According to the report released by the Canada Mortgage and Housing Corporation in January 2017, the Winnipeg housing market has continued to experience weak evidence of overheating, overvaluation and price acceleration and only moderate evidence of overbuilding. These indicators are promising signs that the pricing of homes is stable and there will be a significant inventory for potential home-buyers into the near future.
Factors like these are important to consider when you are purchasing a home, especially as they potentially impact Winnipeg mortgage rates.
The only “problematic” condition indicated in the January market report was overbuilding. That same report released statistics that indicate this issue is already being remedied. The number of homes under construction decreased nearly 14 percent from December 2015 to December 2016.
Starts, or the starting of construction work on a home, also decreased year over year for the month of December. In December of 2015, there was a total of 286 starts – 149 in the freehold market, 44 in the condominium market and 93 in the rental market. In the same month of 2016, there was a total of 146 starts – 146 in the freehold market, 52 in the condominium market and 32 in the rental market. These figures show a decrease of almost 20% in the start of production in December between 2015 and 2016.
While new construction figures may be down, the number of homes sold increased overall in 2016, with a surprisingly dramatic boost at the end of the year.
The 368 homes sold in December of 2016 was a substantial 26.9 percent higher than the 298 homes sold in December of the previous year. There were 3,138 homes sold overall in 2016, which is still a 5.5 percent increase over the 2,974 homes sold in 2015.
Most of these homes were sold in Winnipeg City and in the $350,000 to $399,999 and the $400,000 to $499,999 price brackets, with the average sales price in 2016 being $424,842.
These figures indicate that there is enough inventory of homes at great prices to make now the perfect time to consider purchasing a home.
We have compiled these statistics for you to give you some insight into the current local market, but it is always recommended that you consult with a Winnipeg mortgage professional for advice that is better suited for your individual needs.
Contact our team of qualified professionals today so see how we can save you time and money on your mortgage needs!