Winnipeg seeing rise in million dollar homes

The number of million dollar homes in Winnipeg is growing.

Currently, there are more than a hundred homes on the market in Winnipeg with an asking price above a million dollars.

Ed Dale, second generation real estate agent, says in his father's day, million dollar homes were rare in Winnipeg.

But now, he's listing two or three himself.

"There’s been a significant shift in that market,” Dale said.

“Even 10 years ago, a million dollars was a huge amount of money for a property in Winnipeg. Now? They’re a dime a dozen."

It isn't just Dale with the million dollar listings.

There are currently 115 million dollar or more residential properties listed for sale in Winnipeg on realtor.ca.

The Winnipeg Real Estate Board says homes in this price range are selling.

"In the first half of 2024, we've seen about six or eight houses that have sold for over the $3 million range. That’s unprecedented,” said Stuart Berenhaut with the Winnipeg Real Estate Board.

So what's behind this growth in the luxury home market in Winnipeg?

Berenhaut says the Winnipeg real estate market in general has grown over the years and that's pushing some homes into the million dollar club.

"A lot of those mid-$900,000 houses are now selling into the million dollar range simply because of the increase of values in the market,” Berenhaut said.

University of Winnipeg economics professor Phillip Cyrenne agrees, saying generally the price of a home goes up over time.

He says in some ways, the average price of a Winnipeg home may not tell the whole story.

"The average for Winnipeg is around $460, 000,” he said.

“That average is based on quite a large fraction of older homes, which are of lower value. So winnipeg's average house price is a little bit deceptive."

The Winnipeg Real Estate Board points out, a million dollar home in Winnipeg would be a multi-million dollar home in several other cities.

Dale is confident that an investment in a home like this is really a can't-lose proposition.

Meaning, if you needed to sell it, there would be no shortage of buyers.