On the daily, I am asked when the best time is to sell your home in Winnipeg.

The short answer is: it depends.

For the purposes of today’s discussion, I’m going to focus on when the best time to sell is in regard to dollar return.  As in, what time of year is best if the sole goal is to net the most money.  However, there are aspects beyond just netting top dollar (possession timeframes, conditions, terms, etc.) that are not being considered in this evaluation.  So please keep that in mind.  Everyone has different circumstances, and tailoring a plan specifically for you is what is most important.  I don’t want anyone getting stressed out if they are unable to make the time frames shared below.

Just a few notes before we get into it:

• This report is specifically for the Winnipeg market

• These statistics were compiled from the data provided form the Winnipeg Regional Real Estate Board

• All markets are local. However, most markets do hit a peak in the market, in which sales decline.

• While the numbers help us develop “best strategies”, there is never a one-size-fits-all approach to selling a home.

Looking at number of sales in Manitoba. If you had 100 buyers:

• 5 would buy in January

• 5 would buy in February

• 7 would buy in March

• 9 would buy in April

• 12 would buy in May

• 11 would buy in June

• 11 would buy in July

• 10 would buy in August

• 9 would buy in September

• 9 would buy in October

• 7 would buy in November

• 5 would buy in December.

Looking at these numbers alone, one may say that selling between May-July would be an ideal time to sell. However, based on my experience, I know that those selling earlier in the year typically come out further ahead when it comes to their bottom line. And a deeper delve into the stats reveals why:

Inventory levels in Winnipeg, tend to start heavily increasing in May – with the number of Active listings typically hitting the peak between July – August.

However, by mid-May, we are still experiencing more limited inventory even in the presence of a very active Buyer pool.

As a result – we typically see the highest number of sales over list price in May – and I would actually say from experience that those selling from mid-April to mid-May are the ones that tend to see the highest sales prices.

So, what does this mean now, that we’ve passed this “peak” of the spring market? It means a few things:

1. We need to adjust expectations. Understand that things might take longer to sell than a few months ago, and it might mean more showings before you get to that offer. Multiple offers may be less frequent and less aggressive.

2. Buyers are seeing more options – so pricing and presenting your home properly are much more paramount in these times.

3. Be prepared to negotiate. The early spring buyers are much more comfortable with the bidding war. They tend to be early adopters with a different mindset from the late spring buyers who can be more conservative (hence why they haven’t succeeded in their bidding yet).

4. This is Winnipeg. It is still, quite likely, a Seller’s market. Winnipeg has proven to be a safe haven for homeowners for the last several decades – with consistent increases in property values. Our homes still typically sell in well under 90 days and for relatively close to list price when compared to other markets. Which technically still qualifies us as a Seller’s market! So it really isn’t that bad.

For buyers: what I haven’t mentioned above is the best time for you to buy. The data says typically anytime from November – January is a good time to buy – with November likely showing the most strength. Inventory is still quite high, while the number of Buyers is quite low.

And I know I have touched upon this above – but there are really two keys to ensuring the success of your home sale, regardless of the market you are in:

1. Price it right from the start (not too low and not too high), and

2. Ensure that your property stands out from the competition

If you need help with any of that, please reach out. Talking strategy and what is best for your circumstance, is honestly one of my favourite things to do!

Happy Selling,

Jen

When preparing to list your property on the market, choosing the right renovations can make a significant difference in attracting buyers and maximizing your return on investment. Here are five key improvements that typically offer the most value and should be prioritized if you're thinking about selling.

Kitchen Remodel

The kitchen is often considered the heart of the home, and modern, functional kitchens are a major draw for potential buyers. Whether you opt for a full remodel or minor improvements like new countertops, hardware, and flooring, updating the kitchen can offer one of the highest returns on investment. A well-designed kitchen not only enhances daily living but also increases the overall appeal of your home.

Bathroom Renovation

Bathrooms, like kitchens, are high-traffic areas that buyers scrutinize closely. Updating your bathrooms can significantly increase your home's value. Even small changes such as new fixtures, lighting, or tiles can enhance the appeal and give the space a fresh, modern look. Consider adding features like double sinks, a walk-in shower, or heated floors to create a spa-like experience that buyers will love.

Adding Living Space

Increasing your home's marketable square footage by converting basements into living spaces or adding extra rooms can greatly boost its value. Additional living space can appeal to buyers looking for a home office, gym, or guest room. This type of renovation not only increases the functional space of the home but also enhances its versatility, making it more attractive to a wider range of buyers.

Energy Efficiency Improvements and Smart Home Technology

Today's buyers are increasingly looking for homes that are both energy-efficient and tech-savvy. Installing energy-efficient windows, insulation, and HVAC systems not only reduces utility bills but can also attract environmentally conscious buyers. Incorporating smart home features such as thermostats, security systems, and smart lights can further increase your home's appeal. These modern upgrades can provide convenience, security, and energy savings, making your property stand out in the market.

Exterior Improvements

First impressions matter, so investing in your home’s exterior can pay off significantly. Enhancing curb appeal through new siding, updated landscaping, or a fresh coat of paint can make your property more inviting and attractive to prospective buyers. Well-executed exterior improvements not only improve the aesthetic appeal but also signal to buyers that the home has been well-maintained, adding to its overall value

By focusing on these key renovations, you can increase your home's appeal, attract more buyers, and potentially achieve a higher sale price. Whether you're considering a major remodel or minor updates, prioritizing these improvements can help you make the most of your investment and ensure a successful sale.

In a move that's been eagerly anticipated, the Bank of Canada has announced a reduction in its policy rate by 0.25%, bringing it down to 4.75% from the previous 5%. This adjustment marks the first change since July of last year and comes as a response to evolving economic conditions.

Why Did the Rate Change?

The decision to decrease the rate stems from a series of economic shifts starting in March 2022, when the Bank began increasing rates in reaction to unexpectedly high inflation. This inflation surge was a byproduct of pandemic-related financial stimuli and global supply chain disruptions, which impacted prices across the board.

What This Means for You

This rate cut is particularly significant for those in the housing market. Prospective homebuyers securing fixed-rate mortgages and current homeowners with variable-rate mortgages will likely benefit from lower interest costs. This change could make home ownership more accessible to many Canadians and provide some relief to those currently repaying loans.

Economic Overview

The Canadian economy showed signs of recovery in early 2024 after a slowdown in the latter half of the previous year. Despite the GDP growth rate being a modest 1.7%—slower than expected due to dips in inventory investments—consumer spending has remained robust at around 3%. Additionally, there have been noticeable increases in business investment and housing activities. While employment growth has not kept pace with the growth in the working-age population, the job market remains active, and wage pressures are starting to ease.

Inflation and Economic Outlook

As of April, the Consumer Price Index (CPI) inflation rate has dropped to 2.7%, showing a decline from earlier rates. Core inflation metrics have also fallen, indicating a trend towards continued easing. The breadth of price increases across various CPI components has decreased, nearing historical norms.

Despite these positive trends, the Bank of Canada maintains a cautious stance. The Governing Council's recent rate cut to 4.75% reflects growing confidence that inflation will gradually align with the 2% target. However, risks in the inflation outlook still exist, and the Council is closely monitoring factors such as core inflation, the balance of demand and supply, inflation expectations, wage trends, and corporate pricing strategies.

The Road Ahead

The Bank of Canada is committed to achieving price stability and continues to monitor economic indicators closely. This latest rate cut could signal more adjustments in the future, depending on how economic conditions unfold. For Canadians, this means it's essential to stay informed and consider how these changes might impact their financial decisions.

Stay tuned for more updates as we continue to follow this developing story and analyze what it means for Canadians and the economy at large.