Condo & Townhouse Market Update

Today is National Gardening Day, National Pecan Day and National Ex Spouse Day.

Yesterday we opened up the Winnipeg Regional real estate Board Market report for March 2023, and saw that listings were up, sales were down, and prices of detached homes were down by 12%

Total let’s look at attached homes and Condos.  First, attached homes which are side by sides and townhouse style buildings

Here, available listings are more than double the number last year, up 132% while sales are down around 31%,  Prices have dropped around 6 % from an average of $349k to a little over $328.

It should be noted that  builders love to build these townhouse style homes because they are more cost-effective.  The property size is smaller, and thus cheaper, and these 2, 3 and 4-piece units are cheaper to construct.

Next, condominiums are in a similar boat.  Numbers of available listings are up, although not as much as attached homes.  Listings are up 35% and sales are down by the same 35%.  Prices are also down 6% over last year, from an average 260K to just $245K.

Condos also offer a great way to get into home ownership at a lower cost.  However, BEFORE you buy a brand new construction condo, listen to my next episode as I will share a couple of thoughts on this topic.  You are NOT going to want to miss this, so please listen BEFORE you make that type of decision.

Thinking of buying?  Call me right now to set up a free home buyer consultation, either in person or via zoom.   204-333-2202

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