So! It is a buyer-friendly market right now, yes. We have a satisfied demand, as happens after a bubble of increased home prices, like we've experienced. This is normal. However, homes that show well and are priced and marketed properly are still getting multiple offers in some cases! We just have a more balanced relationship between buyers and sellers.
Interest rates will go up eventually, yes. Good effects from this are that it will calm the bubble a bit and make homes more attainable - especially to first time buyers who don't have equity in another home. People planning to sell a home should watch that they don't go too crazy with renovations. If prices drop a bit, you may not get back what you paid for the renos. I often advise my clients which areas of their home to invest money, and which areas might be better to stay on the frugal side.
Buyers should also be aware that it will likely get harder to borrow money from lenders for mortgages as rates tighten up. Have no fear, though! If you keep your ducks in a row by paying down debts, paying bills and taxes on time, and generally keeping consumer debts low - you should be just fine.
Falling oil prices will, of course, affect things across the country. As I said before, the housing bubble will calm, and prices will fall a bit. As the U.S. economy stabilizes we will see changes in all markets, including Real Estate. However, cheaper gas also means more money in your pocket! ...Or, in your savings account for your new home's downpayment, as the case may be...
Basically the same amount of homes are selling, there are just way more listings on the market at the moment. With SO MANY homes to choose from, buyers can be more choosey, and the competition is stiffer with new homes. As a result the amount of new homes being built is also calming a bit.
The point being: Relax. Real Estate markets change constantly, with pros and cons fluctuating all the time. All the more reason to hire the right agent who will work hard and help you to put your best foot forward. Winnipeg seems to weather storms quite well, and so will the housing market here.