SLOW START, GREAT FINISH TO 2009 - Almost $2.5 Billion Worth of MLS® Sales

WINNIPEG – Winnipeg’s MLS® market shook off early year recession concerns and another major flood to post a much better second half and end the year with a strong result.  2009 MLS® sales of 12,182 only take a back seat to the 2007 record-setting year of over 13,000 sales and to 2008 and 2006 where sales were 12,630 and 12,304 respectively. Considering in the early stages of 2009, MLS® sales were down as much as 12% and worked their way back to be off less than 4% is quite a come back. More impressive however is that MLS® dollar volume rebounded from being down 9% at the end of May to finish ahead by 2%, and in doing so, set an all time best MLS® dollar volume record just shy of $2.5 billion.   

The Winnipeg market has proven three years in a row that $2 billion worth of MLS® sales activity is attainable and then some. It is a reflection of strong market fundamentals and the continued strength of the local economy which is supporting increased population growth.

WinnipegREALTORS® 2009 Year End MLS® Highlights

In 2009 there were 14 MLS® residential sales over $1million, 13 were residential-detached listings and one was a condominium. The highest sale price of all of them was a Wellington Crescent condo at $1.5 million. This beats out 2008’s record year with a total of 8 million dollar plus properties sold.
In contrast to these higher end sales, the lowest priced listing was a residential-detached property which sold for $3,500.
The 9,205 residential-detached sales in 2009 represent 3 out of every 4 MLS® sales.
Residential-Detached

CANADA’S REAL ESTATE MARKET EXPECTED TO CONTINUE STRONG GAINS INTO THE FIRST HALF OF 2010

Demand and supply finding balance in the second half of the year

TORONTO, January 7, 2010 – Canada’s residential real estate market is forecast to remain unusually strong through the first half of 2010 as economic conditions across the country improve and the stimulus impact of low interest rates continues to stoke demand, according to today’s Royal LePage House Price Survey and Market Survey Forecast. As confidence in the recovery builds in early 2010, increases in average house price levels and overall market activity are expected to continue. The gradual erosion of affordability driven by higher house prices and the expected late-year modest upward movement of interest rates, together with an improvement in listings supply as confidence improves, are expected to bring the market back into balance in the second half of the year, when home price increases are expected to moderate.