Sales of homes in the Winnipeg area were down 11% in February compared to a year earlier and there’s no clear reason why.
“A disappointing sales result but still too early in year to draw any firm conclusions,” said WinnipegREALTORS® president Chris Dudeck.
The region’s real estate agents sold 683 homes last month, but the decline was not due to tight inventory as listings were similar to February 2017 and overall inventory was 3,400 at month-end.
New mortgage rules, which have been blamed for moderating sales in some other regions, do not appear to be a major cause of the weaker sales.
“Based on an increase in higher end price range sales activity in relation to lower price ranges compared to last February the new stress test on insured mortgages (came into effect on January 1, 2018) does not appear to be a leading cause of slower sales activity,” added Dudeck.
Sales in February were 10% above the 10-year average for the month, but this was due to condos, with sales 8% above average; while detached homes were 10% below. Year-to-date sales of 1,250 are 5% off the pace set in 2017.