MB-Realtor

We still seem to be fighting off the Financial Wolves here in Winnipeg.

The Winnipeg MLS® market continues to show resilience in the face of a national real estate market adjustment as it recorded its best September ever. With MLS® Sales Up 3% and the Dollar Volume Rises of 16%. One in three homes selling in September still went for above list price.

A recent forecast from the Conference Board of Canada indicating Winnipeg will be one of the nation’s leading economic performers in 2008. It forecasts real economic growth of 3.3 per cent. This looks to be accurate.

Traditionally Winnipeg has not had the Booms and Busts of other Cities, rather plodding its steady course, sometimes its better to be the Tortoise rather than the Hare.

Steve_P

After today's meltdown and this little prediction from the country's so called top economists I don't that that kind of economic growth is going to happen any time soon.

Canada heading for recession, say economists

I don't think any one province is going to be immune.

neill

Do you not think that canadian spending habits will increase if the price of oil drops substantially? Also the Canadian dollar will drop again, perhaps allowing exports to rise?

dbd33

A large and sustained drop in the price of oil would not be good news for Alberta, Saskatchewan or Newfoundland. I fear for the people newly moved to the latter.

MB-Realtor

One of the reasons Manitoba's housing market is remaining buoyant is the number of Families returning here from Alberta/BC, that along with steadily increasing immigration supplies a steady stream of new buyers into the market.

seanyg

This is terrible news. If things continue on their downward trend here in the UK, and we can't break even on our house (when / if we sell it), the fact that Winnipeg is still going up could seriously ruin our emigration plans.

We are desperately praying for a recession in Canada (sorry!).

Novocastrian

Thing is Steven "What me, worry?" Harper denies that will happen.

seanyg

So you reckon they're putting on an 'all is well' front to stop people worrying / panicking? I do hope so!

Novocastrian

Well, obviously, I do not so hope. But it will if the laissez-faire deregulators are left in the job of preventing it.

By the way, apparently our glorious leader is actually called "Stephen". Who knew?

Londonuck

Trouble is, jobs go in a recession. No good having a nice house with no job. I cant believe that it can keep going up.

seanyg

Ah, but in an ideal world the house prices would crash like they're doing in the UK, and then the UK would pick up (Canada still crashing) and we'd sell and break even, and then Canada would pick up and by the time we get over there (and the job front is rosy again) the house prices would only have risen to what they were when we originally looked at Canada, so we'd still get the same 'bang' for our buck.

Like I said, in an ideal world...

livermanl

Not asking for too much are you?

To be honest Canada is just as vunerable as everyone else in the world the only difference being is that it will hit provinces such as BC, AB and ONT a whole lot more than it will MB. Winnipegs houses in the last few years have probably close to doubled in value (MBRealtor to give the exact figures) But there still isn't alot of dropping room like there is in other parts of Canada.

The more affordable your mortgage is the less you have to worry. (As long as you can keep your job).

Which is why it's always an idea to stay well within your means as interest will at some point have to go up and if you strugle when interest is low then you have little to no chance if it increases. All I hope for is that Canada remains a bit more stable than the rest of the world as people are really in for some tough times in the US & UK.

So if you are looking at a $300,000 house right now to 'break even' maybe it will be an idea to look for a $200,000 house or so on...You can still get really nice houses in Winnipeg for $120,000-150,000 the trouble is that these houses are situated more humble parts and/or need a lot of work to return them to their former glory.

neill

Then you buy a 'fixer upper' on the cheap and spend your weekends at Home Depot, just like every other canadian ;-)

MB-Realtor

The Average price rise for Houses in Winnipeg for 2003 to April 1st 2008 is 78% except for the North End where it was 120%.

seanyg

We want(ed) to be mortgage-free as we know Sean will have to take a drop in wages, and the cost of living is (apparently) no cheaper than the UK, so if we have a mortgage then we'll be no better off than we are now. If we break even on our house over here we'll be looking at $140k-160k for a decent house. When we first looked at Canada last year, this was achievable, but now it looks like it won't be

Bring on the recession! (to Canada obviously, not here! )