WINNIPEG -- The cost of real estate in Winnipeg may have seen an increase in 2019, but it’s still significantly lower than the national average, a new survey finds.
According to the Royal LePage House Price Survey, the average price of all types of homes in Winnipeg, including condos, two-storey homes and bungalows, was $321,346 in the fourth quarter of 2019. This is an increase of 7.4 per cent compared to the same time period last year.
This is less than half of the national average, which was $648,544 in the fourth quarter of 2019, a year-over-year increase of 2.2 per cent.
The survey suggests growth in the value of Winnipeg condos is slower than with other types of homes. During the same time period:
- the median price of a bungalow in Winnipeg rose 5.3 per cent to $306,293;
- the median price of a two-story home grew 10.2 per cent to $353,536; and
- the median price of a condo increased 1.1 per cent to $232,875.
“Sales are up across the detached home market and homes sales above $800,000 have been especially brisk,” said Michael Froese, managing partner at Royal LePage Prime Real Estate in a news release.
“While demand has been strong, there is ample inventory, providing buyers choice and maintaining affordability.”
In December, Royal LePage released its Market Survey Forecast and predicted that Winnipeg home prices will remain flat at $321,300 in 2020.
POTENTIAL CHANGES COMING TO MORTGAGE STRESS TEST
According to Phil Soper, president and CEO of Royal LePage, the federal government has signaled there could be changes to the mortgage stress test in 2020.
“The stress test pushed people out of real estate markets across Canada temporarily. For the most part, buyers have adjusted, yet it still represents a significant hurdle as families pursue the dream of owning their own home,” he said.
