In contrast to a near record year in 2017, 2018 held its own with sales down 5% from 2017 and 6% from the best year on record in 2016. Sales of 12,773 were down less than 3% from the five-year average and 1% lower than the 10-year average.
The annual dollar volume, however, of $3.77 billion decreased just short of 4% from 2017 and increased almost 3% from the five year average.
The 23,834 listings entered on MLS® in 2018 increased 2% over 2017. There were 3,235 listings still available by the end of 2018.
“Keeping things in perspective, with some of the headwinds we faced in 2018 with higher interest rates and more stringent mortgage qualification requirements, it should be no surprise that 2018 fell short of our best years on record,” said Chris Dudeck, outgoing president of WinnipegREALTORS®. “Simply put, we believe fewer buyers were able to qualify and successfully complete a purchase they wished to make in 2018.”
Sales of both single-family homes and condominiums were just one day short of the the average amount of days it took to sell them in 2017. One of the top reasons the WinnipegREALTORS® market region was less effected in comparison to other housing markets was because of it's assenting housing affordability.
Dudeck then added, “I see 2018 as more policy-induced retraction, albeit a modest one, than changes in key market factors from 2017.” Market metrics are closely aligned between the two years. For example, in terms of achieving a total sales price dollar value ratio close to total list price dollar value in 2018 for single family homes which sold, the annual ratio compares very favourably — 98.48% versus 98.59% in 2017. Another metric to note is average days to sell a home or condo in 2018 only took one day longer than 2017.”
The December 2018 RBC Housing Trends and Affordability Reports demonstrates that "ownership costs remain well under control". The measure of 31% for the third quarter is very close to the long-term average of 29.5%. The RBC Report states: "The slowdown in activity in 2018 has been orderly with demand and supply remaining in balance overall, although the condo segment showed more visible signs of weakness."