Robust condo market sales propelled the Winnipeg housing sector’s very active summer, according to the city’s real estate association.
August data from WinnipegREALTORS® indicated that the month’s sales activity of 1,439 transactions represented a 13% year-over-year gain, and was 9% higher than the five-year average for the period.
Total sales value for the month was $411 million, 10% greater annually and the first time that Winnipeg’s August dollar volume exceeded $400 million.
Condos accounted for a significant portion of this strength, with the asset class enjoying a 37% annual increase in sales and ending up 19% higher than the five-year average for August.
In comparison, single-detached units saw a mere 4% year-over-year uptick.
“It is not often, if at all, when we see condominium sales outperform single family to the degree they did this month,” WinnipegREALTORS® president Ken Clark said.
On a year-to-date basis, the sales volume of 9,702 was 5% higher than that seen during the January-August period last year. Meanwhile, dollar volume of $2.91 billion during the same time frame was up 6% from 2018.
As for inventory, the city saw more than 6,000 listings in August, which was 17% higher on a year-over-year basis. WinnipegREALTORS® assured that the market remained in balanced territory, however.