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Choice Realty Market Update – Spring 2015
Choice Realty Market Update – Spring 2015
Welcome to our first Real Estate Market Update newsletter. Our goal is to keep you informed on the trends of the local market by providing information, statistics and our opinions relating to all things Real Estate. In addition to market information, we’ll keep you updated on what’s happening at Choice Realty and the changes we are making to serve you better.
The spring real estate market can often be one of the busier times for real estate. After a long, cold winter, many people are ready to buy or sell and move ahead with plans to meet their family or lifestyle needs.
While the M.S.T.W. Planning District(Morden, Stanley, Thompson and Winkler) just announced a slowdown in new home construction compared to last year, the residential re-sale market has been very strong in Winkler this spring with a few properties experiencing multiple offers and selling over list price.
The 2015 real estate market in Winkler has had a strong start for 2015. The real estate market has begun briskly for a few reasons:
- Very good selection of listings –especially in the affordable price ranges of $180 – $220,000
- Low interest rates
- Strong local job market providing consumer confidence
- More renters purchasing their own homes
The 2015 real estate market in Morden has started a little slower than last year but has shown signs of increased activity in later spring. We believe the Morden market will continue to be strong for the following reasons:
- Good selection of listings
- Strong immigration program bringing new residents to Morden
- Stable re-sale pricing
- Good local job market
Winkler – Up 17.5% (75 in 2015 vs 62 in 2014)
Morden – Down 21.8% (43 in 2015 vs 55 in 2014)
RM of Stanley – Up 38% (21 in 2015 vs 13 in 2014)
*Stats provided by MLS (Multiple Listing Service)
How long does it take to sell the average property?
Days on the Market (DOM) are an indicator of market strength. This data shows us how many days it takes to sell the average property or home.
Current DOM Statistics (Jan – May 2015)
These statistics mean on average, upon making the decision to sell your home, you can expect it to sell in approximately a month of the listing date.
Changes in Condo Laws
Changes in condominium (condo) laws took effect Feb 1, 2015. These changes were created primarily to offer more buyer protection when purchasing a condo. Here are a few of the primary changes the Manitoba government has made:Cooling off period now 7 days instead of 48 hours. Buyers will now have 7 days to review detailed information provided by the seller regarding the condo. The buyer can cancel the agreement to purchase for any reason during this time. Condo corporations must now keep complete and accurate records of corporation business. Reserve fund studies must be done on all condo corporations and then updated every 5 years. An auditor must now be appointed if the condo corporation consists of more than 9 units. For a complete list of changes regarding the Manitoba condo act, please click here
If you are thinking of buying or selling a condo, please contact one of our agents to discuss the changes and how they may affect you.
Residential Rental Market
The residential rental market continues to offer a good selection of available rentals that include houses, townhomes and apartments. Canada Mortgage and Housing (CMHC) last report shows Winkler at a 4.3% rental vacancy rate which shows a healthy rental market.
If you are looking for a rental, check out the Onpoint Properties website by clicking here, or call Helen Wall at 204-325-5248
New Additions to the Choice Realty Team
Join us in welcoming Waldemar Dyck and Steve Hildebrand to the Choice Realty Team.
Waldemar was born and raised in Russia and lived a number of years in Germany. He moved to Winkler 16 years ago with his wife Natalia and their four children. He spends most of his free time cheering on his children at their numerous sports events. Waldemar is fluent in Russian, High German, and Low German.
Steve grew up on a farm in Schoenwiese and moved to Winkler six years ago. He is the newest member of Choice Realty Ltd. and has a previous nine years experience working in the insurance industry in Winkler. Steve enjoys spending time with his niece and nephews, participating in sports, fishing, and the occasional road trip.
If you have any questions about anything discussed in this newsletter, or are interested in buying or selling a property visit our website or give us a call. If you have any topics that you’re interested in learning about, feel free to email firstname.lastname@example.org with topic suggestions and if there is enough interest we’ll create a blog post about that topic.