Housing market red hot
Advertisement
Read this article for free:
or
Already have an account? Log in here »
To continue reading, please subscribe:
Monthly Digital Subscription
$1 per week for 24 weeks*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Billed as $4 plus GST every four weeks. Offer only available to new and qualified returning subscribers. Cancel any time.
Read unlimited articles for free today:
or
Already have an account? Log in here »
Hey there, time traveller!
This article was published 09/07/2021 (1302 days ago), so information in it may no longer be current.
The Winnipeg housing market is continuing its red-hot pace.
With the release of the June market numbers, Marina James, CEO of the Winnipeg Regional Real Estate Board, said, “A very dynamic real estate market has unfolded in 2021, with changes in prices not seen in years.”
With the first half of the year now in the books, the average price for a residential-detached single-family home in Winnipeg for the first six months of the year was $381,053, a 16 per cent increase over last year.
Kourosh Doustshenas, this year’s president of the Winnipeg Regional Real Estate Board., said, “A true hallmark of this year has been the unprecedented buyer demand for all property type listings with major percentage gains in sales from 2020.”
The June report said that sales are coming from the peak hit in April 2021, and the number of sales was only up two per cent from June 2020, but that happened to be the month when sales rebounded strongly after the initial pandemic economic shutdown last year.
There were 1,943 sales last month which is up 14 per cent over the five-year average for the month. Dollar volume of $677.5 million was 16 per cent over June 2020. New listings coming on to the market in June were down 12 per cent at 2,373, while current inventory of 2,791 at month end decreased 39 per cent from 2020.
The intense demand that has not let up has created seller’s market conditions, according to the WRREB. That has resulted in price escalation in most property types such as single-family homes.
Some parts of the city, including West Transcona, and the RM of Ste. Anne’s, converted 100 and 99 per cent respectively of their listing in the month.
As well, condo listings in Sage Creek completely sold out as did all 15 condo listings in cottage country along the west side of Lake Winnipeg.