🌇 Winnipeg Real Estate Market Update July 10th

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Winnipeg Real Estate Market Summary - June 2024

First-Half Performance for 2024 Winnipeg, July 9, 2024 –

Winnipeg's first-half real estate market has shown strong performance. Here’s a detailed analysis of the market:

Winnipeg Market - Key Highlights

• MLS® Sales: 7,288 (up 13% from 2023)

• MLS® Listings: 12,399 (up 4%)

• Dollar Volume: $2.8 billion (up 20%)

Breakdown by Property Type

Residential Detached

• Sales: 4,979 (up 11%)

• Average Price: $424,193 (up 6%)

Condominiums

• Sales: 1,119 (up 13%)

• Average Price: $277,252 (up 9%)

Residential Attached

• Sales: 522 (up 15%)

• Average Price: $365,719 (up 9%)

Market Performance Highlights

“The first-half MLS® sales and dollar volume results for 2024 represent the 3rd best market performance on record with the 2nd best in 2022 and the best in 2021,” said Daphne Shepherd, 2024-2025 President of the Winnipeg Regional Real Estate Board. “Average prices continued to increase for residential-detached, condominiums, and residential attached homes in June and for the first half compared to last year and the 5-year averages.”

June 2024 Performance

MLS® Sales: 1,585 (down 1% from last year)

• Active MLS® Listings: 4,119 (up 1% from last year)

• Total MLS® Dollar Volume: $624 million (up 5% over last year)

Detailed June Performance by Property Type

Residential Detached

• Sales: 1,128 (statistically even)

• Average Price: $437,367 (up 5% from last year)

Condominiums

• Sales: 209 (down 16%)

• Average Price: $273,303 (up 6%)

Summary Table

Conclusion

The first half of 2024 has been remarkable for Winnipeg’s real estate market, with significant sales and dollar volume increases. Residential properties, especially detached homes, continue to show strong price growth, reflecting the robust demand in the market.

Exciting News for Winnipeg Homeowners and Buyers! 🏡✨

Mortgage interest rates in Winnipeg are finally moving in a more favorable direction, making it a great time to buy or own a home. Here’s what you need to know about the latest changes and how they might benefit you.

Bank of Canada Rate Cuts 🏦📉

The Bank of Canada recently cut its key interest rate to 4.75%, the first reduction in over four years. This move aims to counteract slowing inflation and provide relief to borrowers. As a result, mortgage rates for a 5-year fixed mortgage in Winnipeg range from 4.64% to 5.09%, depending on the lender​ (Ratehub.ca)​​ (CityNews Winnipeg)​.

What’s Next for Interest Rates? 🔮📅

Experts believe that the Bank of Canada might continue to lower rates gradually through the end of the year and into 2025. By the end of 2024, we could see the policy rate drop to around 4.25%. This trend is expected as:

• Inflation continues to decrease

• The job market softens

• Further cuts are made to support economic stability

These anticipated changes could significantly relieve homeowners and make mortgage payments more manageable​ (WOWA)​.

Why This Is Good News for You! 🎉

While some homeowners still feel the pressure of high mortgage payments from previous rate hikes, the outlook is promising. Here are a few reasons to be optimistic:

• Lower monthly payments: Reduced rates can lead to lower monthly mortgage payments.

• More affordable home buying: Lower rates make buying a home more accessible.

• Debt relief: Easier management of mortgage-related debts.

Steps to Take Advantage of These Changes 📝💡

1. Stay Informed: Monitor market trends and rate changes.

2. Consult with a Financial Advisor: Get expert advice tailored to your situation.

3. Explore Your Options: Consider refinancing or locking in a lower rate if you’re eligible.

Final Thoughts 🌟

This is an exciting time for anyone involved in the Winnipeg real estate market. With mortgage rates moving in a favorable direction, there’s potential for significant financial benefits. Stay informed, consult with professionals, and embrace these positive changes!

Essential July Home Maintenance Tips 🌞🏡

As July brings warm weather, it's a great time to focus on essential home maintenance tasks. Here are two key tips for keeping your home in shape this summer.

1. Lawn and Yard Care 🌿🌻

Mowing the Lawn:

• Frequency: Mow your lawn regularly to keep it healthy, aiming for once a week.

• Height: Maintain your grass at about 3 inches to retain moisture and prevent weeds.

Watering:

• Timing: Water your lawn early or late in the evening to minimize evaporation.

• Depth: Ensure deep watering to encourage strong root growth, typically about 1 inch per week.

2. Air Conditioning and Ventilation 🌬️❄️

Filter Replacement:

• Schedule: Replace or clean your air filters every 1-2 months to ensure efficient airflow.

• Professional Check-Up: Schedule a professional inspection and tune-up to keep your AC running smoothly.

Ventilation:

• Fans: Ceiling and portable fans are used to improve air circulation.

• Windows: Open windows in the evening or early morning to let in cool air and ventilate your home.

Focusing on these two key areas lets you keep your home comfortable and well-maintained throughout the summer. Regular lawn care and proper air conditioning maintenance will ensure your home stays in great condition. Happy summer! 🌞

Exciting Summer Events in Winnipeg (July 15 - August 15, 2024) 🌞🎉

Summer in Winnipeg is packed with fun and engaging events for everyone. Here are some must-attend events between July 15 and August 15, 2024.

1. Winnipeg Fringe Theatre Festival (July 17-28) 🎭

Experience North America's second-largest Fringe Festival right in the heart of Winnipeg. Enjoy a variety of performances, food trucks, and family-friendly fun in the Exchange District. It's a great way to immerse yourself in the vibrant local arts scene.

Location: Exchange District
Dates: July 17-28
More Info: Winnipeg Fringe Festival

2. Folklorama (August 4-17) 🌍

Travel worldwide without leaving the city at Folklorama, the world’s largest and longest-running multicultural festival. Visit pavilions showcasing food, arts, and entertainment from different countries and celebrate the diversity of cultures.

Location: Various pavilions across Winnipeg
Dates: August 4-17
More Info: Folklorama

3. Super-Spike (July 22-23) 🏐🎶

Combine sports and music at Super-Spike, Western Canada’s largest outdoor volleyball tournament and music festival. Enjoy live performances and competitive volleyball at Maple Grove Rugby Park.

Location: Maple Grove Rugby Park
Dates: July 22-23
More Info: Super-Spike

4. Ballet in the Park (July 27-29) 🩰🌳

Watch the enchanting performances of Canada’s Royal Winnipeg Ballet at Assiniboine Park. This outdoor event is a beloved summer tradition, so bring your lawn chairs and enjoy the show.

Location: Assiniboine Park
Dates: July 27-29
More Info: Ballet in the Park

5. Movies in the Park (July 21, 28) 🎬🌙

Enjoy French-language films with English subtitles at the St. Boniface Cathedral. Bring your chairs, blankets, and snacks for a delightful movie night under the stars.

Location: St. Boniface Cathedral
Dates: July 21, 28
More Info: Movies Under the Stars

6. Summer Concert Series at Assiniboine Park (July 7 - August 29) 🎶☀️

Catch free live music performances every Thursday and Sunday evening at the Assiniboine Park Lyric Theatre. Pack a picnic and enjoy the local and regional talents under the Manitoba sky.

Location: Assiniboine Park Lyric Theatre
Dates: July 7 - August 29 (Thursdays and Sundays)
More Info: Assiniboine Park Events

7. Winnipeg Beach Bandstand Performance Series (Every Saturday) 🎸🌊

Enjoy live music at Winnipeg Beach with performances from tribute bands and local artists. It’s a perfect way to enjoy the beach and summer vibes with family and friends.

Location: Winnipeg Beach Provincial Park
Dates: Every Saturday
More Info: Winnipeg Beach Bandstand

These events offer a fantastic mix of culture, entertainment, and outdoor activities, perfect for making the most of Winnipeg's summer season!