Multi-family housing has pushed the Winnipeg housing sector towards a very strong summer, according to the city’s real estate association.
August data from WinnipegREALTORS® showed that the month’s sales grew by 13% annually, up to 1,439 transactions. This figure was 9% higher than the five-year average for that month.
Condos represented much of this market dynamism, with the asset class enjoying a 37% annual increase in sales and ending up 19% higher than the five-year average for August. In contrast, single-detached units saw a mere 4% year-over-year uptick.
“It is not often, if at all, when we see condominium sales outperform single family to the degree they did this month,” WinnipegREALTORS® president Ken Clark said.
Sales volume for the month amounted to a total of $411 million, which was 10% greater annually and the first time that Winnipeg’s August dollar volume exceeded $400 million.
On a year-to-date basis, the total sales figure of 9,702 was 5% higher than that seen during the January-August period last year. Meanwhile, dollar volume of $2.91 billion during the same time frame was up 6% from 2018.
As for inventory, the city saw more than 6,000 listings in August, which was 17% higher on a year-over-year basis. WinnipegREALTORS® assured that the market remained in balanced territory, however.
Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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