The rest of Canada is learning what most Winnipeg homebuyers already knew — house prices here have been increasing at one of the fastest paces in the country over the past decade.
A new report released today by real estate giant Re/Max said the price of an average home in Winnipeg skyrocketed by 160.1 per cent between 2002 and 2012, soaring to $255,058 from $98,054.
That was the third fastest growth rate among the 16 Canadian cities included in the Re/Max Move-Up Buyers Report. Regina and Saskatoon saw the biggest price growth, at 198.9 and 165.4 per cent respectively.
Winnipeg also had the second-strongest price growth over the last five years, at 49.6 per cent versus Regina’s 81.8 per cent, the report states.
That compares to a national average growth rate of 93.3 per cent for the 10-year period, and 18.4 per cent for the last five years.
"Strong economic fundamentals helped fuel record price appreciation in markets like Regina, Saskatoon and Winnipeg," Elton Ash, regional vice-president of Re/Max of Western Canada, said in a written statement.
But Ash said that despite the big upswing in housing values, prices in the three Prairie cities "remain surprisingly affordable."
He said confidence in home ownership continues to fuel home-buying activity in most major Canadian cities, particularly in the move-up segment of the market.
"Equity gains have been a primary driver, with return on investment exceptionally strong in the past decade," he added.
That has reduced the time between purchases, the report said, with first-time buyers generally prepared to move up to a higher-priced home within four to seven years of their initial purchase.