After last year’s relatively sluggish real estate sales rates, 2013 has showed some more encouraging numbers in Winnipeg.
According to the Winnipeg Realtor’s Association, as of July 2013, sales showed a 13 per cent rise on the figures taken this time last year. Evidence of this can be seen in just how quickly the ‘for sale’ Signs, which have been produced by local printing companies, have been popping up and then switching to ‘sold’ all over the city.
These numbers represent a market worth more than $350 million.
More than 2,000 homes were listed in July, and of those only one in 13 sold for less than the asking price; many even sold for more. The average price for a detached house was between $250,000 and $300,000, while 29 per cent of condos fetched between $150,000 and $200,000.
The average period of time that a detached house remained on the market before being sold was 32 days, while for condominiums, it was 33 days.
Part of the reason for these large numbers of transactions is believed to be the interest rates being offered by most of the major lenders, which are at a record low. This makes it easier for someone to buy a home, as their mortgage payments will be much lower. Rates are expected to stay that way for some time.
The brisk market for multifamily style dwellings has encouraged several developers to construct large complexes, with one of the biggest being the Annex of Bison Drive. This construction provides many jobs and other economic benefits for the city.
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