Winnipeg Real Estate News Updates - January 2021
January 18, 2021 | Posted by:
With our mortgage predictions for 2021 ready for home buyers to reference, we now turn our attention to some facts that are already in the books when it comes to the Winnipeg real estate market. What’s new that may impact your decisions about entering into a mortgage for the quarter or annum ahead? Let’s review.
Recent Developments in the Winnipeg Real Estate Market You Need to Know About as of January 2021
Winnipeg Home Sales Keep Rising, Downright Resilient
In their fourth quarter wrap-up Royal LePage reported that the continued rise in year-over-year sales in Winnipeg preserved through the pandemic and effectively closed out 2020.
Going into 2021, the average number of days that a listed house stays on the market is ten. Just 10 days! That’s right, homes are going quicker than baby strollers and leather sofas on Craigslist. This stands in stark contrast to 2019, where at the same time of the year the average number of days tallied at nearly one full month (27 days).
For the uninitiated (to the Winnipeg real estate market) there is an assumption that the sales numbers are tied to sharp drops in home prices, but the opposite is true. The year-end report shows that the average price of a Winnipeg house rose more than 7% during the fourth quarter. This fact is closely tied to the fact that the real estate inventory in Winnipeg is getting tight, and with very little residential construction through late 2019 and into 2020 the shelves are getting close to empty.
Which communities are seeing the most traction? Newer communities appear to be the most popular among new buyers, but longstanding neighborhoods such as River Heights (south of the Assiniboine River) and North Kildonan (next to Red River) are also experiencing demand from family households, investors, and seasoned buyers alike.
Buyers Want More from Their Home
A new survey from the Manitoba Real Estate Association and Probe Research found that buyers will demand more from their homes in 2021 and beyond. The pandemic is responsible for this. For example, nearly 50 percent of respondents stated that having a space for exercise and recreation at (and around) their home was now a higher priority than it was before. They are looking for extra rooms, larger yard space, and closer proximity to parks and other areas for outdoor recreation. When it comes to condos, buyers are looking closely at on-site amenities including gyms, pools, saunas, and other recreational rooms.
If you’re a buyer, take note that these types of properties will sell fast. Act now or be prepared to pay a premium later in 2021.
If you already own a home, you may want to leverage your home equity in the new year to add more living and recreational space. This will increase your home value and marketability and will make it even easier to sell your property. Piggyback the windfall into a more favorable mortgage on a future dream home.
Stay tuned here for future Winnipeg real estate news updates. Ready to make your move on a mortgage for 2021? The time to act is now, before historically low mortgage rates rise. Contact Ron Chan today at 204.290.9950.