Young buyers shifting to remote work lifestyle driving Winnipeg real estate market: report
Manitoba saw a record month for real estate in July 2020. (Source: Scott Andersson/CTV News)
WINNIPEG -
A new report is predicting that Winnipeg will see a seller’s market when it comes to the 2022 real estate landscape.
Re/Max’s 2022 Canadian Housing Market Outlook Report said young couples enjoying the freedom of working from home are driving the demand in Winnipeg, particularly for one and two-storey detached homes.
Re/Max predicts that Winnipeg will continue to attract young buyers into 2022.
The report added that out-of-province buyers came to Manitoba for the affordability, but interprovincial moves were largely impacted by remote work lifestyle changes.
In a statement, Re/Max confirmed to CTV News Winnipeg that it expects Winnipeg will remain a seller’s market next year, and is “expected to hold steady next year provided interest rates and inventory remain low.”
The report shows the average residential sale price in Winnipeg from Jan. 1 to Oct. 31, 2021, was $311,941. It estimates the average residential price in 2022 will be $322, 859 – an increase of 3.5 per cent. Re/Max predicts sales will increase by seven per cent in 2022.
Correction
A previous version of this article said Winnipeg was predicted to see a buyer’s market in 2022. However, it has now been updated to say it is predicted to be a seller’s market. Re/Max confirmed there was an earlier error in the report saying Winnipeg would remain a buyer’s market. Re/Max said this was due to a back-end error, resulting in the misinterpretation of the market type.
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