One of the best things about the real estate market in Winnipeg is that it lacks some of the volatility seen in other Canadian cities. Predictable markets help buyers know what they’re getting into, and that is exactly what has been happening in Winnipeg over the last decade. In addition to predictability, the stable nature of the market helps keep the houses in the city affordable. The latest statistics from the Winnipeg Realtors Association shows that trend holding steady as well. The average price of all residential properties sold in Winnipeg in June was just over $275,000.
Lots of Choice Equals Less Pressure for Home Buyers
Another great feature of the Winnipeg market at present is how little pressure buyers feel. More homes were for sale this June than in that month any of the previous five years. There were over 4,500 homes for sale this June. In 2014, home buyers had well under 4,000 to choose from.
In addition to having more houses to browse, home buyers are also benefiting from the fact that houses are staying on the market longer. This creates a situation that is clearly advantageous to the buyer in the city this summer, as they have ample selection and no lack of leverage when it comes to making a purchase. June of 2015 saw an average time span of 29 days on the market for residential properties, which was four days more than seen in June of 2014.
The low mortgage rates are considered to be another factor pushing the market in a direction that favors the buyers. Record-low rates are available currently, giving buyers the ability to shop around and expand their buying power.
Condo Prices Holding Steady at $241,000
Yet another facet in the overall picture of stability is the predictable pricing on Winnipeg condos. The average price of a condo in the city was $241,029 in June. When compared to condo prices in Winnipeg from the previous year, there is only a 1% year-over-year increase. The busiest portion of the condo market is at the lower end of the range. For people looking to purchase a first home, the majority of the sales activity has been in the $150,000 to 199,999 range, meaning there are lots of options for people looking to make an entry-level step into the real estate market.
Bargains to Be Had in the North and West
The predictability in the pricing in Winnipeg even holds true across the neighborhoods of the city. A measure of the average home prices in the city for the first half of 2015 compared to the first half of 2014 shows remarkably little change in the average sale price when divided by neighborhood. As before, the most expensive homes in the city are found in the Southwest region, and the biggest bargains are found in the North and the West. The average price in the West and North-East neighborhoods of the city have declined slightly from their 2014 levels.