Home sales in Winnipeg have seen strong growth in 2016 and are on pace to hit a new annual record.
Winnipeg Realtors reported a 5 per cent increase year-over-year for October sales with 1,138 homes sold through its MLS with dollar volume beating October 2015 by 9 per cent to total almost $310 million.
With the year-to-date running 7 per cent above the same period last year, a record year of sales is virtually guaranteed, surpassing the 2007 total of 13,079.
There has also been a notable increase in first time buyers and an expansion of the 25-34 years age group for new homeowners. They are buying single-family homes but also condos, single-attached and townhouses. Townhouses have seen a 51 per cent increase in sales in 2016 with condos up 10 per cent and single-attached homes up 9 per cent.
Average sale price for condo in 2016 of $234,623 is modestly lower than 2015 (1.5 per cent) while the 2016 average single family or residential-detached sale price of $303,660 is up 3 per cent this year.
“Winnipeg’s balanced housing market has kept prices in check despite brisk sales activity,” said Winnipeg Realtors president Stewart Elston. “This is in sharp contrast to some high priced markets in Canada where listings can be in short supply.”
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: