Tag Archive for “Winnipeg”

The surge in single and multi-family housing starts across Canada can partially be attributed to warm weather helping builders get their job done.

According to the latest Canada Mortgage and Housing Corporation housing start report, there were 348 single and multi-family housing starts recorded in January in the Winnipeg Census Metropolitan Area, which was nearly three times as many housing starts than the number recorded in January 2011.
"This represents the fourth consecutive month of year-over-year increases (in single-family starts)," Dianne Himbeault, senior market analyst for Manitoba at CMHC, told the newspaper. "The favourable weather has allowed single-detached builders to maintain their momentum into 2012." Continue reading »

Real estate experts continue to debate if the Canadian housing market is poised to crash, plateau or expand, and opinions regarding local markets are as varied as nationally.

According to the Winnipeg Free Press, several experts recently examined Winnipeg's housing prospects for this year at the WinnipegRealtors' 2012 forecast breakfast. While some real estate professionals expect the market to slow down along with the majority of Canadian cities, others are more optimistic.

"There is little doubt in my mind that the housing market in this country and in this city are overshooting," said Benjamin Tal, deputy chief economist for CIBC World Markets. "But if you overshoot today, it doesn't mean you have to crash tomorrow. I don't see a cliff. I don't see a crash." Continue reading »

Recently, Pure Industrial Real Estate Trust announced the closing of its purchase of $15.1-million Manitoba industrial property.

In all, the property covers close to 13 acres with a rentable area of 265,843 square feet. The purchase boosts the company's total space acquired this year past two million square feet. PIRET now owns 59 properties in Canada, which covers more than 3.5 million feet of rental space.

As the country's lenders continue to keep the interest rates for commercial mortgages low, more prospective businesses have sought new space.

To purchase its latest acquisition, PIRET paid more than $15 million with $10 million in first mortgage financing and a 5.05 percent interest rate. Continue reading »

According to a recent survey conducted by commercial real estate services firm Jones Lang LaSalle, the office vacancy rate in Winnipeg was the highest in the country.

Overall, the vacancy rate in Winnipeg's downtown and suburban office buildings was nine percent during the second quarter of the year, followed by Montreal at 8.5 percent. The national average during this period was 7.9 percent.

One JLL representative, however, relayed that not too much should be made of the high rate, as it is now down almost 3 percentage points from its peak of 11.9 percent, recorded during the global recession. Continue reading »

In a recent report, TD Bank predicted that home prices in Winnipeg will decline soon, reversing a nearly two-decade trend of increasing values.

The bank relayed that the national resale-homes market will receive a "moderate correction" in 2012 and 2013, which will include Winnipeg's housing sector.

In its report, the bank estimates the region's average price will peak during the year's third quarter at $245,000 and then drop 7.8 percent throughout 2012 and into 2013 before bottoming out at $231,000 and leveling off. Continue reading »

According to the most recent information released by WinnipegREALTORS, multiple listing service sales for the region increased during May, reaching historic numbers.

While May's numbers were up year-over-year, the monthly dollar volume of sales reached the highest level the WinnipegREALTORS have seen in its 108-year history, surpassing $350 million. The monthly accumulations come a positive, as April's activity had underperformed.

April's declines were partially due to the increased amount of flooding taking place in the region, as many potential homebuyers were dissuaded from pursuing real estate transactions.

Furthermore, despite the incredible month-to-month improvement, inventory remains an issue in the area. The supply of houses valued between $150,000 and $199,999 as well as $200,000 and $249,999 is tight, and down from last year's amount. If no new inventory is added, the supply would run out in little over a month.

"In viewing these May MLS results as the glass half full given our recovery from last month,nevertheless one major concern still remains the fall off in first-time buyer activity relative to the same month last year," said Ralph Fyfe, president of WinnipegREALTORS.

However, if inventory does increase, with home loan interest rates remaining low, Winnipeg's real estate market could experience continued success. 

According to the most recent New Housing Price Index, home prices for Canada’s major metropolitan areas remained stagnant in March after experiencing a slight increase in February.

Saint John, Fredericton, Moncton, Toronto, Oshawa, Winnipeg and Regina were among the only regions showing signs of improvement, with the former three metropolitan areas increasing by 0.4 percent and the latter three by 0.3 percent.

Builders relayed that price increases in Saint John, Fredericton and Moncton were the result of better market conditions. Toronto and Oshawa builders expressed a similar sentiment.

Continue reading »

Data released by Statistics Canada shows that new home prices continued to grow in January, setting a new record-high.

According to the report, prices nationwide jumped 0.2 percent from December to January, and were 1.9 percent above their levels compared to a year ago.

Nine cities saw price gains on the month, led by Winnipeg, where prices increased by 0.7 percent and are up nearly 6 percent compared to January 2010. Quebec, Toronto, Oshawa and Montreal also saw monthly gains of at least 0.4 percent.

Continue reading »

A report by Avison Young says commercial real estate investors in Winnipeg should see a very productive year in 2011, as the city continues to see strong growth.

According to the report, sales in the city last year exceeded $500 billion, which was second only to 2007. During that record-setting year, sales topped $750 billion. In addition, analysts said that the city’s growth appeared to be set to continue.

“Winnipeg is on solid ground and remains one of Western Canada’s most stable and proven commercial real estate markets. Both investors and landlords are very satisfied with our market,” said Wes Schollenberg, Avison Young principal and managing director of the Winnipeg office.

Continue reading »

Analysts with the Canada Mortgage and Housing Corporation say that the next two years in Winnipeg will be a strong period for the home loan market, the Winnipeg Free Press reports.

Economists told the paper that a strong local economy, along with an expanding population, will give a continued boost to the local area, driving a surge in both the residential and commercial mortgage sectors.

“I believe these two factors combined make Winnipeg one of the most exciting housing markets in Canada right now,” said Dianne Himbeault, the CMHC’s senior market analysts for Manitoba, at a local housing conference, according to the source.

Continue reading »