'Amazing month': October breaks Winnipeg real estate records

A real estate sold sign hangs in front of a home in this file photo dated Nov. 4, 2016.THE CANADIAN PRESS/Graeme Roy

WINNIPEG -

The Winnipeg real estate market is keeping its momentum into the last part of 2021 and staying red hot.

According to October's Market Report released by the Winnipeg Regional Real Estate Board, October's home sales helped beat several records.

"October this year was an amazing month. First off, it was only beaten by last year, and we had a major surge going on in the second half of 2020 because of the pandemic, and we were making up for sales lost in the spring," said Peter Squire, vice president of external relations and market intelligence at the Winnipeg Regional Real Estate Board.

"October 2021 is our second-best month ever. Our best month in terms of dollar volume with well over $500 million, which again says a lot for a latter month in our year."

A new record of the most annual MLS sales has been set at 16,411, with October contributing more than 1,500 sales. It's an 18.3 per cent increase over the same period in 2020 and a two per cent rise over the 16,033 sales transacted by the end of 2020.

In context, in a pre-pandemic October, Squire said there would have only been around 1,200 sales.

"We are not a seasonal market. You can sell a home at any time of the year," noted Squire. "Certainly, this year is bearing that out with a lot of activity going to the latter part of the year."

BUYERS OR SELLERS MARKET

Squire said it's prime time to cash in on the market with records still being broken.

"We need more listings. We are still in a seller's market," said Squire. "From a seller's point of view, we are still exceptionally strong."

Squire said the average price of a home in the city is around $380,000, up around 11 per cent from 2020.

"I think there's still plenty of opportunities for sellers to take advantage of that brisk demand," he said.

While the second and third quarters proved challenging for buyers, Squire believes it isn't all bad news.

"As we get to the slower months, which are November, December, I think there should be more opportunity to have more of a chance because they are still going to be involved in multiple offers."

ALL PROPERTIES BENEFITTING

Winnipeg Regional Real Estate Board data shows single-family home sales in coveted Winnipeg neighbourhoods like Southdale, East Kildonan and Waverley West are still very strong.

Squire, however, said many other property types are also seeing the benefits of a hot market this year.

"It's happening in all property types whether it be not just the condominiums, but vacant lands have set new records, we've seen it in townhouses, in duplexes and even some commercial properties."

According to Squire, October's 228 condos sold is well ahead of last year's record.

"So condos have managed to stay ahead of last despite how strong those months were in 2020."

Squire said that although condo prices are rising, it still presents a cheaper option than a single-family home.

HOLDING STRONG

As 2021 reaches the latter part of the year, Squire said the market shows no signs of slowing.

"There's nothing I really see on the horizon that shows the Winnipeg market will slow down that much," he said.

"It may not be able to stay pace with another record year in 2021, but I never count it out because there will be more first-time buyers getting back into employment."

Squire said interest rates will still be historically low but could inch up as early as spring, tempting buyers to purchase earlier in the year.

"So that will spur on some buyers to get into the market where they might have held off."

Overall, Squire said 2022 is looking like another strong year.

"I'm still optimistic that 2022 is going to be a really solid year."