While the overall level of sales for February was 6 per cent lower than a year earlier, condos are hot property for buyers with a 33 per cent increase in sales year-to-date.
Overall home sales are 4 per cent above the 10-year average but the single-family sector is down 8 per cent year-to-date compared to 2016. New listings for single-family homes are down 6 per cent and new listings of all home types is 9 per cent lower than a year ago.
WinnipegREALTORS’ president Blair Sonnichsen says the market faces some challenges in the months ahead.
“Not only are we coming off a record-setting year but are faced with new challenges in stricter mortgage qualifications and new City of Winnipeg impact fees on residential property,” he said. “While too early to tell at this juncture in the year, it is apparent already some substitution to more affordable property types is occurring and buyers are aware of Winnipeg’s new impact fees.”
Prices in the Winnipeg market have increased for duplexes (27.79 per cent), condos (2.79 per cent) and detached (1.97 per cent) homes but are slightly lower year-over-year for single attached homes.
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Sales of condos in the Winnipeg market have increased sharply, keeping the region’s housing activity above 10-year averages.