The Winnipeg real estate market is definitely ending the year on a high note!
The sales activity in Winnipeg last month was higher than the 10-year average for the month of November, which includes an increase of one sale of November of 2016. This year’s real estate market, while coming in just shy of last year’s record-breaking market, is all set to break the existing record for the dollar volume of sales for the year.
With the dollar volume of sales totaling close to $4 billion as the year comes to a close, this year has exceeded every other year, despite not beating out last year for the total number of sales.
In the residential-detached market, there were 50 properties sold with sales prices of over $500,000. In fact, there were 4 houses this year that sold for over $1 million. Last year, there were only 34 residential-detached properties that sold for more than $500,000. This strength of the higher end market has been a large contributor to the new dollar volume records we are hitting this year.
Due to such high levels of sales, the number of new listings on the market is also continuing to grow. At the end of November, the Winnipeg real estate market still had 4 months of inventory left. This means that even if there were no additional listings added to the market, it would take 4 months to sell all of the current listings at the current rate of sales.
The great news for buyers is that Winnipeg remains one of the most affordable major real estate markets in Canada. During the month of November this year, 59 percent of residential-detached home sales were made for less than $300,000!
As Winnipeg mortgage brokers, we advise you to stay in contact with the trusted members of our team as we head into the new year. The market has remained stable and is expected to finish off with a bang, but there will be new changes to mortgage regulations at the beginning of the new year. These new regulations may change what options are available to you in regard to your financing options.
Don’t worry, though! We are here to help you every step of the way and we will make sure you get the best financing options available for your situation! Give us a call today to find out more!