Winnipeg Housing Market Outlook 2018
The Winnipeg housing market demand is high due to strong consumer confidence prompted by healthy local economy and continued low interest rates.
The OSFI mortgage qualification regulations that come into effect January 1, 2018 prompted some buyers to enter the market last fall and are and are expected to result in a slowing of demand this year as buyers adjust.
Purchasing power of potential move-up buyers looking for upper-end properties is also expected to be reduced in 2018 as a result of the new stress test.
Slowdown in the Market Activity in May 2018
Despite some slowdown in the market acitivity in May and year-to-date, there are positive indicators to report on in May.
Average days to sell in May for residential-detached and condominium properties were less than four and five weeks respectively.
Sales of homes in the $300,000 to $349,999 price range were particularly fast-paced with average days to sell of only 16 days.
Condominiums, predominately new units, sold on average in 17 days in the $350,000 to $399,999 price range.