Winnipeg Housing Market July 2020

07/02/20 • 5 min

Update on the real estate market for Winnipeg. Housing sales and listings stats for July 2020
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[00:00:00.240]Let's take a look at the real estate market conditions for July 2020 in Winnipeg.
[00:00:23.090] Well, hello, Winnipeg, it's Bo Kauffmann Remax Performance Realty, and it's July 2nd, 2020. And I take a look back at the sales and listings which happened over the last month or so, all of June.
[00:00:34.580]And you're going to see that we are in a super hot sellers market right now. And for example, last year for the month, we sold 786 houses in Winnipeg. This year we sold 861. So that alone is 10 percent more sales. But you're going to see that the listings for actually way down, which makes it an even hotter market. Similar story with condos last year and this time period, we sold 82 condos and Winnipeg this year we sold 108.
[00:01:03.030]So that's about 20 percent more or even 25 percent more. As for the market highlights for June, the most expensive house sold was 1.45 million in South Headingley. In fact, during the month, there were four houses sold for over a million dollars. And the most expensive condo hit one million dollars. And that's in the North Henderson Highway area. And as I mentioned earlier, the number of available houses substantially down quite a bit from last year.
[00:01:28.190]So let's take a look at available houses in Winnipeg. Last year this time, we had 1,866. And today we got 1,232. That's that's a huge drop. That's about a 35 percent drop in listings available for the buyers to pick from breaking that down among the different price ranges for houses under two hundred and fifty thousand. Last year we had 486 available this month, virtually the same as last month, 265 available in that price range.
[00:01:56.770]The mid-range homes, 250 to 500 thousand dollars. Last year we had 934. This month, we have 584 way down. So. And it's just about 10 more than last month. Luxury homes last year. 446 available. This month, 384. Again, a big drop over last year. Now the available listings are down, but sales are keeping up, or actually better than last year in most of these categories.
[00:02:25.400]Under two hundred and fifty thousand dollar homes last year, in a time period of June, we sold 203. This year, 199. virtually the same. Quarter million to half a million dollar homes last year, we sold 504. During June this year 570.
[00:02:41.630]And luxury homes as well. Last year we sold 79 in that time period, this year, 92. If you've been listening to my real estate reports over the past few years, you know, I put those numbers, that is the sales and the listings, together. And I come up with a quotient I called days of inventory that is kind of giving a number to how hot the market is. So let's take a look at houses under 250thousand dollars. You can see that maximum would be about 120 days. In fact, an average market would be around 90 days or so. Last year we were at 74. And this year, right now, this month, we're at 40 days. That is super, super hot sellers market.
[00:03:20.860]Houses for 250 to 500 thousand dollars are in a similar predicament. Maximum is 120 days. Average would be around 90 or so. Last year, 57. This year 31. If you've got a house in the 250 to 350, 375 range and it shows half decent, it's going to be gone in a few days.
[00:03:42.200]Luxury homes over half a million dollars, you know, a maximum about...

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Right now, BUYING is cheaper than RENTING!

Still renting? Interest rates are super low, and there is even a way to buy without having 5% down. Let me show you how.
For more real estate info, check my blog at (https://blog.winnipeghomefinder.com)
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[00:00:00.240]Are you currently renting and thinking you can't afford your own home? Let me dispelled that myth right now.
[00:00:22.680] So are you renting right now and wondering if or how you could afford a new home? Let me tell you what happened to a client of mine very recently. They called me at the end of May to tell me that they were they had been renting for about five years and everything was going okay until a noisy tenant moved in above them and they finally had it.
[00:00:40.720]So they were looking at alternatives, but they didn't initially think that they could afford it. I put them in touch with my mortgage specialist and this is what we came up with. So they were pre-approved for $300,000 and their initial plan was to find a stand-alone home. But in the south end of the city, St Vital, , Fort Richmond, Richmond West. Now there are neighborhoods in Winnipeg, where I can find you are really nice. home for 300,000 dollars or less. Standalone house. But St. Vital, , Fort Richmond, White Ridge. Those kind of areas are not among them. So after a few disappointing showings, we switched focus and we started looking at condos. Currently they lived in about an 800 square foot apartment, two bedrooms, one bath, outdoor parking, and they were paying 1,210 dollars a month. After looking about three or four condos. This is what we found them for $275,000 dollars.
[00:01:32.780]We got them a three level townhouse condo in Bridgewater. Here's what you've got on the main floor. You have a small office area plus closets and the laundry room, and that is the door to the attached garage. So they go from outdoor parking to a single attached indoor garage. On the second floor, we have a half bath, a really nice, open, modern kitchen with all the appliances, all stainless steel appliances included the patio door leading to the balcony and a large living room area.
[00:02:03.760]And the top floor features two good sized bedrooms, a main four piece bath and the large master bedroom with a full en-suite and lots of closet space. Now, as I said, their apartment was 800 square feet. This condo is 1,350 square feet. So let's take a look at how those costs compare. As I already said, they initially paid twelve hundred and ten dollars for rent plus hydro. So this condo, we got them for two hundred and seventy five thousand dollars.
[00:02:31.510]They put five percent down, but there's CMHC fees lumped into it, which is around four percent. So let's say that they had to mortgage a two hundred and seventy five thousand dollar mortgage and figure out what the interest is on that. So let's be generous and say they're paying 2.4% , which makes a monthly interest costs of 550 dollars. So, yes, the actual mortgage payment is going to be higher. But anything above the interest goes against their own mortgage payment. So that money is not lost. It's not an expense. It goes to pay down their own debt. The only real cost is the interest.
[00:03:06.670]After this, a property tax of 250 dollars per month and then a condo fee of 225 dollars a month. Now, hydro costs are going to be very similar as their rented space, as will insurance. The condo building insurance is actually included in the monthly condo fees.
[00:03:22.300]So all they have to do is add condo owners insurance, which is similar to renter's insurance. So add up all these costs and instead of 1,210 a...

Next Episode

Winnipeg Condo Market Update for July 2020

Thinking of getting into home ownership, but want to avoid bidding wars? Want a nice place to call your own without spending too much? Consider Winnipeg Condos
For more real estate info, check my blog at (https://blog.winnipeghomefinder.com)
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[00:00:00.240]What's Winnipeg condo market in July 2020? Coming up next.
[00:00:23.230]For those of you who have listened to or watched my housing market report for July 2020 in Winnipeg, you already know that the housing market is super hot. It's a super hot sellers market. Tough for buyers. Well, condos are kind of the opposite.
[00:00:38.430]Condos are and remain and have always been for the last five years a real strong buyer's market. It's a great opportunity for you to get into real estate, to become a homeowner if you don't want to endure the bidding wars of houses. You can find a really nice condo even for under 250,000 dollars. But Condos in the 250 plus range are superstrong buyer's market. They can sit there for several months. You won't likely get into a bidding war if you buy one and you can get a pretty good deal on these days.
[00:01:09.420]So let's take a look at what the market is like as an overview.
[00:01:12.570]Last year for this time period, for a month, we sold 82 condos in Winnipeg. Last month, we sold 78. And then in June, we sold 108. So it's not only faster than last month, but it outperforms last year as well. As for the most expensive condo it did hit one million dollars in the North Henderson Highway area. And you're going to see that the condo market this month actually outperforms not only last month, but last year as well.
[00:01:40.200]Let's take a look at the numbers of available condos for sale as of July 1st. We can see that last year, under two hundred and fifty thousand dollars. Last year we had 513 for sale. On June 1st, we had 354. And July 1st it was 369. So it's slightly more than last month, but it's way down from last year.
[00:02:02.350]Same thing for condos of two hundred and fifty thousand dollars. +, all the way up to as high as they go. And they do go for a million dollars in Winnipeg. That's pretty, pretty comparable to last year. Last year we had 323. This this month we had 302, which is virtually identical to the previous month as well. So that's remained fairly stable.
[00:02:21.390]But now looking at the sales, you're going to see that this month has outperformed the previous month and even the previous year condos under 250,000 dollars last year.
[00:02:30.930]This time period, we sold 35. This month, we sold fifty five. And for more luxurious condos, 250,000 dollars and up last year we sold 47. This year we sold 53. So even when compared to last year, which was a fairly active year, condo sales are up this year over last. What does all this mean? I'll explain when I come back.
[00:03:07.230]So with math formula, we combine the sale statistics and the available listing statistics and we come up with something that works out to be the days of inventory. This is basically answering the question that if nobody else listed their condo going forward, how long would it take to sell everything that's out there? And of course, the lower the number, the hotter the market. If we take a look at condos under 250,000 dollars last year, that number was 455 days.
[00:03:36.420]In other words, it would take nearly a year and a half to sell everything that's out there. This month, that number has dropped to 201. So that's twice as fast as last year.