] Next price range up the 500 to 1 million. We have 355 homes on the market. We had 80 in February. So now we have 355. We've sold 190 in the month of July. And compare that to three 50 in the month of may. So nearly half as many sales in this price category as we had in may, just two months ago and the million dollar plus homes, we have 59 on the market.

[00:04:17] Compared to nine in February. So 59 that's, six times as many. And we've sold five in the month of July compared to 18 in the month of may. So you can see buyer activity is way down. Listings are up. This is the time to to buy a house. Yes, interest rates have gone up. You can still get a pretty good.

[00:04:37] Traditionally speaking, if you're paying 4% or 5%, that's actually a very good rate. My father-in-law. I remember him telling me he bought his house in 1967 and his in-laws told him he was nuts because he paid 6% interest, which was to them was really high. But traditionally five and 6% are really low rates compared to the 18% that we had 30, 40 years.

[00:05:02] No, you can't get 1.9 % anymore, but you also don't have to pay a hundred grand over asking anymore. So who's looking for a house right now. Gimme a shout and let's look at condos next because we're gonna see a very similar picture.

[00:05:17] This episode of Winnipeg's real estate podcast is sponsored by Urban Topcoat, paint and design, bringing quality fine finishes to your home. Whether you're planning to sell, have just settled in or looking for a robust color refresh Urban Topcoat, paint and design has your home covered. There's quality in their hands and they leave it in their work call Rob white today at two oh four seven nine one eight oh two.

[00:05:41] Currently we have 365 condos available in all of Winnipeg. That is up from three 12 in June two 40 in may. So 365 available right now, lots of choices out there in the month of July, we've sold 160 condos. It's a little bit more than what we did in in April and March condos under a quarter million dollars.

[00:06:04] We've sold about 80 of them in. Compared to 113 in may. So those sales are down as well and condos over a quarter million, that's all the way up to whatever the infinity is. I believe there's still a million dollar condo mil, a few million dollar plus condos out there. We have available 168. We've sold.

[00:06:23] 82 in the month of July. And that's in line with what we did last year, where we sold 76 last year in the month of July. But in may, this year, we sold over a hundred, same with June. So those sales now they're 82, they're down 20% or so as well. Again. Just like houses. It's a good time to buy a condo right now as well.

[00:06:41] Are you looking to buy a house or a condo in Winnipeg work with the agent who takes the time to explain the process to you, guiding you through every step for service beyond the sale book, your home buying consultation with Bo Kaufman of Remax performance today Bo knows real estate.

[00:07:39] I truly hope you enjoyed this episode as much as I enjoy making these. If you have any questions or anything that you'd like me to talk about in future, gimme a shout at time.

[00:07:47] 2 0 4 3 3 2 2 0 2. Or email me at bonos homes, gmail.com til next time, byebye.

[00:08:00] You've been listening to Bo Kauffmann of Remax performance Realty. Are you thinking of buying or selling a house or a condo in Winnipeg? Call Bo at (204) 333-2202. Remember Bo knows real estate.

Winnipeg Real Estate Market Update February 2022

Welcome to the real estate quickie for Feb 2022

First, let's look at the HOUSING market.

On Feb 1st we have 306 houses for sale in Winnipeg. Let's put that into context.  Last year, which as you may recall, was a super hot sellers market, but we actually had 481 Houses available,  or about 60% MORE than today.  And 2 years ago, that number was over 1100….nearly 4 times what it is right now.

What are the real world effects of this type of market?  House went up for sale in St James last week, at 370K, got 19 offers and sold for over 100K more….

Over the month of January, which is normally a pretty slow month, we sold 273 houses, with another 55 showing as pending,  for a total potential sale of 328….   That means that, at this pace, if NO further listings came to market, everything would be sold in the next 29 days…..  that is a super low inventory level.

But how about condos?  Traditionally, they have a history of being more affordable and available.

Well, there are 227 Condos of all prices available in Winnipeg right now.  One year ago that number was 402…..  and 2 yrs ago it was 561

In January, we sold 69 condos, with another 40 showing as pending, for a total potential sale of 109 condos.  This inventory level sits at 65 days….   While that's double the level of houses, in the condo-market this is super fast.

So even condos are now selling with multiple offers, there is simply no escaping it.

If you're a buyer, hold off if you can.  And if you're a seller, RIGHT NOW is a great time to list your home.

If you have to do both, there are strategies available to maximize your results….call me to discuss that may be best for your unique and distinct situation.

For previous months reports, click on down arrow 

Winnipeg Housing Market Report for August 2021

Winnipeg Housing Market Report for July 2021

Winnipeg Housing Market Report for June 2021

Winnipeg Real Estate Housing Market Update May 2021

 

Winnipeg Real Estate Market Update April 2021

New for 2021 – Downloadable Market Update PDF

A new year, and a new way of learning about the Winnipeg Real Estate Market.  What follows is a downloadable, multi-media market update in PDF format.  Read it here, and if you are on a mobile device, please turn your phone sideways so you can experience the dual page layout.

This Winnipeg housing market report includes all areas in Winnipeg, plus Headingley and E.St. Paul.  The report focuses on all houses under $500,000 and ALL Condos in Winnipeg.

For the real estate report on higher price ranges, see our Luxury Homes Report, which is issued in the middle of every other month, starting with Jan. 18th, 2021.

Winnipeg Real Estate Report March 2021

 

Winnipeg Market Report for December 2020

Winnipeg Market Report for November 2020

Welcome to our custom Winnipeg Housing Market Report.  Each month we look at the numbers of available listings, sales and expired listings stats in Winnipeg‘s real estate market.  This report will include Winnipeg, E/St Paul and Headingley, and focus on homes in the 100K to 500K range.  This market update includes detached homes, attached homes (commonly known as side-by-sides) townhouses and mobile homes.  It relies on stats from the MLS® and Winnipeg REALTORS.

For more expensive homes, see our monthly Luxury Homes Report, and for condominiums, we issue a monthly Winnipeg Condo Market Report

 

Winnipeg Market Report for September 2020

Welcome to our custom Winnipeg Housing Market Report.  Each month we look at the numbers of available listings, sales and expired listings stats in Winnipeg‘s real estate market.  This report will include Winnipeg, E/St Paul and Headingley, and focus on homes in the 100K to 500K range.  This market update includes detached homes, attached homes (commonly known as side-by-sides) townhouses and mobile homes.  It relies on stats from the MLS® and Winnipeg REALTORS.

For more expensive homes, see our monthly Luxury Homes Report, and for condominiums, we issue a monthly Winnipeg Condo Market Report

Highlights for September Market in Winnipeg

 

 

Housing Market Report for August 2020

Just want the highlights?  Go here for a quick story.

Let's start with the market highlights for the sales during the month of June.

During the month, we sold 782 houses in Winnipeg, which is lower than last month, but still an increase over last year.

The most expensive house sold was $2,90,000 in Tuxedo..  In fact there were 4 houses sold in the $1 Million + range in Tuxedo alone.

 

 

 

Available Homes on August 1st 2020

As you can see, compared to last years' 1,858 available houses, this year we only have 1,132…. creating a stronger sellers market.  But thats only have the bad news for  house buyers because….

 

Sales of houses are actually UP over last year.

In nearly all price ranges, this years' sales are outpacing last years for the same time period in July.  In total, we sold 782 Houses in Winnipeg in July 2020, compared to 652 last year.

 

Days of Inventory: Measuring Market Pace

The lower the ‘Days of Inventory' the hotter the market.  As you can see, again in all price ranges, this July was more of a sellers market than 2019.

 

The lower the number, the hotter the market.  in all price ranges the pace THIS year is faster than it was in the same period in 2019.

Summary: Buyer activity is UP over last year, but the available homes they can choose from are way down.  Great time to sell.  

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Housing Market Report for July 2020

During the month, we sold 861 houses in Winnipeg, which is not only higher than last month, but also an increase over last year.

The most expensive house sold was $1,450,000 in South Headingley.  In fact there were 4 houses sold in the $1 Million + range.

 

Available Homes on July 1st 2020 are way down

As you can see, compared to last years' 1,866 available houses, this year we only have 1,232…. pointing to a stronger sellers market.  But thats only have the bad news for  house buyers because….

 

Sales of houses are actually UP over last year.

In nearly all price ranges, this years' sales are outpacing last years for the same time period in June.

 

Days of Inventory: Measuring Market Pace

The lower the ‘Days of Inventory' the hotter the market.  As you can see, again in all price ranges, this June was more of a sellers market than 2019.

Summary: Buyer activity is UP over last year, but the available homes they can choose from are way down.  Great time to sell.  

 

 

Real Estate Market Update for June 2020

 

 

Market Highlights for May 2020

 

Market Highlights for April 2020

Here is an overview of sales during the entire month of April 2020

The most expensive house sold in April was for $1.19 Million in Tuxedo.  A total of 375 houses were sold, which is down from last months 503….and significantly lower than last years' 558.

Currently, on May 1st, there are 1213 houses available in Winnipeg, which is down slightly from last year and from last month.  The bulk of available homes are in the $250,000 to $500K range.

As we can see, the number of entry level homes sold (93) is down a lot from last months 126, and even more over last years sale of 156. Both of the other two price ranges have experienced similar drops over last month and year.

Looking at inventory levels, we can see that this is a very good buyers market in the entry level home category, with 92 days of inventory.  Luxury homes are now at 290 days…  great for buyers.

How about home seller confidence?

Are sellers still listing their homes right now?  Check out these stats:  Only 698 new house listings came to the market during April, much lower than the 817 in March, and the 1144 in April 2019.

What does this mean?  There are 1213 available homes, interest rates are near an all-time low…..  now is a great time to buy your first, or next home.

Market Highlights for March 2020

Here is an overview of the month of March

The most expensive home sold in March was in Assiniboine Woods, and sold for $1.1 Million.  A total of 503 houses were sold, which compares favorably against last month (439) and against last year same time (447)

Currently, on April 1st, there are 1249 houses available in Winnipeg, which is up slightly from last year and from last month.  The bulk of available homes are in the $250,000 to $500K range.

As we can see, the number of entry level homes sold (126) was identical to the number sold last year.  The big increase came in the sales of homes bet. $250-$500k,  which jumped from 279 last year to 330 this year.

Looking at inventory levels, we can see that this is a very good buyers market in the entry level home category, with 77 days of inventory.  

How about home seller confidence?

Are sellers still listing their homes right now?  Check out these stats:  The 1,018 new house listings is roughly 30% more than last month, and 25% over last year same time.

What does this mean?  There are lost of listings (1249), interest rates are near an all-time low…..  now is a great time to buy your first, or next home.

Market Highlights for January 2020

We will show the three main factors: Numbers of available listings, numbers of houses sold in the past period (30 or 31 days) and the “Inventory Levels” calculated from the first 2 stats. In fact, if you want to see she quick AMP-Story on your mobile, click the button below

Lets take an overview of the January 2020 market:

As we can see, the number of available houses has dropped from 1420 in December to 1110 in January…..  the lowest point in over a year..

Sales have also dropped, from 351 to just 213.

We see the same in Condos, where both inventory and sales have dropped in double digit percentages

Let's take a look at the individual categories and compare to last month, and also to last year same time.

Entry level homes under $250,000 in price

As you can see, 312 available homes is a 24% decrease from over last month, and the same level as one year ago.  In fact, all price ranges have dropped in inventory when compared to December.

Sales of 69 of these homes is 34% less than last month, but actually up from last year by 8%

Inventory levels have shot up when compared to last month…….  a good sign for home buyers.

Mid-Range homes between $250-$500K

521 available homes in this price range is a 21% decrease over last month, and 6% Fewer homes than last year.

Sales (124 homes) have dropped by 40% over last month, but still slightly higher (2%) when compared to last year.

Inventory levels shot up by 30% from last month, and are still lower than last year..

Luxury Homes over $500K

277 homes available in the $500K+ plus range is a decrease (-21%) over last month, and 19% more than last year.

Sales of just 20 homes are a huge 48% drop from December, and also 17% off from last year.

Inventory levels are increase by 55% over last month, a great time to invest in your dream home.

Summary of the January Winnipeg Market

Lets look at what this means for each price category:

Entry level houses have gone into a Super Hot Buyers Market.  If you're looking for a home in this price range, and if you can find one you like, now is the best time to buy!

Mid-range priced homes have moved into a Super Hot Buyers Market.

Luxury homes are also in a Super Hot Buyers Market as well.

 

Market Highlights for December 2019

This month, we've started to streamline the report a little, focusing on the most important aspects of the market stats. We will show the three main factors: Numbers of available listings, numbers of houses sold in the past period (30 or 31 days) and the “Inventory Levels” calculated from the first 2 stats. In fact, if you want to see she quick AMP-Story on your mobile, click the button below

Lets take an overview of the December market:

As we can see, the number of available houses has dropped from 1610 in November to 1420 in December…..  a 12% drop in inventory.

Sales have also dropped, from 428 to 351, a drop of 18%.

We see the same in Condos, where both inventory and sales have dropped in double digit percentages

Let's take a look at the individual categories and compare to last month, and also to last year same time.

Entry level homes under $250,000 in price

As you can see, 410 available homes is a 8% decrease from over last month, and an 9% increase over last year at the same time.  In fact, all price ranges have dropped in inventory when compared to November this year.

Sales of 105 of these homes is 23% less than last month, and also down from last year by 10%

Inventory levels have shot up when compared to last month and last year…….  a good sign for home buyers.

Mid-Range homes between $250-$500K

695 available homes in this price range is a 13% decrease over last month, and 5% MORE than last year.

Sales (208 homes) have dropped by 17% over last month, but still higher by 6% when compared to last year.

Inventory levels remained very similar from last month and year over year.

Luxury Homes over $500K

351 homes available in the $500K+ plus range is a decrease (-5%) over last month, and a whopping 31% more than last year.

Sales kept pace by a slight 5% decrease over last month, but a huge increase over last year. (+51%)

Inventory levels are similar to November, but a hugh increase over 2018.

Summary of the December Winnipeg Market

Lets look at what this means for each price category:

Entry level houses have gone into a Super Hot Buyers Market.  If you're looking for a home in this price range, and if you can find one you like, now is the best time to buy!

Mid-range priced homes are, similar to last month, in a Hot Buyers Market.

Luxury homes remain in a Hot Buyers Market as well.

 

Market Highlights for October 2019

This month, we've started to streamline the report a little, focusing on the most important aspects of the market stats. We will show the three main factors: Numbers of available listings, numbers of houses sold in the past period (30 or 31 days) and the “Inventory Levels” calculated from the first 2 stats. In fact, if you want to see she quick AMP-Story on your mobile, click the button below

Amp-Story: Winnipeg Real Estate Market Update

Lets take an overview of the October market:

As we can see, the number of available houses has dropped from 1945 in September to 1772 in October…..  a 10% drop in inventory.

Sales have kept pace, dropping about 7% from September

We see the same in Condos, where both inventory and sales have dropped in double digit percentages

Let's take a look at the individual categories and compare to last month, and also to last year same time.

Entry level homes under $250,000 in price

As you can see, 504 available homes is a 10% decrease from over last month, and an 8% increase over last year at the same time.  In fact, all price ranges have dropped in inventory when compared to September this year….   but for the most part have sold more than last year same month

Sales of 160 of these homes is virtually the same as last month, and also a 2% increase when compared to last year.

Mid-Range homes between $250-$500K

869 available homes in this price range is a 10% decrease over last month, and 5% less than last year.

Sales (347 homes) have dropped by 10% over last month, but still higher by 6% when compared to last year.

Luxury Homes over $500K

399 homes available in the $500K+ plus range is a decrease (5%) over last month, and 13% more than last year.

Sales kept pace by a slight 2% decrease over last month, but a huge increase over last year.

Summary of the October Winnipeg Market

Lets look at what this means for each price category:

 

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