Winnipeg Real Estate

REALTORS® are all about getting results for their clients, and the first half statistics for June show they are doing just that.  

June 1 to June 15 sales this year are slightly ahead of last year’s pace — an exceptional accomplishment based on the fact that 2008 was itself an exceptional year in MLS® sales and dollar volume activity. 

Residential-detached days on market has also improved  from previous months. On average, it took less than four weeks to sell a home in June. 

Nearly half of all homes sold for or above list price which is another indication of a stronger market. 

While not exactly a sellers market, the inventory build-up from earlier in the year is beginning to dissipate and create shortages in some neighbourhoods and price ranges. The result is multiple offer situations which help the vendor maximize the price achieved when selling their home.

Using a REALTOR® to sell your home makes good sense

Selling a home is no small venture. Whether you are selling to move up, move down, move away or for some other reason, you want the process to be relatively fast and painless. You also want to make as much money as possible. 

Like fixing a car, some people will be tempted to do the job themselves, reasoning that they can “pocket” the real estate commission. But for most, this is a false economy that makes no more sense than trying to rebuild a car’s transmission without the knowledge, training, experience or time needed to do the job properly. 

Saving the real estate commission is not a bargain — most buyers will expect a “bargain” when they see a “for sale by owner” sign. They will offer less than fair market value and the owner will be forced to negotiate upward to realize a small part of the anticipated commission savings. The do-it-yourselfer will also have to factor in the considerable amount of time and expense required to market the property, respond to calls and fill out paperwork. 

Selling your home is a very complex procedure that involves large sums of money, stringent legal requirements and has the potential for very costly mistakes. That's why there are plenty of experienced real estate professionals to help you make the best sale possible. A REALTOR® has the qualifications, experience and commitment needed to do the work for you. 

By REALTOR®, we mean a licenced real estate professional, who is a member of WinnipegREALTORS®, the Manitoba Real Estate Association and the Canadian Real Estate Association. When you work with a REALTOR®, you can expect that person to adhere not only to provincial law governing the real estate industry, but also to a national code of ethics. 

In addition to following up on details promptly and accurately, a REALTOR® is an expert in effectively marketing your home. Moreover, when you work with a REALTOR® your home will receive far-reaching market exposure through the Multiple Listing Service (MLS®). And the more exposure your home gets, the more likely you are to find a buyer willing to pay “your price.” 

Once you’ve made the decision to sell and have gone through the process of selecting a REALTOR®, you can depend on their support every step of the way. Here are some of the ways your REALTOR® can provide you with sound, effective counseling and professional service: 

• Under the listing agreement with you, a REALTOR® is responsible for looking after your best interests, including full disclosure of any information that may influence your decisions, as well as complete confidentiality. 

• You will receive a full explanation of the selling process and what to expect from the beginning, as well as answers to all your questions along the way. This will increase your confidence as your progress towards a successful sale. 

• The REALTOR® will assess your home, its best features and what will help it sell quickly. He or she will help you establish a selling price that will appeal to buyers interested in your type of home. 

• You will receive advice on how to make your home look its very best. A REALTOR® is experienced in providing tips on ways to make your home sparkle without going to great expense. 

• A marketing plan for your home will be developed to help it sell quickly and effectively. This plan may include the MLS® listing, open houses, advertising in newspapers and other media. 

• The REALTOR® will also attempt to separate the lookers from the buyers. This can be a real time saver because it helps ensure that only serious buyers visit your home. 

• When you receive an offer, the REALTOR® will have the knowledge and experience to negotiate an agreement on your behalf and according to your instructions. She or he will act as a mediator between you and the buyer and head off any potential conflicts. 

• If you decide to accept the offer, the REALTOR® will participate in drawing up a legally-binding contract that protects your interests throughout the transaction. 

• Once a legally-binding agreement has been signed, the REALTOR® will help you make sure the proper documentation is finalized and sent to the lawyers, that any conditions to the offer are fulfilled and that your questions and concerns are dealt with to your satisfaction.

Using a professional REALTOR® makes good sense.

Copyright 2008 published by WinnipegREALTORS® Association

Downtrend slower in three cities

Canadian home prices in April were down 6.7% from a year earlier, according to the Teranet-National Bank National Composite House Price Index™. It was the fifth consecutive 12-month decline. April was also the eighth straight month in which the composite index fell from the month before - the longest run of monthly declines since the beginning of index coverage in February 2000. The composite index is now 8.9% below the peak of last August.

Of the six constituent city indices, three were down from a year earlier: Vancouver (−10.9%), Calgary (−9.8%) and Toronto (−7.6%). Three cities held out against 12-month deflation, though with marked deceleration of their 12-month rises: Montreal (2.4%), Ottawa (0.6%) and Halifax (0.2%). The 12-month price increase in Halifax was the first since January. Calgary prices have been correcting for well over a year now, since August 2007, and are now down 13.3% from the peak of that month. Calgary has shown monthly declines in 17 of the 20 months posted since then, including the 10 consecutive months from last July through April.

Vancouver prices have also shown 10 straight monthly declines and are down 11.9% from peak. Toronto prices have declined eight months in a row and are 11.3% below peak. In Ottawa the downtrend is less pronounced: prices have declined in each of the six months since the October peak and are now down a cumulative 4.8%. Halifax and Montreal prices were up from the previous month in both March and April and are now only 1.7% and 1.4% below their respective peaks.

The Teranet–National Bank House Price Index™ is estimated by tracking observed or registered home prices over time using data collected from public land registries. All dwellings that have been sold at least twice are considered in the calculation of the index. This is known as the repeat sales method; a complete description of the method is given atwww.housepriceindex.ca

The Teranet–National Bank House Price Index™ is an independently developed representation of average home price changes in six metropolitan areas: Ottawa, Toronto, Calgary, Vancouver, Montreal and Halifax. The national composite index is the weighted average of the six metropolitan areas. The weights are based on aggregate value of dwellings as retrieved from the 2006 Statistics Canada Census. According to that census¹, the aggregate value of occupied dwellings in the metropolitan areas covered by the indices was $1.168 trillion, or 53% of the Canadian aggregate value of $2.207 trillion. 

All indices have a base value of 100 in June 2005. For example, an index value of 130 means that home prices have increased 30% since June 2005.

Teranet – National Bank House Price Index™ thanks the author for their special collaboration on this report.