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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.

Is spring 2023 turning into a great 'Buyers Market'?

When comparing listings and sales, year over year, there is no doubt that numbers are looking favorable for home and condo buyers in Winnipeg. Let's take a look at the stats of the month of April 22 and April 23.

As we can see from the 'ALL MLS' graph, active available listings (all types of houses and condos) are up 70% over last year, same time. They are actually right in line with the 5-yr average of available listings (3,548)

At the same time, property sales are down by 24% from last year...... as well as being down 17% from the 5 yr average.

Detached Homes in Winnipeg

The numbers for stand-along houses (detached homes) is even more telling. The active listings for the Winnipeg Real Estate Board area are 1,761, which is nearly double (+84%) of the active listings in April 2022, which were 956.

At the same time, sales are off by 25% when compared to last year. So these numbers alone would suggest a nod towards a buyers market. Since there are MORE HOMES for sale, and FEWER sales happening, buyers overall face less competition, more choices and fewer bidding wars. But the story does not end there. Take a look at the average prices:

Last year the average detached home sold for $447,295 while this year its $409,286, a drop of 9%. A third sign of a buyers market.

• Increased Inventory
• Lower buyer activity
• Lower home prices

Attached Homes in Winnipeg

How about the so-called attached homes. These are side-by-sides and townhomes. Home builders have been constructing these as an alternative for first time buyers. Since they use less land, and less building material, they are quite a bit cheaper to build. Let's see how those are faring:

Here active listings are actually more than double, going from 122 in 2022 to 252 this year. Sales are off 28%, from 109 last year to 79 in April 2023. And prices are also down 28%, to an average of $326,995.

So the story is very much the same as it is with detached homes.......more availability, less competition among buyers and lower prices to boot.

Condominiums in Winnipeg

Does the story repeat for condos in Winnipeg as well? Yes, but not the same extreme.

The 484 available condominiums are a 42% increase over last year, which sales are off by 24%. Last April we sold 224 condos, whereas this year we only sold 171. However prices have remained fairly stable, dropping just 1% for the average sale, from $261,802 last year to $258,571 this year.

What about interest rates?

While all those numbers point to a more buyer-friendly environment, some folks point to the higher interest rates as a deterrent. Here is another way to look at this

"Interest rates will go up and down, but the purchase price is forever."

Unless you're lucky (or wealthy enough) to pay your mortgage off in 5 yrs, you will most likely have to re-new it a few times. Each time you will be subject to the current interest rates of the day.

Your mortgage payment will, of course, be based on your current outstanding debt. And right now, you can buy a house for around 10% less than last year. PLUS have more homes to choose from, AND fewer bidding wars than last year.

All of this adds up to an encouraging sign for home buyers.

If you're interested in exploring your options, and see how much home your current pre-approval will buy for you, call me to set up a free buyer consultation.

Hello…this is Bo Kauffmann of Remax in Winnipeg, with your real estate news for… Saturday, May 6h, 2023…

Today is National Homebrew Day and International No Diet Day.

As a home buyer, do you know the difference between being a customer and being a client?

If you’re going to open houses or calling different agents asking them to show you their listings, you are a ‘customer’.

The agent you are speaking with is required, by law, to do his best for his home-seller. As such, the agent only owes you honest answers to direct questions.

The agent is actually required to tell his home-seller any information he learns about you.

However, if you are working with your own home-buyer agent, you are now, in law, considered a client. YOUR agent owes you certain responsibilities and duties, such as protecting your privacy and financial interest.

Here is the kicker: There is no monetary cost to being moving from being a customer, to becoming a client.

Thinking of buying a house or condo? Call me right now to set up a free home buyer consultation, either in person or via zoom. 204-333-2202

Add us to your Daily Routine on Alexa. Go here to add to Alexa in the Canadian Skill Store.

Are you interested in more in-depth real estate information? Check out our podcast, available on most podcast platforms.

Do you have an Android Phone? Add our Free Podcast App Here.

Do you have an I-Phone? Here is our iOS version of the podcast app.

Hello…this is Bo Kauffmann of Remax in Winnipeg, with your real estate news for… Sunday, April 30th, 2023…

Today is, National Oatmeal cookie day, Nat. Bugs Bunny Day and National Adopt a shelter pet day

Let’s give a shoutout to that last reference, the Shelter-Pet adoption day.

Here in Winnipeg we are privileged to have Western Canada’s largest ‘for-life’ pet shelter in the form of D’Arcy’s Animal Rescue Centre, located at 730 Century St.

In operation for over 22 yrs, D’arcys ARC has saved over 16,000 cats and dogs.

As a registered charity, your donations are tax deductible, so please join me in supporting this wonderful cause.

Winnipegs spring market, although delayed, is starting to heat up. Here are a couple of sales in the past week:

2 story home in River part south was listed at $400K and sold for 61K OVER asking.

A side by side in All Seasons Estates sold for $320K, which was 30K over asking.

A 900 ft bungalow in West Ft Garry sold for 77k over asking

Even homes outside of the city are getting some love: 1300 ft bungalow near Ile Des Chenes on a 1 acre lot sold for 30K over asking.

A common refrain I hear from buyers is: “I’ll never get involved in a bidding war”. Truth bomb: don’t kid yourself. If you go out and LOVE a house, most buyers would put in an offer and voila….you’re in a bidding war, like it or not.

Who is winning these bidding wars? The buyers who are best prepared and ready to go. Call me right now to set up a free home buyer consultation, either in person or via zoom. 204-333-2202

Add us to your Daily Routine on Alexa. Go here to add to Alexa in the Canadian Skill Store.

Are you interested in more in-depth real estate information? Check out our podcast, available on most podcast platforms.

Do you have an Android Phone? Add our Free Podcast App Here.

Do you have an I-Phone? Here is our iOS version of the podcast app.

Hello…this is Bo Kauffmann of Remax in Winnipeg, with your real estate news for… Monday, April 24th, 2023…

Today is National Bucket List Day and Pics in a blanket Day

Today, let’s talk a little about home staging. When hearing the word, a lot of people might envision a long, involved process, including movers, decorators and stagers.

In reality, even a few touch ups and clean ups can make a huge impact.

Over the next few days we’ll look at several areas where a little diy and elbow grease will go a long way to make a great first impression.

For today, I’ll focus on an often forgotten aspect of staging…. Offensive odours:

Odours are usually traced to any of 3 sources: Pet, smoking or cooking.

The problem is that home owners often no longer notice these smells, as they get used to them.

But a non-smoking buyer, for example, will immediately pick up on the distinctive smell of cigarettes or cigars.

I just showed a house that had an overwhelming cat odor it was like a punch in the face stepping into the home.

Adding to the problem is the fact that many listing agents just don’t feel comfortable addressing this issue head-on. How do you tell a home seller that their home has offensive odors? Doing so might cause the owner to go with a different agent, one who is more effusive and complimentary and tells the seller just how beautiful their home is.

Take it from me….. offensive odors can cost you serious money in lost offers, and lowball offers.

Thinking of selling? Call me right now to set up a free home seller consultation, either in person or via zoom. 204-333-2202

Add us to your Daily Routine on Alexa. Go here to add to Alexa in the Canadian Skill Store.

Are you interested in more in-depth real estate information? Check out our podcast, available on most podcast platforms.

Do you have an Android Phone? Add our Free Podcast App Here.

Do you have an I-Phone? Here is our iOS version of the podcast app.

Hello…this is Bo Kauffmann of Remax in Winnipeg, with your real estate news for… Saturday, April 22nd, 2023…

Today is National Jelly Bean Day and International Earth Day

According to a new RateHub research, Canadians will need an annual income of $217,000 in Toronto to finance an average home. That’s a lot of jelly beans

Even though the city's average home price has dropped by more than $200,000, the income required is actually 6,250 more than was required a year ago.

According to RateHub co-CEO James Laird, Canadians now need to earn more money to buy a home due to rising interest rates and a 7.54 percent stress test rate.

According to the survey, homebuyers in nine of ten Canadian cities must earn between $5,650 and $21,360 more in annual income than they did last year in order to afford a home. The only city where you can buy a home with less income than a year ago is Hamilton ONT, which requires nearly 5K LESS in annual income than a year ago. Reason is that Hamiltons average home dropped around 20% in value, which more than makes up for the rise in interest rates.

Lets take a look at some of the cities in this report

The average Vancouver home dropped by $119,600 March over March, but the income required rose by 21K to 221,220/year.

Calgary got the double whammy. House prices went UP 5,600 on average (the only city with an increase in property values). Add the higher interest rates, and required income went from $91 to $110,000/year

The only 2 cities in the report with home values below $400K where Edmonton and Winnipeg.

In Edmonton, you need an annual income of just shy of $82K, while in Winnipeg, $75,650 is enough to buy an ‘average home’..

Thinking of buying? Call me right now to set up a free home buyer consultation, either in person or via zoom. 204-333-2202

Add us to your Daily Routine on Alexa. Go here to add to Alexa in the Canadian Skill Store.

Are you interested in more in-depth real estate information? Check out our podcast, available on most podcast platforms.

Do you have an Android Phone? Add our Free Podcast App Here.

Do you have an I-Phone? Here is our iOS version of the podcast app.