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A NEW MILESTONE SET FOR WINNIPEG REAL ESTATE MARKET

As 2007 president Wes Schollenberg stated when WinnipegREALTORS® reached the $2 billion level in MLS® sales for the first time in 2007, “It took us 99 years to reach our first $1 billion in 2002 and a short 5 years later we did $2 billion.” Onward and upward as 9 years after the first $1billion level was attained, MLS® sales this year just went over the $3 billion mark. What is most impressive in terms of comparing 2007’s $2 billion to $3 billion now is that the additional billion dollars worth of dollar volume is based roughly on the same number of MLS® sales in the respective years. Now that’s bracket creep.

What does this year’s WinnipegREALTORS® president Ralph Fyfe have to say about this new milestone for Winnipeg?

“Winnipeggers feel like they have arrived. Our city is back on the map as a place to be in Canada. There is so much excitement around being in the NHL again, our new airport, IKEA, a Canadian Museum for Human Rights and the like. As a result, more people are moving here than ever before and that is translating into all this new development and sales activity in our city with increased value attached to it,” said Fyfe.

2011 rivals our best year ever for sales in 2007 and it reflects the fact homes continue to appreciate in value given the additional 1 billion dollars in sales volume. Winnipeggers are confident in the economic future of their city and view real estate as a good place to invest their hard earned dollars.

“As an investment, real estate in Winnipeg is a relative haven of stability compared to other alternatives,” said Fyfe. He added, “Let’s not forget the vast majority of our MLS® sales still remain lifestyle-driven and are far from speculative in nature,” added Fyfe.

Immigration continues to be a huge driving force in our local market and will be over the next few years.

Home sales are a real boost to the economy across Canada. From 2008 to 2010, the average resale housing transaction in Canada generated $42,350 in spin-off spending, which adds up to over $19 billion annually. These sales created more than 156,000 jobs per year.

Established in 1903, WinnipegREALTORS® is a professional association representing over 1,600 real estate brokers, salespeople, appraisers, and financial members active in the Greater Winnipeg Area real estate market. Its REALTOR® members adhere to a strict code of ethics and share a state-of-the-art Multiple Listing Service® (MLS®) designed exclusively for REALTORS®. WinnipegREALTORS® serves its members by promoting the benefits of an organized real estate profession. REALTOR®, MLS® and Multiple Listing Service® are trademarks owned and controlled by the Canadian Real Estate Association and are used under licence.

For further information, contact Peter Squire at 786-8854.