A number of organizations produce monthly housing reports, showing whether the national markets are up, down or sideways. Why should you care? Or not care?
National Real Estate Housing Reports and Stats
News media are quick to report the latest national real estate trends and figures. House sales are up, or down, nationally and this always makes great news. But does it really matter?
The latest report from the Canadian Real Estate Association (C.R.E.A.), looking back at the national housing stats for February 2016, show that the overall price index for the country has shot up 8.5%
They go on to report that the average house price actually shot up 16.4% overall, but wait….
Remove Vancouver and Toronto and see what happens
They then removed the two biggest and most volatile markets from the equation. Take our Vancouver and Toronto, and the average house price in Canada only went up 8.7%. But it gets better…
Take out all of British Columbia and Ontario
Remove both of those provinces from the survey, and the national housing price actually went DOWN by 1.4%. But before Winnipeg residents start to panic, remember that this report now still includes Alberta, which has seen a strong down-swing in their housing. So the point: National housing stats and reports dont mean anything to us, since Winnipeg is such a small part of the national market
Winnipeg makes up about 2% of the national housing market
By my calculations, Winnipeg accounts for roughly 2% of the total Canadian Housing Market. Not enough to make an impact either way, whether our prices are up or down, it wont have much impact on the national picture.
Even Winnipeg has several ‘Markets’
Even a small place like Winnipeg has dozens of different real estate markets……houses in Transcona are in a different market than those in St. James. $250K houses in River Heights are in a different market then $600K houses in the same neighbourhood. Condos are different than houses. Two storeys are different than side-by-sides, and so on.
The only way to get a real picture of the market that is of particular interest to YOU is to work with your own Real Estate Buyers Agent. Someone who looks after your interest and works for YOU. I happen to hold a designation in this field, called and A.B.R. (Accredited Buyer Representation) and Im eager to help you find a home thats right for you.
Connecting with me is easier than ever. Download my apps from either Google Play (for Android phones) or from the Apple App Store for your I-phones. There are several benefits to my app: In addition to being able to get a hold of me quickly, you will also find ‘Bo’s List’ of preferred vendors. Think of an Angies List in local terms. Real Estate Lawyers, home insurance companies, movers, landscaper, accountant, mortgage lenders….and many more. All listed in the app complete with their phone and email addresses.
So if you are looking to buy or sell, a house or a condo, start by contacting me, either thru the app or commenting on this blog.