By a slight margin, a new sales record was set in September, according to the recently-released monthly report from WinnipegREALTORS®.
The association reported that 1,216 MLS® sales last month was just two more than the previous high established for September in 2011.
As a result of September’s showing, year-to-date sales hit 11,000 units, which is the highest level for the first nine months of any year.
Similarly, dollar volume reached $3 billion, which is the highest mark ever achieved for the first nine months of any year.
“We are without question enjoying a record-setting sales and dollar volume year,” said association president Stewart Elston.
“Given Manitoba’s impressive population and immigration gains in 2016, it translated into greater demand for housing in the province.”
Statistics Canada indicated in its newest population report that Manitoba’s population increased by 22,147 people, or by 1.71 per cent, from July 2015 to July 2016.
“Our population is now estimated at more than three-million people and our population growth rate has far exceeded Canada’s growth rate for the past six years,” said Manitoba Growth, Enterprise and Trade Minister Cliff Cullen.
“This record-breaking immigration shows that Manitoba is beginning to move in the right direction, as a destination of choice for newcomers. The popularity of our province reflects the many opportunities and job prospects our province offers,” added the provincial cabinet minister.
“Contrary to some other major markets, where supply has been an issue in meeting demand, our market has a healthy supply of MLS® listings from which to choose,” said Elston.
The strength of the demand in the local market in September was especially evident in residential-detached sales with one-out-of-three active listings being sold.
The association also reported that the conversion of listings to sales reached 61 per cent for the first nine months of 2016, compared to 51 per cent for the same period last year.
As well, the conversion of condominium listings to sales hit 45 per cent by the end of September, compared to 41 per cent for the first nine months last year.
Peter Squire, the association’s market analyst, said that even with sales traditionally declining during the remaining three months of the year, “we’re probably in pretty good shape to reach new annual sales and dollar volumes records by year-end.”
September sales were up six per cent over the same month last year, while dollar volume of nearly $336 million rose by nine per cent over September 2016.
Year-to-date sales of 11,000 units were up seven per cent over the first nine months in 2015, while dollar volume of $3.906 billion increased by 11 per cent over the same nine-month period last year.
“This year’s better than expected MLS® sales activity goes well beyond residential-detached and condominium properties, which are up nearly five and 10 per cent, respectively,” said Squire. “All other MLS® property types are ahead of last year’s pace at this time, with some actually being significantly higher than in the previous year.
“Townhouse sales are up 71 per cent over 2015, while mobile homes and vacant land increased by 20 per cent,” he added.
The most active price range for residential-detached home sales in September was between $250,000 to a dollar less than $300,000 with 21 per cent of all sales. The second most active price range was between $200,000 and $249,999 with 17 per cent of total transactions.
The highest price paid for a residential-detached home was $1,598,327, while the lowest price paid was just $21,000.
Residential-detached homes spent an average of 30 days on the market before being sold, which was five days quicker than September 2015.
For condominiums, the most active price range in September was between $150,000 and $199,999 with 31 per cent of total sales. Next on the list was from $250,000 to $299,999 at 18 per cent.
The highest price paid for a condo in September was $918,750 and the lowest was $94,800.
Condominiums spent an average of 51 days on the market in September before being sold, which was five days quicker than the same month last year.