There has been a sharp increase in condo sales in the Winnipeg market, keeping the region’s housing activity above 10-year averages.
While the total level of sales decline by 6 per cent from a year earlier, condos are hot properties for buyers with a 33 per cent increase in sales year-to-date. Overall sales are 4 per cent higher than the 10-year average, but the single family sector is down by 8 per cent year-to-date compared to 2016. New listings for single families homes are down 6 per cent and new listings of all home types is 9 per cent lower than that of the previous year.
Winnipeg Realtor’s president, Blair Sonnichsen says the market will face some challenges in the months ahead.
“Not only are we coming off a record setting year but are faced with new challenges in stricter mortgage qualifications and new City of Winnipeg impact fees on residential property”, he said. “While too early to tell at this juncture in the year, it is apparent already some substitution to more affordable property types is occurring and buyers are aware of Winnipeg’s new impact fees”.
Prices for duplexes in the Winnipeg market have increased (27.79 per cent), condos (2.79 per cent) and detached homes (1.97 per cent) but are a bit lower year-over-year for single attached homes.