15°c Light rain showers
17°c Cloudy with showers
Winnipeg Free Press - ONLINE EDITION
Hot and affordable describes Winnipeg housing market
WINNIPEG — Winnipeg has one of the hottest housing markets in the country, but also one of the most affordable, according to a new RE/MAX report released today.
The real estate services firm said a recent survey of 19 major Canadian cities showed that over the first couple of months of 2011, Winnipeg had the third biggest increase in house sales (11 per cent) and the fourth biggest gain in the average selling price (seven per cent).
But despite the increase, it still had the fourth lowest average selling price among the 19, at $228,822, and the fourth lowest monthly mortgage carrying costs at $1,020.
RE/MAX said the surge in housing costs is part of a broad-based trend that saw average selling prices increase in 70 per cent of the cities surveyed. And 30 per cent reported higher unit sales.
"Consumer confidence is climbing in conjunction with economic performance, and concerns over a secondary recession fade with each passing day," said Elton Ash, regional executive vice-president for RE/MAX of Western Canada. "The mood is cautiously optimistic as first-time buyers enter the market."
The firm said first-time buyers looking to avoid higher interest rates down the road are helping drive up the real-estate market in a number of Canadian regions.
It also noted the federal government’s newly implemented mortgage rules are prompting many first-time buyers to compromise on their expectations, rather than drive them out of the market.
The rule changes reduced the maximum amortization period for government-insured mortgages to 30 from 35 years, and limited the amount people can borrow when refinancing their mortgages to 85 from 90 per cent of the value of their homes.
— Staff/Postmedia News
More Business
- Back to Top
- Return to Business
More Business
(1 of 50 articles for today)
DOJ again asks NY appeals court to delay lifting age restrictions in morning-after pill case
9:05 PM 0NEW YORK, N.Y. - Department of Justice lawyers filed court papers Friday again asking a federal appeals court to delay ...
Poll
Most Popular Business
- MTS to sell Allstream to Egyptian investment group, focus on Manitoba market
- Value Partners cracks $1-B mark in assets
- Changes to CPP rules worth looking into
- New owner for lumber stores
- Canada threatens 'retaliatory measures' over new US meat labeling regulations
- Even a nine-year-old grills McDonald's CEO over menu
- Manitoba housing affordability deteriorates
- Wealth survey indicates average person has $6.6K
- Canada gets tablet
- Ottawa threatens 'retaliatory measures' over new U.S. meat labelling regulations
- New owner for lumber stores
- MTS to sell Allstream to Egyptian investment group, focus on Manitoba market
- 2 men arrested in killing of Las Vegas teen who refused to give up his iPad
- New downtown tower could be 42 storeys tall: developers
- Creative industries can fuel a city's economic engine
- Microsoft reveals Xbox One as all-in-1 entertainment console, last of 3 major systems unveiled
- Value Partners cracks $1-B mark in assets
- Skyline-altering project will happen: developer
- Housing slowdown to worsen, cost 150,000 jobs, says mortgage group
- Bridging the gap
- Target opens its first Manitoba stores Tuesday
- New structure to be king of downtown?
- Transcona transformation
- Target opens Manitoba stores
- New owner for lumber stores
- Mounties say crooks passing fake polymer bank notes in British Columbia
- City to get a touch of glass
- MTS to sell Allstream to Egyptian investment group, focus on Manitoba market
- Canad Inns property has personal meaning for owner
- Holiday pump jump debated
- Value Partners cracks $1-B mark in assets
- MTS to sell Allstream to Egyptian investment group, focus on Manitoba market
- Changes to CPP rules worth looking into
- She's got entrepreneurial spirit
- New owner for lumber stores
- Valeant shares soar amid report drug firm near $9B deal to buy Bausch and Lomb
- Thorough record-keeping key to power of attorney
- Motor Coach laying off 190 workers
- Will, power of attorney are different documents
- Wealth survey indicates average person has $6.6K
- New owner for lumber stores
- Value Partners cracks $1-B mark in assets
- MTS to sell Allstream to Egyptian investment group, focus on Manitoba market
- Ex-'Pegger seeks to grow local businesses
- Changes to CPP rules worth looking into
- Bridging the gap
- Developers to unveil plans for bold downtown tower
- Skyline-altering project will happen: developer
- There are lots of I's in 'team'
- More than a new boss
- New owner for lumber stores
- Transcona transformation
- New structure to be king of downtown?
- CEO, execs terminated at TCIG
- Target opens its first Manitoba stores Tuesday
- Canad Inns property has personal meaning for owner
- Winnipeg's got the REIT stuff
- Older and jobless? Resource on hand
- Value Partners cracks $1-B mark in assets
- Local boy leads Great-West
Ads by Google
You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.
Have Your Say
New to commenting? Check out our Frequently Asked Questions.
The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.