'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
Quebec nurse had to clean up after husband's death in Montreal hospital
On a night she should have been mourning, a nurse from Quebec's Laurentians region says she was forced to clean up her husband after he died at a hospital in Montreal.
Cuban government apologizes to Montreal-area family after delivering wrong body
Cuba's foreign affairs minister has apologized to a Montreal-area family after they were sent the wrong body following the death of a loved one.
What is changing about Canada's capital gains tax and how does it impact me?
The federal government's proposed change to capital gains taxation is expected to increase taxes on investments and mainly affect wealthy Canadians and businesses. Here's what you need to know about the move.
'Anything to win': Trudeau says as Poilievre defends meeting protesters
Prime Minister Justin Trudeau is accusing Conservative Leader Pierre Poilievre of welcoming 'the support of conspiracy theorists and extremists,' after the Conservative leader was photographed meeting with protesters, which his office has defended.
Northern Ont. lawyer who abandoned clients in child protection cases disbarred
A North Bay, Ont., lawyer who abandoned 15 clients – many of them child protection cases – has lost his licence to practise law.
Boeing's financial woes continue, while families of crash victims urge U.S. to prosecute the company
Boeing said Wednesday that it lost US$355 million on falling revenue in the first quarter, another sign of the crisis gripping the aircraft manufacturer as it faces increasing scrutiny over the safety of its planes and accusations of shoddy work from a growing number of whistleblowers.
Bank of Canada officials split on when to start cutting interest rates
Members of the Bank of Canada's governing council were split on how long the central bank should wait before it starts cutting interest rates when they met earlier this month.
Fair in Ontario, flurries in Labrador: Weather systems make for an erratic spring
"It's a bit of a complicated pattern; we've got a lot going on," said Jennifer Smith of the Meteorological Service of Canada in an interview with CTVNews.ca on Wednesday. "[As is] typical with weather, all of these things are related."
Police tangle with students in Texas and California as wave of campus protest against Gaza war grows
Police tangled with student demonstrators in Texas and California while new encampments sprouted Wednesday at Harvard and other colleges as school leaders sought ways to defuse a growing wave of pro-Palestinian protests.