“I didn’t think it would have that much affect, but it was definitely an influence, with many people jumping on the home-buying bandwagon,” he said.
But while Fyfe welcomes any increase in activity, he said the federal government still needs to work hard on keeping Realtors in the loop when it chooses to change mortgage rules.
“If the federal government does anything at all to impede house sales, it’s going to have an effect,” he told CRE.
The feds relationship with Realtors is crucial in sustaining the health of the market since each home purchase results in more than $40,000 of extra expenses, and that’s all going back into the economy, Fyfe said.
It’s important for the health of the industry that the federal government works with Realtors when introducing new rules, he said.
“We would welcome further consultation with the federal government on any changes that they want to implement that would affect the real estate industry.”
Thus far there’s been $570 million in dollar volume sales by the end of March, marking the first time the half-billion mark had been broken by the first quarter.
The Winnipeg Realtors March release said the latest sales boom was seen largely in the city’s southeast and southwest, where the average price is a little over $300,000. The city’s average price for a detached home is $255,000. Some 48% of detached home listings sold for above list price, according to the release.
A new report from the CMHC last week also showed March was Winnipeg’s best month for housing starts in more than two decades with 149 new single-family homes started.
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