Winnipeg condo sales almost double in 2021, remain good option for first-time buyers

WINNIPEG -

2020 was a record-breaking year for real estate sales in Winnipeg, and 2021 is on pace to surpass those numbers.

The uptick in market activity has created bidding wars in the city, and first-time home buyers like Gurpreet Singh are feeling the effects.

"Right now, the housing market has started acting crazy a bit. So now these houses are out of my range," said Singh.

Singh said he's put in bids on multiple houses, and some have sold for $40,000 above the asking price.

Now he's shifting his focus to the condo market.

"For me, a condo would make more sense because a detached home is pretty much unreasonable as of now."

Liz Taylor, a realtor with Royal LePage Prime, said she's seeing a huge spike in condo market activity.

She said currently, the average sale price of a residential home in Winnipeg is about $380,000 dollars, while a condo is $240,000.

"People are getting priced out of the residential detached market and looking at condominiums as a viable alternative," said Taylor. Just to get in for a few years, build some equity, cash-out at a later date, and then buy their forever home."

Vice President of External Relations for Winnipeg Regional Real Estate Board, Peter Squire, said overall MLS sales in Winnipeg are up 49 per cent this year.

"For a single-family (dwelling), it's 39 per cent, and for condominiums, it's 94 per cent. (Condo sales) have been over double at some points this year," said Squire. "The condo market has never done better in our local market."

Squire said condos are a good affordable option for first-time homebuyers who may be losing out in bidding wars.

As for Singh, he is going to put his plan to buy a house on hold.

"(I'm going to) buy a condo and then live there like five or six years, pay the mortgage and then buy a detached home someday," he said.