Market Update for August 2015 for Winnipeg Real Estate. Press Release issued by Winnipeg REALTORS®

1. PRESS RELEASE
September 8, 2015
For Immediate Release
AUGUST MLS® SALES UP 11%
- - -
New August Dollar Volume Record Set at close to $341 million
WINNIPEG - The strong sales performance in August resulted in bringing year-to-date sales
ahead of last year for the first 8 months of 2015. Last month 2014 was ahead slightly but the
lead slipped away by the end of August owing to the 11% increase in sales over August 2014.
Dollar volume on the other hand has remained ahead of 2014 throughout the year. In fact,
August reinforced this consistent edge by setting a new dollar volume record for this month.
Over $340 million was transacted through the MLS® in August with one single family home
sale fetching $2.1 million. Year-to-date dollar volume is now over $2.5 billion. It is up nearly
3% over last year and is the highest level it has ever been for the first 8 months.
At 1,258 sales, August 2015 is right up there with the best. The three higher August month sales
on record are modestly better with none reaching the 1,300 level. As for listings, compared to
the last few years, where there was a 25% and 19% increase in MLS® inventory by month end
over the previous year, this year’s 5,600 listings is more restrained. It is up less than 10% from
August 2014 and down nearly 400 listings from last month.
Nevertheless, the healthy supply of listings which roughly equates to four and one-half months
on hand if no new listings were to come on the market, has not gone unnoticed by buyers
wishing to take advantage of historically favourable mortgage rates and some of the more
affordable house prices in the country.
“At this point in the year, we are experiencing our 5th
best sales year and dollar volume is
ranked first and poised to set a new record by year end,” said WinnipegREALTORS® president
Dave Mackenzie. “We are confident in the stability and consistency of Winnipeg’s real estate
market. It really is symptomatic and reflective of a Manitoba economy which is diverse,
resilient and performing well.”
Manitoba boasts one of the lowest unemployment rates in the country and has shown positive
gains in job creation. Its unemployment rate has averaged 2.1 % below Canada’s rate over the
past 15 years. Manitoba’s GDP is expected to be the third best in the country at 2.2% in 2015.
While condominium sales have been the subject of some concern this year some perspective is
in order. Based on a five-year average of sales up until the end of August 2015 sales of 1,118
are only down 3%. The 160 condo sales or 26% increase in August over the same month last
year has narrowed the year-to-date deficit from 19% at the end of July to 13% at August month
end.

2. “Two things need to be kept in mind for condominiums in the context of our local market,” said
Mackenzie. “Despite their gains in overall MLS® market share over the last few years at the
expense of single family homes, the latter still represents the lion’s share of our MLS® market
activity. This year three out of every four sales is a single family home where condominiums
have been closer to one in ten at 12% of total MLS® market share. The second point is we still
have four months to go and a month like we had in August shows the gap may be narrowed
further before year end.”
Speaking more to the affordability of Winnipeg’s housing market where prices have been held
in check due to a very balanced housing supply, the recent release of RBC’s housing
affordability index for the 2015 second quarter is helpful in understanding where we fit in a
national context. It shows when it comes to buying a detached bungalow based on the pre-tax
income needed to service the costs of owning a home at current market values Winnipeg is right
in line with Montreal and Ottawa, not far off Calgary and Edmonton and well below Toronto
and Vancouver.
RBC’s chief economist Craig Wright said “…homebuyers in the province continue to face little
undue pressure as affordability levels remain very close to historical norms.”
The most active price range in August for residential-detached sales was $250,000-$299,999
(22% of sales), followed by the $200,000-$249,999 (17%) and $300,000-$349,999 (16%).
Average days on market for residential-detached sales was 38 days, a week slower than August
2014. The highest-priced residential-detached sale was a home in Headingley which sold for
$2.1 million. The least expensive sale was $35,000.
The busiest condo price range in August was $150,000-$199,999 (31% of sales), followed by
$200,000-$249,999 (22%) and $250,000-$299,999 (19%). Average days on the market for
condominium sales was 55 days, two weeks slower than August 2014. The highest priced condo
sold for $501,000 and the lowest priced sale was $60,000.
Established in 1903, WinnipegREALTORS® is a professional association representing over
1,880 real estate brokers, salespeople, appraisers, and financial members active in the Greater
Winnipeg Area real estate market. Its REALTOR® members adhere to a strict code of ethics
and share a state-of-the-art Multiple Listing Service® (MLS®) designed exclusively for
REALTORS®. WinnipegREALTORS® serves its members by promoting the benefits of an
organized real estate profession. REALTOR®, MLS® and Multiple Listing Service® are
trademarks owned and controlled by The Canadian Real Estate Association and are used under
licence.
For further information, contact Peter Squire at (204) 786-8854.

4. Buying a home may be the largest and most complex financial
transaction you ever undertake. If you’re ready to buy a home,
wouldn’t you prefer to work with the most qualified real estate
professional you can find?
An Accredited Buyer’s Representative stands out in the crowd.
If your REALTOR®
holds the ABR®
designation, you can trust that
they have the extra edge when it comes to KNOWLEDGE AND EXPERIENCE.
an Accredited Buyer’s
Representative?
Why Work with
The ABR®
designation is awarded by the Real Estate Buyer’s Agent Council (REBAC), a wholly-owned subsidiary
of the National Association of REALTORS®
.
To learn more about REBAC and access various homebuyer resources, please visit www.REBAC.net.
The ABR®
designation is only
awarded to licensed real estate
professionals who complete
specialized training that gives
them the edge in understanding a
buyer’s perspective and protecting
and promoting their buyer-clients’
interests. Before earning the ABR®
designation, buyer’s reps must also
demonstrate proven experience in
representing buyers. Further, they
are committed to maintaining their
professional edge by staying current
on the latest issues and trends in
buyer representation.
When you work with an ABR®
, you’ll
be served, not sold. Your interests
become their interests. They’ll
make your home buying experience
go as smoothly and successfully
as possible.
You can expect your ABR®
to:
• Understand your specific needs
and wants, and locate appropriate
properties
• Assist you in determining how
much you can afford (pre-qualify
your mortgage)
• Preview and/or accompany you
in viewing properties
• Advise you in formulating your offer
• Help you develop your negotiating
strategy
• Provide a list of qualified vendors
(inspectors, attorneys, lenders, etc.)
for other services you may need
• Keep track of every detail throughout
the transaction—to closing and
beyond
Not all buyer’s representatives
are equal. Only a buyer’s rep who
has earned the Accredited Buyer’s
Representative designation has made
the extra effort to raise the bar, with
additional training and experience.
If you work with an ABR®
, you can feel
confident that you’ll receive the highest
level of buyer-representation services.
The ABR®
designation is awarded
by the Real Estate Buyer’s Agent
Council (REBAC), a wholly-owned
subsidiary of the National Association
of REALTORS®
(NAR).
Why?

5. Valuable Real Estate
Information Resources
Winnipeg Home Finder
If you’re looking to buy, or sell a property
in Winnipeg, check out this website.
It contains links to all
Re/Max Condo Listings, all
Re/Max House Listings and even
Re/Max Luxury Property Listings.
Winnipeg’s Real Estate Blog
Bo Kauffmann, REALTOR®
After retiring from the Winnipeg Police Service, Bo joined Remax Performance Realty
and quickly became on of Winnipeg’s top producing REALTORS®. You can find him on
Facebook, follow him on Twitter and Google+, and connect with him on LinkedIn.
Winnipeg’s Real Estate Blog and Winnipeg Home Finder are trademarks of Bo Kauffmann, REALTOR®