Rhonda DAHMER
RE/MAX associates
1060 Mcphillips Street
Winnipeg, MB R2X 2K9
Phone: (204)989-9000 Mobile: (204)291-6924 Fax: (204)582-4751 Email Rhonda
The RE/MAX 2017 Average Price Expectation for Winnipeg
is an Increase of 3%
The Winnipeg Housing Market was Balanced in 2016 and is Expected to shift Slightly to a Buyer's MARKET IN 2106.
The average residential sale price rose 3% year over year in 2016, from $281,022 to 288,500.
Sales increased by 6% between January and October in 2016 compared to 2015.
Single-family detached homes between $200,00 and $300,000 are in the
highest demand in Winnipeg, while move up buyers are particularly active 

in the city, typically looking for properties in the  $400,000 to $600,000 range.
First-Time Buyers

Are single milennials or young families. Single milennials are active in the city condo market while families looking to purchase their first home drive demand in Winnipeg's starter single-detached homes and townhouse market.

Condo Market

Adverse supply of both new and resale products has fuelled activity in Winnipeg's condo market with sales increasing by 10% year over year in 2016.
Retires are typically attracted to resale condos located in Winnipeg's surrounding areas, while millennial buyers drive demand for new development in the city's downtown core.

Luxury Homes
Winnipeg's luxury Market has grown substantially in recent years,
with increased numbers of new builds in both the city centre and surrounding areas. 
The number of luxury homes Sold in 2015 rose from 85 to 112 in 2016.
 
High inventory is expected to result in a slight softening in prices in the upper end market in 2017.

 

Condominium Sales Continue

Doble-Digit Increase over 2016

One clear pattern emerging this year has been the fast start to condominium sales.
Year-to-date sales are up 33% and dollar volume has jumped 37%.
One thing is for sure, there is no lack of listings to enable this pattern to continue.

Residential-Detached Sales:
February MLS SALES DOWN 6%

On the other hand residential-detached or single family properties are not keeping up with last year's record-setting pace.
Listings entered on the MLS for the first two months have decreased 6% while sales are down 8%.

One price range did unusually well was for home sales
over $1 million. This year there were 7 and this significant difference is the first clear indication of the City of Winnipeg's new impact fee on new residential property.

Buyers intending to build their luxury homes in Winnipeg are advancing their plans to avoid paying Winnipeg's impact fee which comes into effect May 1, 2017.
February MLS unit sales of 766 were down 6% in comparison to February 2016 and new listings coming on the market in February also fell 9% from February 2016.
Deadlocked in second place at 15% each were the $200,000 to $249,999 and the $300,000 to $349.999 price ranges.