Winnipeg Real Estate News Updates - November 2021
November 10, 2021 | Posted by:
Halloween is a distant memory and November is in full swing, which means that it's time for a look at what is happening in the greater Winnipeg area real estate market. This update just so happens to coincide with one of the busiest times of the year in the new buyer segment, as they look to squeeze in their pre-approvals before the fiscal year comes to an end. Will current real estate news impact their (your) decision to do so, in either direction? Let's find out.
Recent Developments in the Winnipeg Real Estate Market You Need to Know About as of November 2021
Bank of Canada Made a Move, Indicating Change is on the Horizon
The Bank of Canada ended October and began November with a little bit of a bang. They didn't change their prime rate (expected), which continues to be great for buyers who are leaning towards a variable rate mortgage (they remain historically low). However, they did announce the end to the quantitive easing program, which typically results in a rising of fixed mortgage rates. Please refer to our breakdown of the most current Bank of Canada announcement. You may find it prudent to get moving on your pre-approval faster than you initially planned for.
Another Record Breaking Month in a Record Breaking Year
You'd think that with inventory getting lower and lower with each passing week that there could be no further real estate sales left to break. It looks like buyers took our advice and partnered with a mortgage broker - a tactic that can increase home buying power during times of low inventory. Whatever the case, the Winnipeg real estate market maintained the momentum it has enjoyed all annum. The Winnipeg Regional Real Estate Board (WREB) reports that October 2021 was the second-best month ever for sales in terms of dollar volume. Over 1500 homes flew off the shelf during the month. It's a curious thing to some, seeing as year-over-year prices have increased by 11% from 2020. Rising prices have been the trend, yet sales continue to grow. This speaks to the resilience of the Winnipeg real estate market, something that pure investors from all over the country will certainly want to consider. Buyers remain comfortable, knowing that despite steady increases in prices, the average value of a detached family home in desirable communities is around $380,000 - far more affordable than any other metropolitan city in Canada. Still, if you're in the market, we encourage you to buy sooner rather than later. Prices may continue to rise as will the cost of getting a mortgage. As per the Bank of Canada announcement (above) rates will also tick upwards. All of this will occur as inventory continues to tighten. The time to get pre-approved on a mortgage is today. Contact mortgage specialist Ron Chan at 204.290.9950 to make it happen.