What is the Residential Real Estate market going to do in 2011? Here is the 2011 MLS® Forecast.
There are several points taken in the preparation of the forecast. Some of the main points include consumer confidence, housing affordability and immigration. Other variables taken into consideration are the historically low interest rates, rental vacancy rate (current 0.8% puts pressure on real estate market), a positive economy (job market) and strong construction activity and infrastructure investment.
Economic Development Winnipeg Inc. points out some of the positive features of Winnipeg that will impact the real estate Forecast:
- 27,000 jobs created over next 5 years (90% service sector, 10% manufacturing and construction)
- Winnipeg is very high in economic diversity
- Winnipeg has the 5th largest biotech and health research cluster in Canada
- Life Science sector estimated to contribute more than 7% of the Manitoba's GDP
- Winnipeg has a strong ICT sector
- Winnipeg is one of Canada's major financial services centres
- Aerospace Sector in Winnipeg is largest in Western Canada
- Winnipeg's Transportation Sector has over $2 Billion worth of economic activity
The forecast for 2011
Number of home sales - Forecast of 0.2% increase
Average home sale price - Forecast increase of 7-9%
Average condo sale price - Forecast increase of 6-8%
Total MLS® dollar volume - Forecast increase of 9-11%