Winnipeg real estate market expected to remain balanced in 2024: RE/MAX report
Winnipeg’s real estate market is currently a balanced market, a condition that is anticipated to remain the same in 2024, according to a new report from RE/MAX Canada.
Average residential sale price is expected to remain unchanged in 2024, while consumer confidence is expected to increase throughout the course of the year, as such, the number of sales is anticipated to increase by 3%. Looking ahead to 2024, both rate announcements and timing from the Bank of Canada will impact home absorption in the region and many first-time homebuyers will continue to seek financial assistance from family for their down-payment.
Nationally, Canadians still overwhelmingly believe in the value of home ownership, despite the challenging economic environment and fluctuating interest rates experienced this year.
The 2024 Housing Market Outlook Report finds that Canadians’ outlook on home ownership remains positive, with 73% of Canadians believing home ownership is the best long-term investment – a sentiment that is unchanged from last year. According to RE/MAX Canada brokers and agents, national average residential sale prices are anticipated to increase slightly by 0.5% and 61% of regions expect unit sales to increase in 2024.
Locally, the neighbourhoods that are anticipated to receive the most traction in Winnipeg include Bona Vista, Waverly West and Meadowlands. The top livability trends that have emerged among homebuyers are a greater proximity to retail services, greenspace and parks, as well as easy access to public transportation.
“High interest rates and the tighter lending policies and stress test that have come along with them have impacted our local housing the most as they have limited the spending power of many Canadians,” said Akash Bedi, broker of record at RE/MAX Executives Realty. “This of course is exacerbated with the low amount of affordable inventory that is available in Winnipeg. Looking ahead to 2024, both rate announcements and timing from the Bank of Canada will impact home absorption.”