Winnipeg Free Press - PRINT EDITION

Luxury digs selling strong in city

  • Print

DON'T let the results of a Re/Max first-quarter survey fool you -- Winnipeggers haven't lost their appetite for luxury homes.

"That was just a blip on the radar screen," broker Cliff King of Re/Max Executives Realty in Winnipeg said of the Q1 survey results released Wednesday.

They showed a 15 per cent drop in the sale of luxury homes -- properties priced at $500,000 or more -- during the first three months this year (58 versus 68 in the 2011 first quarter).

But King maintains the appetite for higher-end homes in Winnipeg is stronger than it's ever been. To back up his claim, he trotted out the Multiple Listing Service (MLS) luxury-home sales numbers for 2011 and the first 41/2 months of this year.

They showed a 24 per cent increase in sales last year -- 359 versus 290. This year, sales are running one unit ahead of last year's pace for the same period -- 123 versus 122.

"And I would bet my bottom dollar... that by the end of the year, we'll see a substantial increase (over last year)," King said, adding he's anticipating a 10 per cent improvement.

The Re/Max report said in most major Canadian cities, there's a healthy appetite now for higher-end homes. It said 13 of the 16 cities it surveyed showed an increase in luxury-home sales.

"Given volatility in other areas, housing has emerged as a blue-chip asset among the country's most affluent individuals," said Elton Ash, regional executive vice-president for Re/Max of Western Canada.

"The capital-gains status ups the appeal, particularly as we see ongoing fluctuations in stock and uncertainty in Europe. All the variables have come together to support an upper-end market firing on all cylinders."

The good news for Winnipeg buyers is there's a pretty good selection.

King said there were 158 detached homes in Winnipeg on Wednesday priced at $500,000 or more. That includes 28 at more than a million bucks.

"When I saw it (28), I was a little surprised," he admitted. "I would have guessed 10 or a dozen maybe."

King said he doesn't know if that's the most ever listed at one time in Winnipeg, but it must be close to a record.

A spokesman for the WinnipegRealtors Association, which operates the local MLS, said there were another five detached homes for sale in bedroom communities just outside the city. There are also $4-million-plus condominiums for sale in Winnipeg -- three on Wellington Crescent, one on Waterfront Drive.

King said homes priced between $500,000 and $600,000 are still the most in-demand luxury homes in the city. But once you get over a $1 million, demand really drops off.

"Anything at over $1 million is going to take longer to sell. There just aren't that many people... in Winnipeg who want to spend that kind of money on a house," he said.

A couple of extreme examples are two of the most expensive homes on the market.

One is a south Tuxedo showstopper at $5.9 million. It's the highest-priced home ever listed in Winnipeg, hitting the market two years ago at $7.45 million. Despite the big drop in price, it still hasn't moved.

"Who in Winnipeg is going to buy a $6-million home? That could take five or six years to sell," King said.

The second example is a mansion on Wellington Crescent, on the market about four years. It started at $3.3 million and is now at $2.8 million.

The Re/Max report said the most expensive detached home to sell during the first quarter was a house on Wellington Crescent for $975,500. And the most expensive condo to change hands was also on Wellington at $525,000.

Re/Max noted both of properties attracted multiple offers, which it said is a further indication of a healthy appetite for luxury homes.

High-end listings

Got an urge to buy a luxury home? Here's a taste of what's on the menu in Winnipeg:

-- 158 properties priced at $500,000 or more, which is Re/Max's definition of a luxury home in the Winnipeg market.

-- 28 detached homes priced at $1 million or more, including one at $5.9 million, one at $4.6 million, one at $2.8 million, one at $2.69 million, one at $2.6 million, eight at between $1.5 million and $2 million and 15 at between $1 million and $1.99 million

And if you're wondering where they're located, there are:

-- eight in Tuxedo

-- four each in River Heights, Headingley, St. Vital and Pritchard Farms

-- three in Waverley West

-- one in Fort Garry

-- Source: Cliff King, Re/Max Executives Realty

Republished from the Winnipeg Free Press print edition May 17, 2012 B7

Fact Check

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories?
Please use the form below and let us know.

* Required
  • Please post the headline of the story or the title of the video with the error.

  • Please post exactly what was wrong with the story.

  • Please indicate your source for the correct information.

  • Yes


  • This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.

  • Cancel

Having problems with the form?

Contact Us Directly
  • Print

You can comment on most stories on You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

You can comment on most stories on You can also agree or disagree with other comments. All you need to do is be a Winnipeg Free Press print or e-edition subscriber to join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

Have Your Say

Comments are open to Winnipeg Free Press print or e-edition subscribers only. why?

Have Your Say

Comments are open to Winnipeg Free Press Subscribers only. why?

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.


Make text: Larger | Smaller


Blake Wheeler talks about past season

View more like this

Photo Store Gallery

  • Goslings with some size head for cover Wednesday afternoon on Commerce Drive in Tuxedo Business Park - See Bryksa 30 Goose Challenge- Day 12- May 16, 2012   (JOE BRYKSA / WINNIPEG FREE PRESS)
  • A gosling stares near water at Omands Creek Park-See Bryksa 30 day goose challenge- Day 25– June 21, 2012   (JOE BRYKSA / WINNIPEG FREE PRESS)

View More Gallery Photos


Do you agree with the province’s crackdown on flavoured tobacco products?

View Results

View Related Story

Ads by Google