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Judy Lindsay Team News

Winnipeg 2018 real estate statistics are in!

January 15th, 2019

Highlights include:

In Winnipeg, to compare it to 2017, 2018 stayed relatively static with sales down 5% from 2017 and 6% from the best year on record in 2016. Sales of 12,773 are down less than 3% from the five – year average and 1% lower than the 10-year average. 23,834 listings placed on MLS® in 2018 rose 2% over 2017. So overall inventory has only slightly increased from 2017 to 2018.

Annual dollar volume $3.77 billion decreased is up nearly 3% from the five-year average.

Overall Prices rose 2% in 2018 which results an average sale price of $321,945

This is encouraging to the Winnipeg market, as many major city markets have seen declines in home values and sales Winnipeg has remained robust in 2018 despite the changes to the mortgage rules implemented by OSFI.

http://www.osfi-bsif.gc.ca/Eng/Pages/default.aspx

New Mortgage Rules

The Office of the Superintendent of Financial Institutions (OSFI) introduced new rules on mortgage lending to take effect next year. OSFI is setting a new minimum qualifying rate, or “stress test,” for uninsured mortgages (mortgage consumers with down payments 20% or greater than their home price). The effect of the changes is significant, resulting in a 20% decrease in affordability, meaning a first-time homebuyer will be able to buy 20% less house

Summary

As we move into 2019 we are encourage by the robust nature of the Winnipeg real estate market and as always it is a great time to sell or buy a home in Winnipeg. If you would like to book a free, no obligation in home evaluation, feel free to give Judy Lindsay Team a call so we can book a appointment to find out what your home is worth!