It has been an abnormally slow start to the year for the housing market in Steinbach.

That is according to Peter Squire, Market Analyst with WinnipegREALTORS Association. But, Squire says listings are only a little bit off, and he says this is being felt across the country.

Through the first quarter of 2017, there were just over 200 single family homes listed in Steinbach, compared to 250 during the same period a year ago. There were 86 sales through three months this year, down from 94 during the same period last year.

Squire says this has not caught them off guard, noting they sensed last year already this could happen. In October 2016, new rules came into effect in Canada for mortgages. Under the changes, a stress test is now used for all home buyers that have less than a 20 percent down payment.

"It may impact especially those first-time buyers," says Squire. "Which we know Steinbach would be one of the prime markets for that, given all the immigration you've had and the activity in general in terms of new construction."

When you look at the average selling price, that too is down. In fact, Squire says he doesn't ever recall the average selling price dropping from one year to another. From January 1st to March 31st, the average selling price for a single-family home in Steinbach was less than $260,000. That same period twelve months earlier was $267,000.

"We're going to have to see how this plays out in the second quarter," says Squire. "Other markets were concerned as well, not just Winnipeg in terms of this stress test, which makes it tougher for the first-time buyers to qualify."

Squire says though numbers might be down, there is still a good supply of both single family and condominium listings in Steinbach. In fact, there were 13 condominium sales in the first quarter of 2017, compared to 10 during the same period in 2016.

Squire says Steinbach continues to be a leader when it comes to house sales within the WinnipegREALTORS market region.

"It's just had a lot of positive activity going on in general with the economy there and house sales and house construction," he says. "It will continue to be in my view, a leader amongst all our Multiple Listing Service areas."

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