Winnipeg housing expected to become a buyer’s market in 2015: Re/Max

WINNIPEG – The average selling price of a Winnipeg home is expected to stay near $285,000 and shoppers could experience a buyer’s market in 2015, a Re/Max study says.

While 2014 started as a seller’s market, there’s a lot of choice for homebuyers as the year ends and if the trend continues, it will be a buyer’s market in 2015, the report says.

The average sale price of a Winnipeg home in 2011 was $241,409, the study says. It rose to $255,058 in 2012, $274,373 in 2013 and as of August it was $285,800 this year. It’s expected to remain steady through 2015.

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The average sale price for a detached house reached about $290,490 in 2014; the average for a condominium unit hit $236,639.

The average residential sale price across Canada in 2014 was $406,145 as of August, and is forecast to rise to $416,300 in 2015.

New immigrants, “who tend to prioritize home ownership when choosing how to invest their savings,” and young, two-income couples who work in service industries are key groups of first-time buyers driving the market in Winnipeg, the Re/Max report says.

“The outlook for Winnipeg is generally positive,” the report adds. “Its well-diversified economy is steady and no significant changes are expected in the coming year.”

READ MORE: New housing price index up in October