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Winnipeg real estate, home building continues to boom

A real estate sold sign on a property. THE CANADIAN PRESS IMAGES/Lars Hagberg

The Winnipeg real estate market is booming, especially if you’re selling.

Lanny McInnis, president and CEO of the Manitoba Homebuilders’ Association, told 680 CJOB that Winnipeg is seeing a significant increase in new housing projects.

“We’re expecting this to be an exceptionally busy construction season as we head into spring and the summertime, but even this winter, it’s been very active,” McInnis said.

“On a monthly basis, we’re in the hundreds for sure, and we’re looking at this being a very strong construction year for new homes.”

McInnis said this past January saw a 50 per cent increase in permits compared to January 2020.

Read more: Despite pandemic, Winnipeg seeing continued rise in house sales

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Peter Squire of the Winnipeg Regional Real Estate Board told 680 CJOB low interest rates are creating a strong sellers’ market.

The supply, he said, can barely keep up with demand.

“Our $500 to 750,000 price range — which was always a bit of a laggard compared to the really busy ones from $200 to 350,000 — in February, it was almost the equal to our busiest (price range),” he said.

Squire said the Real Estate Board is steadily rebounding since its best quarter ever in 2020 before the pandemic.

With average prices up by over 14 per cent in February, Manitoba Real Estate Association president Stewart Elston said the market can be tough on people looking to buy a house.

“We’re always happy for the sellers getting a premium price for their home, but when you have 20 offers on a piece of property and 19 of those people walk away disappointed, we certainly don’t like to see that,” he said.

Click to play video: 'Record home sales in Winnipeg' Record home sales in Winnipeg
Record home sales in Winnipeg – Dec 4, 2020

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