Housing and Condo Real Estate Market outlook
At this time of year, news organizations, real estate associations/companies and mortgage industry experts all like to predict the future of the real estate market for the upcoming year. We need to be aware that many of these organizations, especially the national news media, take an overall look at the canadian market in general. However, if you live in Winnipeg, and are thinking of buying or selling your house or condo here, you need to know what the LOCAL real estate picture looks like. When attempting to predict the real estate market, we need to look at several factors, including mortgage rates, unemployement rates, rental vacancy rates and availability of houses and condos for sale. So here are my personal* predictions for the upcoming spring market:
Advertised rates as low as 2.5% will certainly help in pushing sales. Bank of Canada has recently indicated that these rates are expected to remain low thruout 2012 and into 2013.
Winnipeg and Manitoba are enjoying some of the lowest unemployment rates in the country, a factor which helps stimulate the local real estate market as well. Another factor is immigration, where the Manitoba Government has been active in promoting and opening up our Province to immigrant from all around the globe. New immigrants need homes….
Rental Vacancy Rates
A recent study showed Winnipeg rental vacancy rates at below 1%…..the lowest of the 38 municipalities included in this study. Low vacancy rates adds pressure on the housing market…..after all, if people can not find a rental property, they may be forced to buy a house or condo.
Real Estate Market availability
What REALTORS® call ‘Inventory”, the numbers of available houses and condos in Winnipeg. Thruout 2011, the number of available houses fluctuated between 600 at the low end, and up to over 1,000 during the fall months. Available condos are usually between 200 and 300 thruout the year. Right now (early January 2012) we have approximately 450 houses for sale, and only 160 condos for sale.
So my personal* forecast prediction for Winnipeg’s real estate market in the upcoming months: HOT. All the indicators seem to point to a significant buyer-activity at the same time when available inventory is at an all-time low. Supply and Demand….
* This is my personal prediction/forecast and is in no way endorsed by my broker or by Re/Max.
- Winnipeg Real Estate Market Snapshot December 2011 (Video) (bokauffmann.com)
- WHEN is the best time to buy a house (or condo)? (bokauffmann.com)
- Winnipeg Real Estate Quick-Update: 1000 Houses & 213 Condos available (bokauffmann.com)
- What’s wrong with this Condo? (bokauffmann.com)