August 2022 Winnipeg Real Estate Market Report

Bo Knows Real Estate - Winnipeg's Real Estate Podcast

Find out how dramatically the real estate market has changed in Winnipeg in the past 2 months.

Have we gone from an insane sellers market to a strong buyers market now?

Is now a good time to buy a house or condo in Winnipeg? Listen to find out.

[00:00:00] Bo Kauffmann: Wait till you hear what's going on in the Winnipeg real estate market. That's coming up next on Winnipeg's real estate podcast.

[00:00:09] You're listening to the Bo knows real estate podcast tips and advice for home buyers, sellers, and owners with award winning Remax agent Bo Kaufman.

[00:00:25] Hello, this is Bo Kaufman Remax performance Realty in Winnipeg. And what a difference a couple of months makes we've gone from a super, super insanely strong seller's market, which was happening in April and may. June started to slow down and July saw further slow downs. And right now it's turned into an almost too strong a buyer's market.

[00:00:44] It's completely swung the other way.. There are reports of listings going up and getting one showing in the first week on the market. I'm not talking about offers. I'm talking to just one showing. So why is this happening? I think rising interest rates have one or one reason. Second reason might be that buyers are just fatigued.

[00:01:03] They've been getting beaten in April and may and parts of June. And they've just taken a break. And the third reason is that August traditionally is a slower time. People that want to get into a house before the school starts have already done their buying and August is actually a big moving month.

[00:01:19] So August is super busy for lawyers and moving companies. So one of the most common questions I get is when it's a great time to buy a house while it's right now. So actually I've got buyers that I work with throughout April and may we kept. We kept getting hosed. We kept getting beaten by 10, 12, 15 offers going a hundred thousand over asking.

[00:01:38] And they basically gave up around June. They had to renew their lease, which was up in July and they just emailed me and saying, Hey, we just, we had to renew our lease. We're gonna go one more year and we're gonna come back into it. Next spring. Guess what? So I told them exactly what I'm gonna tell you now, traditionally, and I'm going back over the last 17 years.

[00:01:56] Cause that's all the history that I know. Cause I've been doing this for 17 years now. Spring is the singularly worst time to buy a house. That's because everybody else is doing it. There's a famous saying that says that if everybody else is buying, sell. Another way to look at it is if everybody else is buying, don't buy it that time.

[00:02:14] There's super competition. It's just a natural thing in Winnipeg. We hibernate through December, January, February, and then spring comes out and all the buyers come out and that's when you start getting these crazy Bing worse, this year was absolutely insane. But even in past years, April and May have been really busy, very competitive.

[00:02:34] So that's probably the worst time to buy. You should be looking at buying right now are a lot of listings on the market and some of them aren't getting any showings, let alone multiple offers. So let's look at some of the numbers of how many listings there are and compare that to spring. On August 1st, we actually had 1,263 houses for sale on the market.

[00:02:57] 1263. Compare that to 426 in April and 568 in may. It's almost triple the amount of listings available. So breaking that down houses under a quarter million dollars, we have 288 in April. We had a hundred. So now we have nearly 300 throughout the month of July. We sold about 108 of these houses.

[00:03:19] Compare that to last year, same time, 151. So that's like a 35% less than last year houses between two 50 and 500,000. We have 561 homes on the market. In February we had 116. Now we have about five times as many homes available as we did in February. We've sold throughout the month of July 482 of them, 482 compared. 583 in may.

[00:03:49] Next price range up the 500 to 1 million. We have 355 homes on the market. We had 80 in February. So now we have 355. We've sold 190 in the month of July. And compare that to three 50 in the month of may. So nearly half as many sales in this price category as we had in may, just two months ago and the million dollar plus homes, we have 59 on the market.

[00:04:17] Compared to nine in February. So 59 that's, six times as many. And we've sold five in the month of July compared to 18 in the month of may. So you can see buyer activity is way down. Listings are up. This is the time to to buy a house. Yes, interest rates have gone up. You can still get a pretty good.

[00:04:37] Traditionally speaking, if you're paying 4% or 5%, that's actually a very good rate. My father-in-law. I remember him telling me he bought his house in 1967 and his in-laws told him he was nuts because he paid 6% interest, which was to them was really high. But traditionally five and 6% are really low rates compared to the 18% that we had 30, 40 years.

[00:05:02] No, you can't get 1.9 % anymore, but you also don't have to pay a hundred grand over asking anymore. So who's looking for a house right now. Gimme a shout and let's look at condos next because we're gonna see a very similar picture.

[00:05:17] This episode of Winnipeg's real estate podcast is sponsored by Urban Topcoat, paint and design, bringing quality fine finishes to your home. Whether you're planning to sell, have just settled in or looking for a robust color refresh Urban Topcoat, paint and design has your home covered. There's quality in their hands and they leave it in their work call Rob white today at two oh four seven nine one eight oh two.

[00:05:41] Currently we have 365 condos available in all of Winnipeg. That is up from three 12 in June two 40 in may. So 365 available right now, lots of choices out there in the month of July, we've sold 160 condos. It's a little bit more than what we did in in April and March condos under a quarter million dollars.

[00:06:04] We've sold about 80 of them in. Compared to 113 in may. So those sales are down as well and condos over a quarter million, that's all the way up to whatever the infinity is. I believe there's still a million dollar condo mil, a few million dollar plus condos out there. We have available 168. We've sold.

[00:06:23] 82 in the month of July. And that's in line with what we did last year, where we sold 76 last year in the month of July. But in may, this year, we sold over a hundred, same with June. So those sales now they're 82, they're down 20% or so as well. Again. Just like houses. It's a good time to buy a condo right now as well.

[00:06:41] Are you looking to buy a house or a condo in Winnipeg work with the agent who takes the time to explain the process to you, guiding you through every step for service beyond the sale book, your home buying consultation with Bo Kaufman of Remax performance today Bo knows real estate.

[00:07:39] I truly hope you enjoyed this episode as much as I enjoy making these. If you have any questions or anything that you'd like me to talk about in future, gimme a shout at time.

[00:07:47] 2 0 4 3 3 2 2 0 2. Or email me at bonos homes, gmail.com til next time, byebye.

[00:08:00] You've been listening to Bo Kauffmann of Remax performance Realty. Are you thinking of buying or selling a house or a condo in Winnipeg? Call Bo at [phone]. Remember Bo knows real estate.