Real estate experts predict sellers market in Winnipeg this spring

We’re heading into what’s typically the busy season for real estate, and with the most recent key interest rate drop, what exactly will the Winnipeg housing market look like this spring?

“Obviously with these trends with lowering interest rates, it’s going to be a seller’s market for sure. Maybe not as crazy as 2020 saw, but with the lack thereof of inventory, and that influx of buyers coming in with a lower interest rate, that bodes what’s going to be what I think will be a seller’s market,” explained Max Bachman, the president of Century 21 Bachman & Associates.

The Bank of Canada dropped the key interest rate last week, bringing it down to 3 per cent, the lowest it’s been since the fall of 2022, and Bachman thinks it will entice buyers.

“What that basically does is it means that when the average person goes to their mortgage advisor, is going to have access to more money that they would have had with other interest rates. So lowering interest rates basically means better access to money which ultimately has a direct effect on what the housing market house of a home costs,” explained Bachman.

Mortgage specialist, Laurie Boudreau, agrees it will be a seller’s market but says one thing that could balance things out is the fact that a majority of mortgages in Canada were signed in 2020 and 2021 when the interest rate bottomed out.

“So many mortgages are coming up for renewal this year and next year,” said Boudreau.

“Well, why would I break that mortgage and possibly pay a penalty just to get a new mortgage where the rate is over double higher? So I think a lot of people have been putting off selling their homes, and if those mortgages are up for renewal this year and next because 60 per cent of mortgages in Canada are coming up for renewal this year and next, so now is the time where they’re starting to look and starting to think about a change.”

Bachman says, “So ultimately unprecedented times dealing with COVID, and a lot of people signed up and locked into a five-year mortgage, here we are 2025 five years later,”

Adding, “That’s definitely going to affect some people’s motivation to put their homes on the market which could potentially open up more inventory thus saturating the price point and making it more accessible for buyers. So it’s definitely going to be more of a balanced market than what we saw in 2020, but very much so a good time to sell.”