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Here is why waiting for rates to adjust is not a winning strategy.

Rates will go up, down or stay the same.  But no matter WHAT they do, buyers who sit on the fence now may end up losing .

Lets take a look at how The numbers of sales and listings for houses and condos on August 1st, stack up against the previous month, and also against the previous year.  For sales figures, we look at the sales that occurred during the month of July, but this year, and 2022.

Currently in Winnipeg, we have 1282 houses listed and available on the MLS,  That’s up from the 1196 on July 1st, and its actually VERY similar to the number of houses available on Aug 1st LAST YEAR, which was 1263.

During the month of July, we sold 693 houses in Winnipeg, with an additional 17 still showing as ‘Pending’ so a potential total sales of 710.

Compare that to the 843 sold in June, and you can see we’re down  around 15% over the previous month.

Even more important however, is comparing the stats year over year.  So the number this year was 710, in in July ’22 that number was 789,  so we are down 10% over last year as well.

In addition, Winnipeg REALTORS reports that the average detached home price is up 2% from same period last year.

During July we sold 8 homes at 1 million and more.  The most expensive home sold was in Tuxedo at 4.7 million, and it only took 14 days on the market.

To summarize the housing market, let me say this:  The numbers of available listings are at a normal level, while sales are down 10 to 15%.  Winnipeg is currently a much more buyer-friendly market, especially in the 250K to 500K range.  Sales in THIS range are actually down 20%, which makes it a little easier for buyers to find and get a home.

So now lets turn our attention to the condo market in Winnipeg.

On august 1st,  we have 369 Condos available for sale, which is up from the 349 on July 1st.  This year’s 369 is very comparable to last years 365, so the amount of available inventory is pretty stable, year over year

During July we sold 171 condos with another 13 showing as pending, so a potential total sale of 184 units.  While that’s down 10% from the 206 we sold in June this year, its actually UP 10% from the 160 units we sold in July of LAST YEAR.

This year, condos have been bucking the prevailing trend, and have outperformed houses in Winnipeg.  I maintain that a 300K condo will be a nicer place than a similarly priced house.

And with interest rates a little higher than we’ve been used to, condos offer a reasonably priced alternative to houses in Winnipeg.