Condo prices in Winnipeg down in Q4
Advertisement
Read this article for free:
or
Already have an account? Log in here »
To continue reading, please subscribe:
Monthly Digital Subscription
$1 per week for 24 weeks*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Billed as $4.00 plus GST every four weeks. After 24 weeks, price increases to the regular rate of $19.95 plus GST every four weeks. Offer available to new and qualified returning subscribers only. Cancel any time.
Monthly Digital Subscription
$4.99/week*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Billed as $19.95 plus GST every four weeks. Cancel any time.
To continue reading, please subscribe:
Add Free Press access to your Brandon Sun subscription for only an additional
$1 for the first 4 weeks*
*Your next subscription payment will increase by $1.00 and you will be charged $16.99 plus GST for four weeks. After four weeks, your payment will increase to $23.99 plus GST every four weeks.
Read unlimited articles for free today:
or
Already have an account? Log in here »
Hey there, time traveller!
This article was published 29/02/2016 (3664 days ago), so information in it may no longer be current.
A drop in prices made owning a condominium more affordable in Winnipeg in the final quarter of 2015, according to a Royal Bank report.
In its latest quarterly Housing Trends and Affordability report released today, RBC Economics Research said the average selling price of a condo in Winnipeg in the fourth quarter of 2015 was $213,100. That was down 3.7 per cent cent the previous quarter, and 3.1 per cent lower than a year earlier.
With the drop in prices, the housing affordability measure for a standard condo improved to 22.3 per cent from 23 per cent in the previous quarter and rromk 23.4 per cent a year earlier.
The housing affordability measure represents the proportion of pre-tax household income needed to service the costs of owning a home at current market values. That includes the cost of mortgage payments, property taxes and utilities. An affordability measure of 22.3 per cent means homeowners’ costs would take up 22.3 per cent of a typical household’s monthly pre-tax income. So the lower the measure, the more affordable the home.
“Plentiful availability of newly-built condo apartments continues to be the main thorn on the market’s side, with an unsold inventory amounting to 25 per cent of all apartment units completed in the past 12 months at the end of 2015,” the report said.
“Such elevated supply contributed to some price declines in the condo apartment segment,” it added.
The report also looked at the affordability of a single-detached home in Winnipeg and 13 other Canadian cities. It said there was only a 0.8 per cent decline in the average selling price of a single-detached home from the third to fourth quarter of last year. So the affordablity measure for that type of home was essentially unchanged at 31.6 per cent.
It pegged the average price of a single-family home at the end of 2015 at $294,400. Although that was down 0.8 per cent from the previous quarter, it was still 1.4 per cent higher than a year ear4lier.
Nationally, housing affordability generally remained stable across Canada in Q4 “with the exception of the scorching Vancouver and Toronto markets, where soaring home prices continued to raise the bar for home ownership ever higher,” the report said.
murray.mcneill@freepress.mb.ca