Record-breaking year for real estate Sales would be even higher if supply could match demand
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Hey there, time traveller!
This article was published 08/11/2021 (1097 days ago), so information in it may no longer be current.
A record number of homes have sold this year — with two months to go — according to a Winnipeg Regional Real Estate Board report.
By October’s end, people had purchased 16,411 homes in Winnipeg and surrounding regions, including Steinbach, Selkirk and Headingley. Last year was the previous record holder, with a total 16,033 sales.
“We could certainly reach 18,000 (sales),” Peter Squire, the Winnipeg Regional Real Estate Board’s vice-president of external relations and market intelligence, said of December’s outlook.
A pandemic-led boom in demand, mixed with people hesitating to sell in 2020, has resulted in an unbalanced market.
“People put more focus and priority on their house… and that induced a number of people to make moves. Supply’s really never had a chance to catch up.” – Peter Squire
“People put more focus and priority on their house… and that induced a number of people to make moves,” Squire said. “Supply’s really never had a chance to catch up.”
If certain areas had more listings last month, sales would have likely been higher.
This October showcases an 18.3 per cent increase in transactions over the same time last year. Squire predicts demand won’t abate until more houses hit the market.
“(It) will certainly continue into 2022,” he said.
As more people return to work, they may feel comfortable buying a home, adding to the demand, Squire said.
“You’re still seeing quite incredible affordability when (compared to) other markets,” he said.
This, despite bidding wars still sweeping the housing market. Over 47 per cent of October’s 1,042 sales went for higher than asking price. Nine per cent stayed at list price, and about 44 per cent sold for less, though it could be marginally less, Squire said.
On average, sales saw a three per cent gain above asking price.
“The idea that you have to wait until the busy spring market to sell your property, that certainly is not the case,” Squire said.
“The idea that you have to wait until the busy spring market to sell your property, that certainly is not the case.” – Peter Squire
For October, the Winnipeg Regional Real Estate Board had charted a total dollar volume of $523.7 million, up four per cent from the same time last year, which reached the $500 million mark. Both years broke records.
There have been 14 sales of over $1 million in October, including two commercial properties and a home that sold for over $2 million each.
An average single family house cost $381,920 in October. Average attached homes and condos were $312,441 and $254,875, respectively.
2021 marks the third consecutive year of record-breaking home sales reported by the Winnipeg Regional Real Estate Board. Squire said he doesn’t know how long the increasing numbers will sustain.
gabrielle.piche@winnipegfreepress.com
Gabrielle Piché
Reporter
Gabby is a big fan of people, writing and learning. She graduated from Red River College’s Creative Communications program in the spring of 2020.
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