Manitoba Real Estate Market Update: July 2020
The Manitoba real estate market saw signs of recovery in June that has carried through to July. Sales activity in Winnipeg continues its upward trajectory, jumping from a 24% year-over-year increase in sales last month to an impressive 32% year-over-year increase in sales in July. As a result, July set a record for sales and pushed Winnipeg’s year-to-date sales beyond its 2019 figures despite the pandemic.
If you need to sell or buy a home during the outbreak, rest assured a Purplebricks REALTOR® can help you navigate the market in this unprecedented time. We saved our home sellers an average of $13,500 in commission last year†, and we give buyers $2,000 cash back* when they use a Purplebricks REALTOR® to buy their home.
The strong sales activity the Winnipeg real estate market1 saw in June continues in July with a 32% year-over-year increase in sales. “We are witnessing a very different market this year, with the record month in July bringing us beyond our year-to-date sales in 2019,” said Catherine Schellenberg, president of WinnipegREALTORS®. “While WinnipegREALTORS® forecasted another strong year following a successful 2019 with an expanded rural area, we did not expect such a significant recovery from the drop off in April and May sales activity due to the economic shutdown.”
Looking at the year-to-date sales figures, the real estate market is ahead by 5% compared to the January to July 2019 volume. While sales are up, new listings continue to fall behind with a 9% year-over-year decrease, which has resulted in a 27% decrease in inventory compared to this time last year. This means that many markets in Manitoba are in a seller’s market, with more buyers in the market than homes available.
“Less inventory suggests sellers have been reluctant to participate in our real estate market as opposed to buyers, which has created inventory shortages in a number of MLS® areas,” said Schellenberg. “This market change has resulted in multiple offer situations.”
Single-family homes made up the majority of sales in July at 73%. 31% of those sold for above asking, nearly doubling the number of above asking sales this time last year.
Another first for the region, the most active price range moved up to the $300,000 to $349,999 with nearly 18% of total sales, replacing the previous most active range of $250,000 to $299,999. The average selling price for a single-detached home is $353,450, a year-over-year increase of 9% and a month-over-month increase of 3.9%. The average for a semi-attached home is $272,424, a year-over-year decrease of 6.1% and month-over-month increase of 7%. The average for a condominium is $234,934, a year-over-year decrease of 8.6% and month-over-month decrease of 8.9%.
If you need to sell your home or buy a home during the outbreak, rest assured that a Purplebricks REALTOR® can help you navigate the market.
Purplebricks is here to support Canadians by providing them with a full-service real estate experience while saving them thousands in commission when selling their home. As for homebuyers, we share the commission by giving buyers $2,000 in cash back* when they buy a home with us. Call 1-855-999-9740 for more information.
Randall Weese is a licensed REALTOR® with 14 years’ experience in Ontario who currently holds Broker licenses in Ontario, Manitoba and Alberta. Randall has worked in a variety of business models within the real estate industry. He has been a REALTOR® at one of the largest brokerages in Canada, managed a boutique brokerage, and founded and operated his own brokerage in the Greater Toronto Area; all in addition to acting as a listing agent on thousands of homes across the country during his career. Randall is currently working at Purplebricks where he is the Broker of Record for Ontario, Broker for Alberta and Associate Broker for Manitoba. Furthermore, he oversees Purplebricks’ Customer Service and Compliance departments.
1. WinnipegREALTORS® July 2020 Market Update