Winnipeg region set new record as market heated up in July

Winnipeg region set new record as market heated up in July

Winnipeg region set new record as market heated up in July

The total dollar volume of home sales in the Winnipeg metro region reached a record $437 million in July, a 10% increase from a year earlier.

Winnipeg Realtors reported 1,440 home sales in the month, gaining almost 5% from July 2018 and just 3% below the record high for any July, set in 2014.

As further evidence of the heating-up market, year-to-date sales gained 4% year-over-year to 8,263 homes, with a dollar volume of $2.5 billion dollars.

Homebuyers were offered greater choice in July with new listings up 10% compared to a year earlier and inventory rising 15% with 6,083 homes available to buy at the end of the month.

“The strong numbers in both sales, dollar volume and listings in July is a reflection of buyers taking advantage of lower mortgage rates, a fabulous choice of an abundant supply of listings, and some very attractive affordable housing options beyond just single family homes and condominiums,” said Ken Clark, president of WinnipegREALTORS®. 

He noted that the Bank of Canada lowered the rate used by the mortgage stress test to qualify for a mortgage from 5.34% to 5.19%, which further aided the housing market.

Higher-priced condos in demand

Looking at property types and price points, there were notable increases in sales of higher-priced condos and, to some extent, single-family homes. This helped boost the total dollar volume of sales to its record high in July.

The rise in sales of pricier condos means the is the average year-to-date sale price matched that of 2018 at $240,000. The single-family home year-to- date average sales price of $328,718 is up less than 2% compared to the same period last year.

“We have reason to be optimistic of achieving a good MLS® result in August given the positive trend over 2018 and the wide array and diversity of listings on the market,” said Clark.