Winnipeg Real Estate News Updates - March 2024

March 8, 2024 | Posted by: Ron Chan

Winnipeg Real Estate News Updates - March 2024

The first fiscal quarter of 2024 is winding down, which has prospective homebuyers and investors edging closer to their decisions to move forward with a home purchase. If you’re among them, you’re wondering if you should wait until the summer to get pre-approved on a home loan, or do current real estate market trends favor early entry into the market this spring? Let’s have a look at the most up to date Winnipeg real estate news for some insight.

Recent Developments in the Winnipeg Real Estate Market that Investors Need to Know About as of March 2024

Residential Interest in Downtown Winnipeg is Booming

Data is in from 2023, and this week on March 6, Downtown Winnipeg BIZ reported that downtown Winnipeg is experiencing a significant growth in residents (more than 18,000 people) even though commercial businesses are not yet at capacity. The former does eventually lead to the latter, however, as the new wave of residents will have demands for products and services. A growing downtown core is indicative of the live-work-play trend that modern homebuyers desire, so look for condo sales to grow over the year ahead. This will eventually strain supply until new construction can help fill the future void. Although, when it comes to downtown there is little room to grow, but UP. If you’re in the market for a condo in a mixed residential-commercial community, be sure to get pre-approved on a condo mortgage this spring and start hunting for a perfect space that you can enjoy come summer.

Remainder of Winnipeg Real Estate Expected to Balance Out

Aside from the growth in the downtown core (above) experts expect the rest of the real estate market to balance out.

RE/MAX Canada’s 2024 Housing Market Outlook Report indicates that the average sale price (nearly $430,000 )in the Winnipeg housing market decreased by 4% year-over-year in 2023, while the number of sales decreased by 14%. This works in the favor of buyers who saw prices increased in the annum before. The average price of a Winnipeg home is expected to hover around this $400K mark throughout 2024, which is confidence inducing for buyers who prefer consistency. The only pressing matter, will be inventory, which once again should encourage interested parties (yourself included) to act now.

Bank of Canada Holds Rate Steady at 5%

Nothing to report on this front folks, aside from the Bank of Canada holding the prime rate steady at 5% in their March 6 announcement. It went as expected. We don’t anticipate a drop in the rate until the summer of this year. No one expects it to increase, as the economy appears to be in a recover period, even if our neighbors (the U.S.) is headed for tumultuous times with the election coming up.


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