June 6, 2020

Winnipeg
4° C, Clear

Full Forecast

Help us deliver reliable news during this pandemic.

We are working tirelessly to bring you trusted information about COVID-19. Support our efforts by subscribing today.

No Thanks Subscribe

Already a subscriber?

Advertisement

Advertise With Us

Hot time for housing in the city

Winnipeg has fastest-growing average resale-home price

Hey there, time traveller!
This article was published 22/3/2012 (2997 days ago), so information in it may no longer be current.

The average price of a resale home in  Winnipeg jumped 10 per cent in a year.

RUTH BONNEVILLE / WINNIPEG FREE PRESS ARCHIVES

The average price of a resale home in Winnipeg jumped 10 per cent in a year.

THE only thing hotter than Winnipeg's record-breaking spring temperatures is its red-hot resale-homes market.

The average selling price of an existing home in the city grew at the fastest pace in the country during the first two months of 2012, according to the spring Market Trends report from RE/Max Canada.

The real estate firm said Winnipeg was one of three major Canadian cities -- Toronto and St. John's were the others -- to post a 10 per cent increase in average selling prices between the first two months of last year and the first two months of this year. Most of the remaining 12 cities surveyed saw increases ranging from 0.4 per cent to six per cent, with Victoria seeing a one per cent decline.

RE/Max said the average price here jumped to $241,115 from $219,450. And while unit sales were essentially unchanged -- 1,343 versus 1,345 -- that was because of a severe shortage of available listings, not a lack of prospective buyers, RE/Max said.

"Despite one of the best Januarys on record in 2012, momentum would have been stronger if adequate product were available," it said.

How bad is the shortage? Cliff King, a broker with RE/Max Executive Realty, said on Thursday morning, there were only 27 single-family detached homes priced between $180,000 and $300,000 for sale in the entire southwest quadrant of the city (the area west of the Red River and south of the Assiniboine River).

"That's virtually nothing," King said.

"We should have double or triple that, at least. Unless something changes, that's going to be a real problem for us this year."

The report said the shortage is sparking widespread bidding wars on properties priced under $500,000, which is helping to drive up selling prices at a surprisingly fast pace. It noted in February, 44 per cent of single-family properties and 31 per cent of condominiums sold for more than the asking price.

Ken Gigliotti / Winnipeg Free Press archives

Ken Gigliotti / Winnipeg Free Press archives

Competition is fiercest for homes priced under $250,000, it said.

"Five to six offers are not uncommon for a single listing.

"Homebuyers unsuccessful in their hunt continue the search, but the competition is not expected to let up any time soon."

Nationally, the housing market is off to a strong start again this year, with gains in sales and prices in most major markets, RE/Max said.

Sales for January and February were up compared to a year earlier in 12 of the 15 markets RE/Max assessed, and in most, by 10 per cent or more.

RE/Max credited low mortgage rates, strong consumer confidence and even the mild weather, which it said helped usher in an early spring buying season.

"Given the current economic climate, the strength of the country's housing market clearly reflects the value Canadians place on home ownership," said Michael Polzler, an executive vice-president with RE/Max.

"One driving factor has been the overall performance of the market over the past decade.

"Existing homeowners have realized substantial equity gains, especially in recent years, and many are taking advantage of the combination of historically low interest rates and equity to upgrade," Polzler said.

 

-- with files by Postmedia News

murray.mcneill@freepress.mb.ca

Advertisement

Advertise With Us

Your support has enabled us to provide free access to stories about COVID-19 because we believe everyone deserves trusted and critical information during the pandemic.

Our readership has contributed additional funding to give Free Press online subscriptions to those that can’t afford one in these extraordinary times — giving new readers the opportunity to see beyond the headlines and connect with other stories about their community.

To those who have made donations, thank you.

To those able to give and share our journalism with others, please Pay it Forward.

The Free Press has shared COVID-19 stories free of charge because we believe everyone deserves access to trusted and critical information during the pandemic.

While we stand by this decision, it has undoubtedly affected our bottom line.

After nearly 150 years of reporting on our city, we don’t want to stop any time soon. With your support, we’ll be able to forge ahead with our journalistic mission.

If you believe in an independent, transparent, and democratic press, please consider subscribing today.

We understand that some readers cannot afford a subscription during these difficult times and invite them to apply for a free digital subscription through our Pay it Forward program.

The Free Press would like to thank our readers for their patience while comments were not available on our site. We're continuing to work with our commenting software provider on issues with the platform. In the meantime, if you're not able to see comments after logging in to our site, please try refreshing the page.

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

Have Your Say

Have Your Say

Comments are open to The Winnipeg Free Press print or digital subscribers only. why?

Have Your Say

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

By submitting your comment, you agree to abide by our Community Standards and Moderation Policy. These guidelines were revised effective February 27, 2019. Have a question about our comment forum? Check our frequently asked questions.

Advertisement

Advertise With Us