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Market Recap 2022 in Winnipeg
According to Winnipeg Market Report
The average sale price in Winnipeg for June 2022 was 399,645, representing an 8% year-over-year increase.
Winnipeg has a relatively slow home price growth, compared to other major Canadian housing markets over the past two years.
Condo’s average price increased by 11%year-over-year to $278K.
Manitoba average house price is around $375k for 2022, with nearly 1,800 transactions and mostly transactions are single house one. This is showing that despite recession and higher interest rates, Winnipeg residents are still looking for opportunity to do some investments.
Based on the market recap, North and East of Winnipeg area are showing a higher number of annual sold price of 17.6% and 10.2% respectively, with the home price fall into around $360k and $320k. While in South East and South West, the average sold price are lower, which are 5.9% and 9.6%respectively, with the average sold price of $440k and $470k.
The average sale price in Winnipeg for June 2022 was 399,645, representing an 8% year-over-year increase.
Winnipeg has a relatively slow home price growth, compared to other major Canadian housing markets over the past two years.
Condo’s average price increased by 11%year-over-year to $278K.
Manitoba average house price is around $375k for 2022, with nearly 1,800 transactions and mostly transactions are single house one. This is showing that despite recession and higher interest rates, Winnipeg residents are still looking for opportunity to do some investments.
Based on the market recap, North and East of Winnipeg area are showing a higher number of annual sold price of 17.6% and 10.2% respectively, with the home price fall into around $360k and $320k. While in South East and South West, the average sold price are lower, which are 5.9% and 9.6%respectively, with the average sold price of $440k and $470k.
House Price winnipeg
House price market in Canada will be anticipated to take a fall in early 2023. According to many resources and statistics of market analysts and real estate professionals, listing prices will decrease up to 23% over the nation as it softens considerably. Truth to be told, although many sources indicate that house prices will drop up to 23%, but no one can guarantee when is the best time to purchase a house or to sell it. Likewise, real estate professionals also recommend home buyers should check their mortgage rate, interest rate as it can fluctuate during the recession.
Check your mortgage, interest rates, sell and buy prices here: Manitoba Mortgage Calculator
Check your mortgage, interest rates, sell and buy prices here: Manitoba Mortgage Calculator
What experts say about interest rate in the upcoming year
According to the Winnipeg Sun. Bank of Canada governor Tiff Macklem is unfazed by the lower house prices. The central bank may even increase its benchmark interest rate to 3%, or more, to control inflation if required.
To home buyers, be prepared to take a hit of spike in interest rates, which is likely to happened in 2023 even though the house price is anticipated to drop by 23%, nothing is guaranteed in the upcoming recession. The best method you can do right now is looking for interest rate in your local banks and keep yourself updated to news on the market trend.
Right now most banks have their interest rates of 5-5.5% for fixed term and around 4.5% for variable term.
To home buyers, be prepared to take a hit of spike in interest rates, which is likely to happened in 2023 even though the house price is anticipated to drop by 23%, nothing is guaranteed in the upcoming recession. The best method you can do right now is looking for interest rate in your local banks and keep yourself updated to news on the market trend.
Right now most banks have their interest rates of 5-5.5% for fixed term and around 4.5% for variable term.
what about new home buyers?
After checking on the resources and market recap for 2022, it is not recommended to buy house in this recession, house price is currently all time high, compared to its value and 2021 prices, plus interest rate is going to increase. Many people say house price is going to adjust in 2023, everything will be going into places. However, first home buyers should take it seriously when buying a home right now, especially in Manitoba.
Here is the list of things you should do:
- Check your credit score, financial ability, interest rate and market update
- Find a good real estate agent who can walk you through the process seamlessly, less painful.
Do not save your money to buy a house, use leverage of the bank because you can not wait for the house price to drop or have enough money to pay the down payment. As the situation here right now is too soon to guarantee anything. Remember, the price and the interest rate will keep going up over the years, saving your money is not the best answer.
Here is the first home buying guide you should read to save your time and money: Home buying guide
Here is the list of things you should do:
- Check your credit score, financial ability, interest rate and market update
- Find a good real estate agent who can walk you through the process seamlessly, less painful.
Do not save your money to buy a house, use leverage of the bank because you can not wait for the house price to drop or have enough money to pay the down payment. As the situation here right now is too soon to guarantee anything. Remember, the price and the interest rate will keep going up over the years, saving your money is not the best answer.
Here is the first home buying guide you should read to save your time and money: Home buying guide
investment property
About investment property, it is harder to buy than to sell right now. Despite declining in housing price, investors should carefully make their decisions to sell, they could let people rent and pay out the mortgage and wait for another year to pass or a higher value of property to sell.
To people who are looking to buy a property, market price is not stable at the moment and should take extra considerations when buying a property to invest. If prices start to fall sharply, we will see people getting worried to sell their home as it is peer forced. Keep looking for open houses in your area and start calling is the best advice to do right now.
However, now people are not selling their houses due to changes in their variable mortgage rate, that is unlikely to cause homeowners to sell and reinvest. The higher mortgage payments might lead to some highly leverage investors to sell. Whether investors are going to see profits if they are selling now entirely depends on the area where they purchased. About renters, ready to expect a rise in monthly payment because of inflation and recession, be prepare to the impact of it.
To people who are looking to buy a property, market price is not stable at the moment and should take extra considerations when buying a property to invest. If prices start to fall sharply, we will see people getting worried to sell their home as it is peer forced. Keep looking for open houses in your area and start calling is the best advice to do right now.
However, now people are not selling their houses due to changes in their variable mortgage rate, that is unlikely to cause homeowners to sell and reinvest. The higher mortgage payments might lead to some highly leverage investors to sell. Whether investors are going to see profits if they are selling now entirely depends on the area where they purchased. About renters, ready to expect a rise in monthly payment because of inflation and recession, be prepare to the impact of it.
Price correction is spreading
Based on Monthly Housing Market Update of RBC. Other parts of the country are now beginning to see softening prices. The MLS HPI fell in Winnipeg, Montreal and Quebec City from May to June, which we think will mark a turning point. Calgary and Halifax may not be far behind with the index largely flat last month. These developments fit our view that property values will come under increasing downward pressure across Canada over the coming months with pricier markets on the front line of that trend.
how the upcoming recession will impact the real estate market
By far, we have a clear understanding of what to be happened in 2023. Market price for houses is predicted to take a fall by 23%; however, interest rate is expected to increase around 4-5% based on different circumstances and banks.
For this reason, renters will have a higher monthly rent both apartment and single home price, higher hydro and water bills to be exactly, all of that adding up to a higher cost lifestyle.
It is recommended to wait for the first half of 2023 to have a clearer picture what will be happened to the market, then we make decision based on the adjustment in house price and interest rate. It is going to be a painful year to both homeowners and investors as house price will be higher. About sellers, house price will be going to cool down, do not be fear of missing out and sell your home at a negative value.
Remember to get yourself a professional real estate agent to walk you through the painful process of buying and selling, giving you the best advice they can give. As at the end of the day, they are the ones who have market insights and knowledge in this area. Buying or selling a house is life time transactions to many people so taking some extra help from professionals will save you thousands of dollars.
For anyone interested, we have a complete guide of home selling process and home buying process in Canada.
But when is the best time to buy a house? The answer is simple, you just have to check all the rates, calculate monthly mortgage payment and wait for the market update.
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
For this reason, renters will have a higher monthly rent both apartment and single home price, higher hydro and water bills to be exactly, all of that adding up to a higher cost lifestyle.
It is recommended to wait for the first half of 2023 to have a clearer picture what will be happened to the market, then we make decision based on the adjustment in house price and interest rate. It is going to be a painful year to both homeowners and investors as house price will be higher. About sellers, house price will be going to cool down, do not be fear of missing out and sell your home at a negative value.
Remember to get yourself a professional real estate agent to walk you through the painful process of buying and selling, giving you the best advice they can give. As at the end of the day, they are the ones who have market insights and knowledge in this area. Buying or selling a house is life time transactions to many people so taking some extra help from professionals will save you thousands of dollars.
For anyone interested, we have a complete guide of home selling process and home buying process in Canada.
But when is the best time to buy a house? The answer is simple, you just have to check all the rates, calculate monthly mortgage payment and wait for the market update.
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
commonly asked questions
Will house prices drop in Winnipeg?
Technically, house price is shifting into directions, many experts indicate the price could decrease up to 15% to 23%. But it is not a be all end all advice to buy a house in near future. Home buyers should carefully calculate and keep yourselves updated about real estate news in the near future.
You can check more about the statistics on the website: Canada Housing Market
If you are in Manitoba, reach out to this Winnipeg Real Estate Agent to talk more about the real estate market news and updates
Is it a good time to buy a house in Winnipeg?
No, as the house price is relatively high at the moment, with the upcoming recession, the house price will be adjusted to a downside. However, the interest rate will be increased to match the inflation. Plus, there are many factors to consider when you buy a house.
Is the real estate market cooling in Winnipeg?
As of right now, 2022-2023, it is cooling down about 15%, this number varies on different provinces. Additional, we can see the number of transactions rate drop heavily.
Technically, house price is shifting into directions, many experts indicate the price could decrease up to 15% to 23%. But it is not a be all end all advice to buy a house in near future. Home buyers should carefully calculate and keep yourselves updated about real estate news in the near future.
You can check more about the statistics on the website: Canada Housing Market
If you are in Manitoba, reach out to this Winnipeg Real Estate Agent to talk more about the real estate market news and updates
Is it a good time to buy a house in Winnipeg?
No, as the house price is relatively high at the moment, with the upcoming recession, the house price will be adjusted to a downside. However, the interest rate will be increased to match the inflation. Plus, there are many factors to consider when you buy a house.
Is the real estate market cooling in Winnipeg?
As of right now, 2022-2023, it is cooling down about 15%, this number varies on different provinces. Additional, we can see the number of transactions rate drop heavily.
now it's your turn
I hope this market recap and market prediction will give you a better understanding of what is going to be happened and how it will affect on your real estate journey.
Now I like to turn it over to you, ask yourself some of these questions:
Are you confident in buying or selling your property in 2023?
Do you have enough resources, guidance to effectively buy or sell a house amid this recession?
Do you have a good real estate agent?
If you have any questions regarding to your real estate journey, connect with me here: