Happy New Year everyone! If you’re looking to get started on this year’s real estate goals, you’re in the right place. Before you can start crafting a plan to reach your goals, it’s important to research the market ahead. As a result, we’ve compiled information about forecasted trends and key insights. This information should help you get a better idea of what’s in store for real estate in Winnipeg!
Continue reading this post to learn more about Winnipeg homes for sale in 2024!
Trends to Watch Out For in 2024
In 2024, experts are predicting that the Winnipeg market will remain balanced. This means that the forces of supply and demand will remain at an equilibrium. Thus, resulting in an environment where neither the buyer nor the seller has an advantage over the other. For buyers, home prices can be expected to remain steady, experiencing gradual to moderate fluctuations over the year. As for sellers, 2024 appears to present a market that will appreciate property values without soaring into hyperinflation.
Can you guess another trend outlined by RE/MAX in their Winnipeg market outlook? It’s that single-family detached homes will have heightened demand in 2024. As a result, buyers should keep this insight in mind when searching for a property. This is because it may be important for buyers to act promptly given the projected popularity of this housing type.
Sellers can also find this information helpful as they look to list their homes for sale in the months ahead. Recognizing buyers’ preference for single-family homes puts sellers in a good position to capitalize on this trend. Highlighting key features of their property will be essential in making their single-family homes stand out in the balanced market.
Winnipeg Homes for Sale, new Canadians, and move-over buyers
In the upcoming months, there is expected to be a notable surge in demand within the rental market, primarily driven by new Canadians and move-over buyers. This trend will signify the increased need for housing supply both in and out of the rental market. Oftentimes, new Canadians who just moved to the country will look for places to rent. This will give them a better sense as they settle into their new surroundings. This is similarly seen with what we call, move-over buyers. These are Canadians who are relocating from a different province or city and will rent before buying a permanent residence. All of these factors contribute to the high demand for rental properties.
Winnipeg Homes for Sale: Key Insights
In 2023, the Winnipeg housing market experienced a four percent drop in average sale price in addition to a 14 percent drop in sales. As a result, the market was left in a balanced position – one that experts predict will persist in 2024. The sale price for residential properties is expected to remain stable in the months ahead, while greater consumer confidence is anticipated to cause a jump in sales.
This year, homebuyers and home-sellers will be interested to know that neighbourhoods such as Bona Vista, Waverly West, and Meadowlands are foretold to gain popularity. This is because buyers in 2024 are eagerly searching for properties near green spaces, parks, access to transit, and proximity to service providers.
The real estate market in Winnipeg this year will largely be defined by the repercussions of elevated interest rates. One of the biggest challenges anticipated is the limited buying power of Canadians. This is due to pressure from strict lending policies such as stress tests. Experts have noted that the outcome of this year’s market will hinge on rate announcements from the Bank of Canada. The decisions made by the bank regarding interest rates will play a pivotal role in the dynamics of the real estate landscape in Winnipeg and other major Canadian cities.
If you are a first-time buyer looking to get your foot in the door in 2024, understand that it will be common this year for individuals to seek financial assistance. In fact, analysts predict that several first-time home buyers will be looking to family members for help with their down payment.
Contact us Today!
Whether you are buying Winnipeg homes for sale or selling in 2024, it’s important to get the information before you start this year’s real estate resolutions! As your agents, we are committed to providing you with the best service possible. If you have any other questions about what the Winnipeg market will be like in the upcoming months, contact us today! We’d be happy to help support you through your real estate journey. Please feel free to reach out with any additional questions or concerns. Be sure to check out our social media for the latest updates and more.
We look forward to working with you in 2024!