'We're going to be balanced': What November's numbers are showing about the Winnipeg housing market
Following two years of pandemic pandemonium, the latest numbers from the Winnipeg Regional Real Estate Board show the market is almost balanced out.
Numbers from November show there were 870 sales in the city, which is down from the 1,244 in November 2021, but it is only slightly lower than the 902 sales in 2019 and pre-pandemic conditions.
"One thing to note there is we still see some small remnants of a seller's market there. So sales are still keeping pace with the 2019 pre-pandemic area there," said Jeremy Davis, the director of external relations and market intelligence with the board.
He noted the inventory still needs to balance out a little bit more before the market is fully balanced.
There were 3,455 listings in November, which was a staggering 53 per cent increase from November 2021 when there were 2,252.
However, in November 2019 there were 5,009 listings.
"So we're just entering that balanced market territory. So all signs are pointing towards yes, we're going to be balanced. But we're just barely entering that stage right now."
With a balanced market on the horizon, Davis said this is a time that will benefit both buyers and sellers alike.
"Entering balanced market territory is good for everyone because there's still ample demand for sellers and supply for buyers," he said. "Winnipeg is typically a predictable market. And while it shifted during those pandemic years, it remains as one of the most affordable in the country."
He added that 15 per cent of residential-detached home sales were purchased for higher than the asking price, which is a drastic difference to the 43 per cent in November 2021.
The average price for a detached home this past month was $378,905. On average this year, the most expensive homes were found in the southwest part of the city, with an average price of just under $542,000. Meanwhile, the west portion of the city had the lowest average home price at $321,751.
The average home price in the city depending on the area of Winnipeg. Dec. 8, 2022. (Source: Winnipeg Regional Real Estate Board)
While those are the average prices, the board noted five sales were at or above the $1.55 million mark, with the most expensive house selling for $2,125,000 in November.
Condos are also continuing to be an option Winnipeggers are looking at. Condo sales year-to-date have gone up 11 per cent over the five-year average and are up 27 per cent compared to 2019.
CTVNews.ca Top Stories
From outer space? Sask. farmers baffled after discovering strange wreckage in field
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
Broadcaster and commentator Rex Murphy dead at 77: National Post
The National Post is reporting that Rex Murphy, the pundit and columnist who hosted a national call-in radio show for decades, has died.
Pearson gold heist suspect arrested after flying into Toronto from India
Another suspect is in custody in connection with the gold heist at Toronto Pearson International Airport last year, police say.
Millions of cyberattacks per hour as B.C. government investigates multiple breaches
Careful attention to government statements and legislation is required to get a handle on the level of risk British Columbians’ information is under, as investigators probe multiple breaches under a continued barrage of attacks.
Ontario family receives massive hospital bill as part of LTC law, refuses to pay
A southwestern Ontario woman has received an $8,400 bill from a hospital in Windsor, Ont., after she refused to put her mother in a nursing home she hated -- and she says she has no intention of paying it.
Debate on abortion rights erupts on Parliament Hill, Poilievre vows he won't legislate
A Conservative government led by Pierre Poilievre would not legislate on, nor use the notwithstanding clause, on abortion, his office says, as anti-abortion protesters gather on Parliament Hill.
Justin and Hailey Bieber are expecting their first child together
Hailey and Justin Bieber are going to be parents. The couple announced the news on Thursday on Instagram, both sharing a video that showcases Hailey Bieber's growing belly.
Here are the ultraprocessed foods you most need to avoid, according to a 30-year study
Studies have shown that ultraprocessed foods can have a detrimental impact on health. But 30 years of research show they don’t all have the same impact.
New 'Lord of the Rings' film coming in 2026
The Oscar-winning team behind the nearly US$6 billion blockbuster 'Lord of the Rings' and 'The Hobbit' trilogies is reuniting to produce two new films.