City house price forecast up again in 2017

Hey there, time traveller!
This article was published 8/12/2016 (619 days ago), so information in it may no longer be current.

The average price of a home in Winnipeg increased three per cent this year and will rise by the same amount in 2017, according to the latest forecast from Re/Max.

In its 2017 Housing Market Outlook Report released Thursday, the real estate firm said the final numbers for this year are expected to show the average price of a home in the city increased to $288,500 from $281,022 in 2015.

And it predicts the average price will climb by another three per cent next year, to $297,155.

"Winnipeg's housing market was balanced in 2016, and is expected to shift slightly to a buyer's market in 2017 as new development projects gradually come onto the market," the company said.

It said single-family detached homes priced between $200,000 and $350,000 are in highest demand in Winnipeg, while move-up buyers are typically looking for properties in the $400,000-$600,000 price range.

It noted mild fall weather in 2016 helped maintain high activity in the market throughout September and October, leaving sales for the first 10 months of the year running six per cent ahead of the previous year's pace. It also contributed to a higher volume of listings than in previous years, as sellers looked to move their properties before the first snowfall of the year, it added.

The firm also said new city-imposed growth fees on new homes, which are expected to take effect in January, could lead to more people buying resale properties instead of new ones, which would help to boost sales.

murray.mcneill@freepress.mb.ca