Real Estate Boom to End in 2016?

Judy Lindsay Team News

Real Estate Boom to End in 2016?

December 14th, 2016

The end of the year is just ahead and what a year we’ve had; it’s been a record year for sales in 2016, resting at 13,080 at the end of November, which ended up surpassing 2007’s record total of 13,079. The high number of sales is a growing trend throughout all of Canada, and we’ve seen a lot of rising and falling of the market. With the rise and fall of the economy and housing market comes a lot of stress and those who are gearing up for a housing bubble mixed with a lot of speculation on how long this hot market will last. Luckily for us Winnipeggers nothing really seems to change; our climb is a slow one to the top and even with intense bidding wars years ago it was nothing compared to Toronto or Vancouver. Winnipeg has always seen a slow rise in temperature; 2-3% increase in average home prices is the norm here, staying on the same rough increase every year, even when Toronto is storming in at a projected increase of average home prices to 8% for the year 2017. Vancouver is projected to climb at a more balanced rate at an increase of 2% for the upcoming year. These two markets have been the hottest in Canada and the slow rise is a great change of pace those looking to get into the real estate market.

Not unlike Vancouver, Canada is forecasted to follow suit increasing at around the 2% mark. Winnipeg, as per usual, is heading towards the same range looking towards the New Year at a 3% increase over the 2016 market; average housing would then be projected to sit at $297,155. The estimated average home price in Winnipeg (2016) is $288,500, which has held steady over the years with only a 2.66% change between 2015 and 2016. Winnipeg continues to balance out, but the rest of Canada is looking towards a bright future and a slow burning real estate market. Our friends over in Alberta will be feeling more stable and comfortable than expected as the housing markets have stayed resilient even throughout all their ups and downs and bad luck. The lower oil prices will keep confidences impartial when it comes to real estate, but with a boost to the economy expected as a whole for the province (due to the approval of the Trans Mountain Pipeline) we will see this boosted as a result of a relatively stable market anticipated for 2017.

The popularity of home ownership will continue to climb, especially when it comes to urban centres, as they will see a surge of demand throughout the next year and into the foreseeable future. Nearly half of Canadians plan to buy a home in the next 5-10 years, and a shift in lifestyle brings more interest in great amenities, cafés, restaurants and night-life, all within walking distance is bringing families closer and closer to city centres.

If you’ve any questions about the market in Winnipeg, how your home will fare in the New Year, or just simply aren’t sure of where to start, give me a call today at 204-925-2900 or visit our website judylindsay.com.