2019 Winnipeg Real Estate Market Highlights

January MLS® sales of 634 increased 11% over the same month last year and 8% over the 5-year average for January. Dollar volume rose 12% to $175 million. The 1,783 new listings entered on the MLS® in January also resulted in a double-digit gain of 19% compared to January 2018.

On a positive note, mortgage rates are remaining historically low with the Bank of Canada signaling a wait and see approach on any interest rate increases this year. Buyers have also had over a year to adjust to the B-20 mortgage regulation rules which came into effect January 1, 2018.

No better example of affordable prices came by way of the condo sales activity in January 2019. In what is more the exception than the rule in our local market, there were 34 sales under $150,000 compared to 12 in January 2018. A number of these units sold for as low as $31,500 with total square footage of less than 500 square feet. 56% of total condo sales went for less than $200,000.

For comparison purposes, 22% of residential-detached or single family homes sold for less than $200,000. On the other end of the price spectrum, the highest-priced single family home sold for $910,000 while a condominium sold for $832,229.

WinnipegREALTORS® just held its annual forecast breakfast and indicated that sales should outpace 2018 while prices will remain stable. The condo property type in particular is experiencing an elevated supply of listings going into 2019, so will be one to watch closely.

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