Condo sales jump in Winnipeg

Condo sales in Winnipeg were up 36 per cent in January compared to a year earlier while detached home sales were flat.

Overall, sales through the MLS system of Winnipeg Realtors were down less than 2 per cent year-over-year while dollar volume was up almost 3 per cent to $153 million.

“One of the positive take-aways from January is the pick-up in condominium sales since the inventory remains elevated compared to its long-term average.” said Peter Squire, market analyst of Winnipeg Realtors. “It has also come to our attention that new condominium construction supply is coming down so builders are making adjustments to account for overbuilding in the condo market.”

Although around a fifth of condos sold for list price, up from just 4 per cent a year earlier; the average price for a condo fell 20 per cent year-over-year.

While condo sales were 17 per cent above the 10-year average for the month, the outlook is uncertain despite a balancing of inventory, due to policy changes.

“One thing to monitor will be whether the more stringent qualifying mortgage rules and even the City of Winnipeg impact fees coming in to effect on May 1, 2017, will affect the condominium sales activity,” said Blair Sonnichsen, president of Winnipeg Realtors.

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