'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.
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