Hazen Steeves

PRESS RELEASE

For further information, contact Peter Squire at 786-8854.

WINNIPEG - While MLS® sales in August fell short of last year’s mark by only 17 sales and 11 % off the best sales month on record for August in 2005, this year’s August, based on prices in general being slightly better in comparison to last year, recorded its best dollar volume result ever for this month at $231 million. It also paves the way for the third consecutive year of $2 billion worth of MLS® sales activity as year-to-date dollar volume now sits at $1.75 billion.

August 2009 also saw WinnipegREALTORS® record its 8

WINNIPEG - July 2009 not only set a new dollar month record for this month but even edged out

May 2009. This happens very rarely. Although it is worth mentioning the last time it happened was

in 1997 when the flood of the century impacted May sales so the 2009 flood likely had some impact

as well. July 2009 sales were only 2 per cent off the best July ever in 2008 and are well ahead of

previous months of July where sales have typically been between 1,000 and 1,200. This year they

approached 1,400 and that is no small feat.

Nearly one out of three home sales went for above list price and another 11% sold at list price.

Sellers market conditions were more the norm as residential-detached and condominium listings in

particular are much more in line with where they were last year at this time than earlier in the year

where inventory was notably higher than the same period a year ago.

The $276 million in July MLS® sales activity leaves no doubt WinnipegREALTORS® will have its

third consecutive year of over $2 billion worth of MLS® sales with five months to go. Year-to-date

MLS® sales activity already totals $1.5 billion.

July MLS® unit sales were down 2% (1,373/1,407) while dollar volume was up 3% ($276.6

million/$269 million) when compared to the same month a year ago. Year-to-date MLS® sales have

decreased 9% (7,469/8,224) while dollar volume is off less than 6% ($1.51 billion/ $1.60 billion) in

comparison to the same period last year. The number of MLS® listings entered on the MLS® this

year is just shy of last year’s July end total of 11,448 listings.

“We have now had two really solid back to back months of MLS® sales and dollar volume

activity,” said Deborah Goodfellow, president of WinnipegREALTORS®. “The only reason we are

not talking about big percentage increases in sales similar to other Canadian markets now is we

never experienced the same significant sales declines a year ago. While there is more news being

reported on the Canadian economy recovering from a recession, Manitoba has been very resilient

throughout this period and withstood any serious impact from an economic downturn.”

High consumer confidence coupled with good affordability in part due to favourable mortgage rates

continues to create a sound resale housing market here. The extremely tight rental market is also

pushing new immigrants and other Canadians moving back to Winnipeg into buying a home when

they may opt to rent initially.

For residential-detached sales, the most active price ranges were the $150,000 to $199,999 and the

$200,000 to $249,999 with 24% and 22% respectively of total sales. If you then include the next

lowest price range of $100,000 to $149,999 and the next highest price range of $250,000 to

$299,999 you capture 73% of all sales in the month of July. The highest sale price in July was

$767,000 while the lowest sale price was $10,900. The average days on market for sales of MLS®

residential-detached listings was 30 days, 5 days slower than last month and July 2008.

If you look at condominium sales activity, over 70% of the sales in July were under $200,000, with

42% happening between $100,000 to $149,999. The highest condomimium sold for $460,000 while

the lowest went for $32,000. The average days on market for a condominium sale was 33 days, 4

days slower than last month and 2 weeks off the quick pace set in 2008. Year-to-date condominium

sales are actually up 8% over the same period last year.

Established in 1903, WinnipegREALTORS® is a professional association representing over 1,500

real estate brokers, salespeople, appraisers, and financial members active in the Greater Winnipeg

Area real estate market. Its REALTOR® members adhere to a strict code of ethics and share a

state-of-the-art Multiple Listing Service® (MLS®) designed exclusively for REALTORS®.

WinnipegREALTORS® serves its members by promoting the benefits of an organized real estate

profession. REALTOR®, MLS® and Multiple Listing Service® are trademarks owned and

controlled by the Canadian Real Estate Association and are used under license.

For further information, contact Peter Squire at 786-8854.

_ _ _

WINNIPEG - Home buyers responded in a big way to low interest rates and a good selection of

affordable homes to make June 2009 the third best June on record for sales and the second highest

for dollar volume. It is only eclipsed by the previous two record years where sales in June

respectively were higher, but by less than 5 per cent. As for dollar volume, June 2009 is only the

third time in WinnipegREALTORS® 106-year history where dollar volume for the month has

exceeded $300 million. Only May 2008 and June 2008 are higher. Helping propel dollar volume to

over $311 million this June were three million plus home sales.

While overall MLS® inventory remains up 22% at the end of June in comparison to the same time

last year, conversions of listings to sales are improving as evident from a number of City of

Winnipeg MLS® areas. The average days on market for the sale of residential-detached properties

has decreased monthly with it only taking 25 days in June. Compare this statistic to over 40 days in

January 2009 and not less than 30 days until last month where it was 27 days. It is also worth noting

the REALTORS® Association of Edmonton which had its best June residential sales ever this year

were pleased to announce their average days on market dropped to 49 days in June from 60 days or

more earlier this year. This development in their words was an indication of ‘buyer enthusiasm’ so

Winnipeg is doing extremely well at less than four weeks.

June MLS® unit sales were down less than 5% (1,490/1,562) while dollar volume decreased less

than 2% ($311.2 million/$316.9 million) in comparison to the same month last year. Year-to-date

MLS® sales have declined 10% (6,096/6,817) while dollar volume is off 7% ($1.24 billion/$1.34

billion) in comparison to the first half of 2008. The number of MLS® listings entered on the MLS®

this year are up less than 2% at over 9,700 listings.

For residential-detached sales, the most active price ranges were the $150,000 to $199,999 at 26%

and the $200.000 to $249,999 at 21%. If you combined these two price ranges with the next higher

one, from $250,000 to $299,999, this represents 61% of all residential-detached sales in June. The

average days on market for sales of MLS® residential-detached listings was 25 days, two days

quicker than last month and six days off the pace set in June 2008.

“June 2009 resulted in one of Winnipeg’s best real estate months ever and that is in part due to

consumers regaining their enthusiasm for Winnipeg real estate opportunities,” said Deborah

Goodfellow, president of WinnipegREALTORS®. “Our house prices remain affordable especially

in a low interest rate environment and with a better supply of listings than the last few years.”

One notable difference when comparing home sales for the fist six months this year to the same

period in 2008 is a softer first time home buyer market. This is evident when you look at sales under

$200,000 where first time buyers are most active. Sales are down 18 % in comparison to 2008

whereas when you examine sales over $200,000, they are only down 3% over last year.

One opportunity WinnipegREALTORS® strongly suggested to the provincial government earlier

this year in its 2009 budget preparation was to seriously consider bringing in a first time home

buyer exemption on the cash rich land transfer tax that is levied on all property purchases in

Manitoba. First time buyers have trouble enough coming up with the necessary closing cost dollars

without being encumbered by an unjustified provincial home buyer tax. In markets like Edmonton

and Vancouver where they are seeing a resurgence in the first time home buyer market, there is no

land transfer tax in Alberta and a complete first time home buyer land transfer tax exemption exists

in B.C. for any purchase price up to $425,000. There is no land transfer tax in Saskatchewan.

“We will continue to urge the provincial government to modify the land transfer tax as it is a home

buyer tax that generates revenue well in excess of anything that can be justified”, said Goodfellow.

Finally, it is interesting to observe that the over $500,000 home market is down substantially from

last year with sales off nearly 30%. As part of WinnipegREALTORS® proposal to adjust the

provincial land transfer tax, it suggested it should be capped at $500,000.

Established in 1903, WinnipegREALTORS® is a professional association representing over 1,500

real estate brokers, salespeople, appraisers, and financial members active in the Greater Winnipeg

Area real estate market. Its REALTOR® members adhere to a strict code of ethics and share a

state-of-the-art Multiple Listing Service® (MLS®) designed exclusively for REALTORS®.

WinnipegREALTORS® serves its members by promoting the benefits of an organized real estate

profession.

For further information, contact Peter Squire at 786-8854.

WINNIPEG – Sales in May 2009 were more restrained than the last few years but that does not

mean the MLS® market performed badly. It just indicates the market has come back down to earth

and is more balanced compared to the heady run Winnipeg enjoyed over more recently in May.

Going back to 2005, May kicked off a three year streak of best May’s ever and some of

WinnipegREALTORS® best months on record. May 2007 is the only month where sales have

eclipsed 1,600. May 2008 fell back under 1,600 with sales of 1,564 but is still tied with June 2008

for the second best MLS® sales month ever in WinnipegREALTORS® 106-year history.

May 2009 market activity still resulted in the fifth best May for sales and the third highest for dollar

volume, only beaten out by the last two banner years where for the first time,

WinnipegREALTORS® had year end dollar volumes of over $2 billion. With year-to-date dollar

volume down just 9 % this year, there is every possibility 2009 could usher in a third consecutive $2

billion year but too early to tell for sure.

There are a few good indicators of how the MLS® market has come off boiling to simmer. In May

2008 57% of residential-detached properties sold for above list price where this May it was 37%.

Condominium above list price sales was well off its 57% level achieved last year too. Reflective of

less multiple offer activity and strong bidding wars is the fact the average residential-detached

selling price in comparison to the average residential-detached listing price in the City of Winnipeg

was up 1 per cent this year where 2008 it was ahead by over 6 per cent. The average days on market

too have slipped back from less than three weeks in May 2008 to 27 days in 2009. Given the much

improved housing inventory compared to last year and the less frenetic pace of the spring market

this year, conversion of residential-detached listings to sales fell from an outstanding 80 per cent in

May 2008 to only 53 per cent in May 2009.

May MLS® unit sales were down 13% (1,367/1,564) while dollar volume as well declined 13%

($278.3 million/$319.7 million) in comparison to the same month last year. Year-to-date MLS®

unit sales are off 12% (4,606/5,253) while dollar volume has decreased 9% ($928.34 million/$1.02

billion) in comparison to 2008. MLS® listings entered on WinnipegREALTORS® predominant

residential database are up 3% (7,624/7,426).

“These May results are nothing to be discouraged about as are more symptomatic of a market where

sellers have to be more realistic about their price expectations while buyers are less inclined to jump

at the first available opportunity to place an offer on a property,” said Deborah Goodfellow,

president of WinnipegREALTORS®. “It is also a market that is quite varied in demand depending

on the neighbourhood and price range of the homes you are in. The best advice I can give you is

talk to your REALTOR® about your own situation whether you are buying or selling.”

“I should also add that we are seeing quite a divergence in the percentage increases or decreases this

year in MLS® property type activity,” said Goodfellow. “For example, year- to-date home and

condominium sales are at the opposite end of the same percentage. Homes are down 12 per cent

while condominiums are up 12 per cent.”

Looking ahead to June WinnipegREALTORS® remains optimistic MLS® sales activity will

remain solid given factors such as Manitoba’s favourable employment picture relative to the rest of

the country. Statistics Canada just reported Manitoba tied with Saskatchewan as having the lowest

unemployment rate in the country at 4.9 per cent. Winnipeg actually saw its unemployment rate

drop in May to 4.8 per cent from 4.9 per cent in April. No wonder a Probe Research survey in

March showed the vast majority of Winnipeggers are positive about the future of the local

economy. Housing affordability remains attractive too with mortgage rates being at historical lows

and house prices stabilizing due to a more balanced market and less pent up demand.

For residential detached sales, the most active price ranges were $200,000 to $249,999 and the

$150,000 to $199,999. They represented respectively 23% and 22% of the total sales activity. The

under $100,000 market is shrinking is it represented only 8% this month. The average days on

market for sales of MLS® residential detached listings was 27 days, 4 days quicker than last month

and a week off the fast pace set in May 2008.

Established in 1903, WinnipegREALTORS® is a professional association representing over 1,500

real estate brokers, salespeople, appraisers, and financial members active in the Greater Winnipeg

Area real estate market. Its REALTOR® members adhere to a strict code of ethics and share a

state-of-the-art Multiple Listing Service® (MLS®) designed exclusively for REALTORS®.

WinnipegREALTORS® serves its members by promoting the benefits of an organized real estate

profession.

For further information, contact Peter Squire at 786-8854.

- - -

WINNIPEG - WinnipegREALTORS® has been there before and will likely go through it again. As was the case in 1997, the MLS® market dipped noticeably from the same month the year before when there was no major flood to encounter and preoccupy yourself with as a resident of Winnipeg or outlying rural municipalities in the floodplain. It was confirmed by a provincial communications officer involved in releasing flood bulletins that the first two weeks of April involved daily news conferences and the City of Winnipeg were issuing news releases and holding news conferences too.

It really is a tale of two entirely different markets in April. If you look at the first half of the month, sales were down 29 per cent while dollar volume was off 25 per cent in comparison to the same time frame the year before. In direct contrast and a complete about face, the second half of April resulted in sales and dollar volume being down less than 2 per cent in comparison to the same period in 2008. Reinforcing the downturn in early April was the fact new listings entered on the MLS® market decreased 15 per cent the first half and were actually ahead by one listing the second half.

"Protecting one’s property or helping another owner save theirs will always take precedence over marketing your own home and that includes our REALTOR® members who were involved in many instances too with flood-related efforts," said Deborah Goodfellow, President of WinnipegREALTORS®. "Winnipeggers in particular are grateful to former premier Duff Roblin for his vision and foresight years ago to build a floodway to protect citizens and their property from the devastation of a flood."

April MLS® unit sales are down 15% (1,150/1,355) while dollar volume is down 12% ($239.5 million/$272.6 million) in comparison to the same month last year. April 2009 still resulted in the second highest dollar volume month on record for April and even sales rank among the top ten best Aprils. Year-to-date MLS® sales have decreased 12% (3,239/3,689) while dollar volume is off 7% ($650.0 million/$701.4 million).

"Considering where we started in April and how we finished in the end, I believe the MLS® market in April had a healthy rebound which gives us hope going into May that our spring market has finally arrived," said Goodfellow. "You also have to keep in mind we are comparing this April to the best April on record where sales this month had never before surpassed 1,300."

If the first Monday of May is any indication when WinnipegREALTORS® staff process many MLS® listings and sales after a weekend, the huge pile of listings and sales they were faced with

compares very favourably with last year. I am sure helping this strong resurgence in activity along is mortgage rates that are unprecedented.

"When you look at mortgage rates today, they are lower than most of us have seen in our lifetime," said Daryl Harris, Manitoba Director of Canadian Association of Accredited Mortgage Professionals. "The Bank of Canada has records going back to 1950 on average fixed-rate and long-term mortgage rates and the best rate was 5 per cent back in early 1950. Discounted five-year rates available today through Accredited Mortgage Professionals are under 4 per cent so it really is an opportune time to take advantage of such favourable mortgage finance conditions."

For residential- detached sales, the most active segment of the MLS® market in April was the $150,000 to $199,999 price range with 24% of total sales. Next most active price range was $200,000 to $249,999 at 21%. 45% of the residential-detached sales in April were at or above list price.

Average days on market for residential-detached sales in April was 31 days, 1 day behind last month and 9 days off the fast pace set in April 2008.

Established in 1903, WinnipegREALTORS® is a professional association representing over 1,500 real estate brokers, salespeople, appraisers, and financial members active in the Greater Winnipeg Area real estate market. Its REALTOR® members adhere to a strict code of ethics and share a state-of-the-art Multiple Listing Service® (MLS®) designed exclusively for REALTORS®. WinnipegREALTORS® serves its members by promoting the benefits of an organized real estate profession.

For further information, contact Peter Squire at 786-8854.