Once every quarter cities across Canada wait with baited breath for the CMHC housing market analysis and Winnipeg is no exception. With last weeks bad news about housing prices decreasing, anyone related to the real estate industry is looking for something to hang their hat on. To the rescue was today’s housing market analysis from CMHC.
In my opinion CMHC has got things right with Winnipeg for several quarters now. When they first started this housing market analysis I wasn’t so sure. The only concern they have in this recent report is the category of overbuilding. If you delve into the report a little further, single family homes remain below the problematic threshold which is a good sign of a healthy market. The problem they have identified is multi-family units or condominium apartment units. The inventory in this category continues to increase and everywhere you look in the city condo construction continues to appear at every corner. Well, not every corner, but you get the picture.
Based on this assessment, condo’s will continue to present issues for anyone in the position to sell one. Just drive down Kenaston Blvd between Taylor and Grant and you will see the signs of condo’s trying to sell. This issue is not going away anytime soon in Winnipeg and until the inventory of new condo’s slow down we may see this part of the market as a concern for a few years to come.
The rest of the housing market is healthy, let’s breath a sigh of relief…for now.