It was a record-smashing year for sales of investment properties in this Canadian city in 2014, but experts don’t expect this trend to extend into 2015.
“I cannot see a repeat of 2014 happening this year,” said Garry Loewen, a Realtor and broker at Coldwell Banker Preferred Real Estate in Winnipeg
, the record-breaking city.
“I think we will see a maximum one to two per cent price increase, and only because of low-cost mortgages.”
Preliminary year-end numbers compiled by Colliers International this week found that nearly $1 billion worth of properties changed hands last year in Winnipeg
. This is nearly a quarter of a billion dollars more than the previous record of $762 million set in 2007.
“Investors from Alberta and Toronto
looking for more opportunities and REITs always hunting for more solid real estate investments made last year a banner year,” added Loewen. “Cheap mortgage rates (and a huge amount of idle cash looking for better returns) fueled this enthusiasm.
“There are a lot of multi-family properties under construction now in Winnipeg
and perhaps we are moving more closely to an oversupply of condos and rentals. Volume of new starts will be down as the market has to absorb the excess availability.”
For the latest data on Winnipeg's median house prices, monthly growth and stock on the market, visit the CREW website to access the Investment Hotspot tool.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
Investment Hot Spots:
Rivervale, Chater, Roxton Pond, Worthington, Turtle Lake Lodge Beach