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Winnipeg’s housing market continues downward slide at 12 per cent in September

Click to play video: 'Winnipeg’s housing market continues downward slide at 12 per cent in September' Winnipeg’s housing market continues downward slide at 12 per cent in September
WATCH: September housing sales were 1,046, compared to last year’s 1,193, representing a continuing slump. Global's Brittany Greenslade reports – Oct 11, 2018

Winnipeg’s housing market took a big dip in September compared to just one year ago.

The latest numbers show Winnipeg’s housing sales were down 12 per cent compared to September of 2017, and are down nine per cent compared to the five-year average of 1,156 sales in September.

READ MORE: Winnipeg housing industry getting ready for new mortgage rules

It’s the largest year-over-year monthly decrease so far this year for Winnipeg, as numbers have been sliding every month since February, anywhere from one per cent to 11 per cent, according to WinnipegREALTORS.

September housing sales were 1,046, compared to last year’s 1,193.

The president of WinnipegREALTORS blamed tightened federal mortgage regulations.

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“The lack of new entrants to a housing market compounds matters further as the cascade effect of more sales occurring further up the real estate ladder is muted due to sellers unable to move on with their plans to buy a home if theirs does not sell,” said Chris Dudeck.

The current housing market is more in line with 2013 and 2014 numbers, he said.

READ MORE: Home sales should start to rise in the fall: BC Real Estate Association

Winnipeg is not alone, however.

“At a Canadian Real Estate Association national conference held this month, delegates were told 50 local markets are down more than 10 per cent and 75 out of 101 markets are experiencing declining sales activity in comparison to year-to-date sales in 2017,” he said.

Some other numbers

  • Four homes sold for more than $1 million
  • One home sold for $2 million
  • The lowest sales price was $44,500 for a home
  • One condo almost broke the million-dollar mark at $964,950
  • The lowest sales price for a condo was $66,500
  • Single family homes were on the market an average of 32 days
  • Condos were on the market an average at 39 days

WATCH: New mortgage rules came into effect Jan. 1, 2018, keeping Winnipeg mortgage brokers busy

Click to play video: 'Winnipeg housing industry getting ready for new mortgage rules' Winnipeg housing industry getting ready for new mortgage rules
Winnipeg housing industry getting ready for new mortgage rules – Jan 3, 2018

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