The local real estate market in 2018 will be sure and stable was the message conveyed at the Annual Forecast Breakfast, held by WinnipegREALTORS at the Canad Inns Polo Park on February 7.
With over 300 members and industry professionals in attendance, Peter Squire, WinnipegREALTORS VP of Market Intelligence, spoke of the resilience of the Winnipeg Metropolitan housing market, with its steady sales activity and modest price increases. With his detailed analysis on display, he reviewed how the factors of Manitoba’s diversified economy and success in keeping unemployment at low levels, kept Manitobans confident in purchasing a home. From these trends, he’s derived a similar outlook for this year, with modest challenges being posed by the new Federal mortgage stress tests and significant changes in interest rates looming on the horizon.
WinnipegREALTORS President Chris Dudeck delivered an opening presentation detailing how technology need not be a disruptor, but rather be embraced as tools to enhance the value proposition of Realtors to their clients, and to build trust and long-term relationships. He also reflected on the on-going activities of the association, and the efforts of staff, committees and directors to advance the strategic directives such as new online opportunities, new products and enhanced services.
The Forecast Breakfast also featured a key panel of speakers detailing the ongoing growth of downtown Winnipeg. Featuring prominent industry stakeholders in the downtown area, Trevor Clay, chair of the Commercial Division moderated the group through topics such as the impact of True North Square, the significant increase of residential development and subsequent population growth of downtown and how potential transformations such as opening up Portage and Main to pedestrian traffic will effect the area as a whole.
The event ended with an illuminating presentation by Will Dunning, Economic Consultant and Chief Economist for Mortgage Professionals Canada, who used his expertise and research on Toronto’s volatile market as a contrast to the otherwise steady market activity found in Winnipeg and its metropolitan area. Displaying the marked differences using metrics such as local resale market and house price growth, Dunning effectively demonstrated that all markets are local, despite the oversized influence that a market like Toronto has on the national perception of real estate.
With its engaging set of speakers and the plethora of information available, this year’s Forecast Breakfast was an outstanding success, and provided its attendees with the resources required to traverse the coming year with potential confidence and foresight.