WINNIPEG – The city’s home sales market suffered a major slow down last month.
Homes sales in the city dropped 12.1 per cent in August compared to the same month in 2013, according to figures released Monday by the Canadian Real Estate Association. There were 1136 sales in August 2014 compared to 1292 in August 2013.
Meanwhile the number of houses listed on MLS in Winnipeg took a big jump: there were 2,106 new listings in August, a 22 per cent increase over the 10-year average.
“It’s more of a buyers’ market than a sellers’ market,” says Peter Squire of Winnipeg Realtors. “Buyers are in a better position than they have been in years, and aren’t feeling same sense of urgency to buy.”
The drop in sales activity resulted in fewer dollars changing hands. Dollar volume in Winnipeg in August 2014 was $301.2 million, compared to $326.9 million the year before, a 7.8 per cent drop.
Bidding wars are becoming less common: fewer than one in five residential detached sales went for above list price.
Winnipeg is one of only four metropolitan areas in Canada to see double-digit percentage drops in home sales activity in August, including Sudbury ON, Halifax NS, and the Saguenay region of Quebec.
While August home sales in Winnipeg were disappointing, Winnipeg Realtors say annual sales are still on track to match 2013.
Over all, home sales in Canada were up 2.1 per cent in August over last year, driven by increases in larger markets like Toronto and Vancouver.