Monday, February 9, 2015
Which Canadian city saw investment properties soar in 2014?
It was a record-smashing year for sales of investment properties in this Canadian city in 2014, but experts don’t expect this trend to extend into 2015.
Preliminary year-end numbers compiled by Colliers International this week found that nearly $1 billion worth of properties changed hands last year in Winnipeg. This is nearly a quarter of a billion dollars more than the previous record of $762 million set in 2007.
Investors from Alberta and Toronto looking for more opportunities and REITs always hunting for more solid real estate investments made last year a banner year. Cheap mortgage rates (and a huge amount of idle cash looking for better returns) fueled this enthusiasm.
There are a lot of multi-family properties under construction now in Winnipeg and perhaps we are moving more closely to an oversupply of condos and rentals. Volume of new starts will be down as the market has to absorb the excess availability.
Posted by Admin