Winnipeg among most affordable cities for first-time homebuyers

A new report suggests Winnipeg remains one of the most affordable housing markets for first-time buyers in the country.

The report, completed by Point2 Homes, shows Winnipeg has an average first-year home cost of $95,125, ranking it seventh among cities in Canada (Saguenay, Que. ranked first with a cost of $74,342).

Jeremy Davis with the Winnipeg Regional Real Estate Board says the news was not surprising to him.

“We have all the amenities of a big city, low cost of living, comparatively low municipal property taxes, low-cost power, and a consistently affordable real estate market," he said. "With all those things combined, Winnipeg has a tremendous value proposition and continues to punch above its weight."

Davis said Winnipeg’s housing market has seen a shift compared to times during the pandemic when the housing market was hot and breaking monthly records. He says this year there have been higher listings of homes on the market compared to the same time in 2022.

Davis said recent interest rate hikes have had an impact locally, but they’re only one piece of the puzzle.

“There are a whole host of things, like job numbers, the strength of the economy, inflation, economic uncertainty, but at the end of the day it really comes down to people’s own financial circumstances,” he said. “At the end of the day people are always buying and selling real estate regardless of what’s going on with interest rates.”

For those considering selling their home, Davis said people should speak with a realtor, saying they can determine the best strategy for their current financial situation.

While winter is typically a slower time for real estate, Davis added the market is starting to pick up.

“Spring and summer are definitely the times a year where the market activity increases,” he said. “And I just saw numbers are the midway point of March and we're already on a better pace than the previous month.”

-With files from CTV’s Katherine Dow