Local and National Real Estate News Flash ; Briefing for March 30th

Hello…this is Bo Kauffmann of Remax in Winnipeg, with your real estate news for… Thursday, March 30th, 2023…

Today is National Doctors Day, National Take a walk in the park day and national turkey neck soup day. Where do they get this stuff? National walk in the park day….phaw.

True North Real Estate Development has filed a request with city council to be given 1 yr to investigate the possibility of purchasing Portage Place Mall. What was once a jewel in downtown, Portage Place has been “a large, cumbersome and mostly vacant asset in a state of continuing decline in Winnipeg’s downtown for many years”, the filing claims.

In national real estate news, The Canadian real estate association reports that on average, house prices have fallen 19% from their HIGH in Feb. 2022.

As BMO chief economist predicted they would fall a total of 20-25%, realtors are now seeing buyers coming back into the market.

While new listings are down 26% nationally, here in Winnipeg we are again bucking the trend. The 867 houses available on March 1st was more than double the number available the same day a year ago.

With the Bank of Canada apparently signalling no further rate hikes, now is a good time for buyers to check out their options.

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