The days of selling your home in Winnipeg for well over the list price thanks to multiple offers are over, according to the Winnipeg Realtors Association.
The WRA, which tracks home and condo sales in the city, says that its latest report shows a dramatic change in the market from only a few years ago.
Peter Squire, the WRA's MLS market analyst, said a few years ago most houses in the city saw multiple offers and sold for well above list price.
"This year so far we're right around 70 per cent that are selling below list price," he said. "Going back to 2007, 2008 it was more like in the 30 per cent range," he said.
The reason for the switch is an increase in the number of houses available for sale now in Winnipeg, compared to seven or eight years ago, Squire said.
First-time buyer Sally Bowman bought a condo with her partner last month.
"I think we got a decent price. We were able to negotiate with him a little bit, so we did get it a little below the asking price," said Bowman.
Dave MacKenzie, WRA president, said sellers have to adjust their expectations.
"You know everybody's got a friend that got five offers and sold quite a bit over the asking price and that story always comes up, but you know, that was then, this is now," MacKenzie said.
It may not mean a windfall for people selling homes but MacKenzie said it does mean more balance to the market.
"Personally, I think that the kind of market we're in now is healthier," he said.
Squire calls the market now the new normal and said it is more important than ever to price your home competitively.