Despite the pandemic, home sales in Winnipeg remain red hot — something Royal LePage says is expected to continue into the spring.
According to the real estate company, the average price of a Winnipeg house rose more than seven per cent during the fourth quarter of 2020.
On average, a house is on the market for only 10 days before it’s snatched up, compared to 27 days in 2019.
“Almost every month, since June, sales finished over 20 per cent ahead of last year, and inventory is down for the year, eight per cent,” Royal LePage managing partner Michael Froese told 680 CJOB.
“Currently we’re almost at half the inventory we would regularly have, so we have a booming demand and a shrinking supply, which then puts pressure on pricing.”
Froese said new neighbourhoods are most popular right now but older areas like River Heights and North Kildonan are also high in demand.
“These established neighbourhoods that really have strong family communities — those are still very high in demand, and there’s not a lot for sale in those neighbourhoods right now,” he said.
“We continue to see those neighbourhoods outpace some of the other ones right now, for sure.”