Winnipeg sales activity benefited from strong condo market

Winnipeg sales activity benefited from strong condo market

Winnipeg sales activity benefited from strong condo market

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.