If you’re waiting for a market crash to snag a cheaper home, you might be waiting for a while. Housing experts predict the market will remain strong for a while for several reasons:
1. With most first-time buyers under 40 and the Manitoba population nearing 1,407,000 (783,600 in Winnipeg)*, there’s no shortage of buyers, which leads to the second reason experts predict a robust housing market well into the future.
2. Low inventory. Too many buyers. Too few homes. It’s simple supply and demand — and experts say it will take at least several years to inject enough new supply to balance out the market.
3. Healthier mortgages. Unlike the 2008 housing crash, tougher lending standards and modern mortgage regulations mean today’s homeowners are less likely to default than those who were approved in the pre-crisis lending period.
Like to have a chat about your decision to wait out the market? I would love to! Reach out, and I’ll be in touch.
Cindy Grenier, 204-330-2567
* Source City of Winnipeg's "Population of Winnipeg" pamphlet, April 2021: https://winnipeg.ca/cao/pdfs/population.pdf