Winnipeg Residential Market Update for the month of December, 2016
Happy New Year to all.
This RESIDENTIAL MARKET commentary is compiled solely from boundaries within the City of Winnipeg only, to more accurately assess the Winnipeg residential housing momentum over the course of December 2016. By comparison, stats published by the Winnipeg Real Estate Board is a snapshot of a much larger focus, encompassing the city of Winnipeg, and also all the rural areas in the southern half of the Province, (omitting the City of Brandon and the City of Portage la Prairie).
December 2016 was, as expected (and yet annually typical), slower than previous months in market activity. In the category of Residential single family homes in Winnipeg, there were 347 home sales during December, down 25% from 461 the previous month. Compared to December 2015, there was a drop of 35% of total sales. The average sales price was $291,475.00, which is down slightly from November/16. Homes in this category took on average 39 days to sell, one day faster than November/16, but 5 days longer than the month of December, 2015. The highest sale price was $1,350,000 in Crescentwood and the lowest sale price was $38,000 in the North End which represents the wide range of home values across the city in various MLS areas. The most active price range for residential-detached sales in December was the $250,000-$299,999 price range at 20% of total sales. And 60% of all total sales fell under $300,000.In the month of December there were 4.8 sales for every 10 homes actively for sale in this category, or 48% supply/demand ratio.
The category of Residential semi- attached/duplex also cooled off during the typically slower month of December. There were 34 sales in the category, down 25% from November /16 at 45. For the sale time frame in December 2016, there was a drop of 44% in total sales. The average sale price for this category in the month of December was $258,785.00, which interestingly in an INCREASE of 11.5% from November/16. It took 40 days on average for a house in this category to sell in December/16, which is on par with November/16. The highest sale price in this category was $ 385,000 in Bridgewater Forest and the lowest sale price of $89,000 for a duplex in the North End. During the month of December in this category, there were 5.3 sales for every 10 listings or 53% supply/demand ratio.
Finally, we look at the Condominium category in the city of Winnipeg. There were 80 condo sales in the month of December, which is a 16% decrease from November/16 at 95 sales. For the same time period last year, there was a 9% drop in sales. The average sale price was $252,047 which is a 2.6% increase over November/16. It took 53 days to sell, which is on par with November/16. The highest priced condo sold in the month was $665,650 in Wildwood and the lowest price was $46,000 in the North End, again reflective of the wide variety of choice in the condominium product choice in the City of Winnipeg. The most active price range for condominium sales in December was the $150,000-$199,999 at 33% of total condo sales. The second most active was the next higher price range of $200,000- $249,999 at 18% and not far behind was the $250,000-$299,999 range at 15%.
During the month of December there were 2 sales for every 10 listings or 20% supply/demand ratio.
Suggested Winter Home Maintenance Tips
written by Canadian Residential Inspections Service Ltd
Canadian winters mean that our heating systems are running full time. You should check your furnace air filters each month during the winter and either clean or replace them. Filters for your ventilation system, such as a heat recovery ventilator, should be checked every 2 months. It will mean better air quality for your family!
Regular Testing of GFCI Outlets
The GFCI outlets in your home should be checked monthly. The purpose of a GFCI is to protect you from electrical shock. They are usually in areas of the home where electrical current might come in contact with water, such as bathrooms, kitchens and outdoors. A GFCI monitors the amount of electrical current flowing from hot to neutral. If there is any imbalance, it trips the circuit, essentially cutting off the electricity for your safety. To test your GFCI, push the reset button on the GFCI outlet to prepare for testing. Plug a night light into the receptacle. The light should come on. Push the test button. The light should turn off. Push the reset button again. The light should come back on. If the light didn’t turn off when the test button was pushed then it is not providing you with adequate protection from an electrical shock and you should consult a licensed electrician. You should always check the instructions for your particular GFCI to make sure that you are testing the unit properly.
Cleaning Your Heat Recovery Ventilator
To keep your HRV working at peak performance, it should be cleaned twice a year in spring and fall. Turn off the HRV and unplug it. Open and clean inside the machine. Remove and clean or replace, the filters. Check to see if your HRV has a condensate drain — a pipe or plastic tube coming out of the bottom. If so, slowly pour about two litres of warm, clean water in each drain pan inside the HRV to make sure it is flowing freely.
Next, go to the exterior of the house where the intake and exhaust vents are located. These vents have screens which must be cleaned, especially the intake vent which is most commonly clogged with insects and debris. Remove and inspect the vents and vacuum out the ducts. Making sure these vents are clear will ensure the air in your home is healthy for your family and allow your air exchanger to work more efficiently. It is also a good idea in winter to check that the vents are clear of snow or ice buildup.
Older homes not built to today’s standards of energy efficiency can often benefit from the addition of more insulation. Upgrading insulation can reduce the amount of energy used for space heating and cooling. It will also help protect you against future increases in energy costs and makes your house more comfortable to live in. Click the arrow below to watch CHMC’s short video on upgrading your insulation.
Clear Snow from Vents
Make sure that all snow, ice and other obstructions are removed from your venting systems during the winter months.
Keep an eye on outdoor vents, gas meters and chimneys for ice or snow buildup. Abnormal snow and ice build-up may block gas appliance exhaust and combustion air vents (especially those side wall vents exiting close to ground level) causing appliance failure as well as possible buildup of Carbon Monoxide.
Carbon Monoxide Detectors
Carbon Monoxide (CO) detectors are now required by law in all residential homes in Ontario. The new rules, state that all sleeping areas in homes and in service rooms must have a detector. They must also be installed in adjacent sleeping areas in multi-residential units. Detectors can be hardwired, battery operated or simply plugged into the wall. Carbon Monoxide poisoning can occur through a blocked chimney, faulty furnace or other problematic gas-burning appliances. More than 50 people die each year from carbon monoxide poisoning in Canada. Carbon Monoxide alarms are already mandatory in some municipalities, in new residential buildings containing fuel-burning appliances or a garage. We expect other provinces will follow suit in the near future. In the meantime, to ensure the safety of your family, all homes with fuel-burning appliances and/or attached motor vehicle garages, should have CO detectors installed in all sleeping areas.
Snow on the Roof…Take Care
Canadian winter, a certain amount of snow accumulation on your roof is normal. However, if there is an excessive accumulation on the roof of your home, there is a possibility of damage to the structure of the property. Flat or low sloped roofs usually have a greater risk of dam and increase the potential for ice damming at the roof and eaves level. Removing the snow from your roof can be a dangerous task. If you are not sure how to safely remove the snow from your roof then do not hesitate to hire a professional to remove the snow for you.
Hot Water Tanks
Performing routine checks and maintenance on your hot water tank, whether it is gas, oil or electric, is vital to extending the life and efficiency of the tank and ensuring your safety. The normal life expectancy of a tank is 8 – 12 years. Older tanks have the manufacture date as part of the serial number; however newer tanks have stickers with the date of manufacture clearly stated.
Completely check the tank for any signs of leaks, corrosion, damage and deterioration. Check water lines on top of the unit for leaks and corrosion; also check that the bottom drain valve is not leaking. You should routinely drain the tank and flush out any silt and debris on the bottom of the tank. This will greatly increase the life and efficiency of your tank, especially if you are on a well system.
The area around the tank should be kept clear of debris and combustibles. Air flow is required to help with combustion and the performance of your tank. Visually check the tank’s main components. Check the burner and pilot-light burn pattern and look for signs of corrosion and deterioration and ensure that the flame shields are in place. Air flow to the burner area should not be obstructed.
Next, take a look at the temperature pressure relief valve (TPRV) located on the side of the tank. The TPRV is designed to release any build-up of pressure or temperature. There should be no signs of leakage or corrosion. The TPRV should also be equipped with a down-tube to safely direct any release of hot water and/or steam from hitting you. The TPRV should never be capped. Without the ability to release pressure, your tank will essentially become a ticking bomb.
The vent connector/exhaust pipe on top of the tank should be securely attached with no holes or corrosion. If the vent is not in good condition it could lead to the off gassing of Carbon Monoxide, which can make you ill or at high levels, lead to fatality. Consult a professional plumber if any of the above issues exist or if you have any questions or concerns.
Molds and Mildew Prevention Tips
It is a good idea to remove the inside screens from your windows over the winter months. This allows more air to circulate around the inside of the window trim and sill area, thus reducing the incidence of molds and mildews. Molds tend to grow in high moisture areas. In the winter months extra moisture may condense on the colder surfaces of the glass. Adequate ventilation helps expel that moisture. Although some home owners block off heating vents to certain rooms over the winter months to decrease heating costs, it is never a good idea to completely block off your vents for the same reason – ventilation helps to expel moisture that may contribute to mold and mildew in a home. When you remove the screens do a quick check of each window and clean the sill and trim if you notice anything that may be mold or mildew. Dry the area quickly after cleaning. Check for tears and repair any damaged screens. Clean the screens before storing them in a dry area so they will be ready for installation in the spring.
Shovel snow away from your home’s foundation.
The key to avoiding foundation deterioration and expensive repairs is to prevent water from pooling around the base of your house. With high snowbanks this year, consider focusing your efforts on areas more prone to water damage come spring melt, such as build up around basement windows and concrete steps and keeping these areas clear of snow build-up.
Considering making a purchase this year ? In preparing for this decision, here is a breakdown to review:
Monthly Carrying Costs When Buying a Home: As a general summary, this table shows various categories of estimated monthly carrying costs for a $350,000 home with a $300,000 mortgage at 3.24% amortized over 25 years.
Thanks so much for checking out this month’s newsletter. If you have any questions or concerns or if you would like more specific information about market conditions in your MLS area please don’t hesitate to contact me at 204-987-9808 or email email@example.com.