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Average house price in Winnipeg dips to $374,000

The RAHB says the average home price in the Hamilton-area is up 30 per cent, year over year. Global News

It’s cooling off a little bit, but Winnipeg’s real estate market is still red hot.

Just over 1,500 listings changed hands this past month in the Winnipeg region, according to the latest report.

Peter Squire is the VP of external relations and market intelligence with the Winnipeg Regional Real Estate Board and says typical September sales are around 1,200.

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Squire credits the surging market to sales outside of the city, which don’t appear to be slowing down, making up 35 per cent of sales last month.

“It can be between 30, 32, 33, so 35 per cent is a high number. We’re clearly seeing the rural perform exceptionally well. As we indicated last year, the rural really was the story in 2020 and that helped us to our record surge in 2020 and it certainly will help us to our record year in 2021.”

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Not only are more houses changing hands outside of the city, but the average price of single-family homes is also on the rise.

“We had a real surge in those months when we had over 2,000 sales in both April and May. And that average price for single-family homes was $388,000,” says Squire. “At the end of the third quarter, when I looked at those reports at the end of those three months, it was $374,000, so it’s modified a little bit, and year-to-date, we’re just under $380,000.”

Squire says that’s an increase of about 12 per cent because the average price at the end of 2020 was $341,000.

Read more: Calgary real estate market remains hot; average price of home up to $457,900

As for condos, Kourosh Doustshenas, president of the Winnipeg Regional Real Estate Board, says the growing spread between homes and condos’ average price are making condos “an even more affordable option for buyers, especially first-time homebuyers who do not have the benefit of equity gains from the sale of their existing home.”

That’s not to say homes aren’t being snatched up once they’re put on the market.

According to Doustshenas, Whyte Ridge saw 12 homes sell in September with only one remaining in October, translating to “a sales-to-active ratio of 1,200 per cent.”

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He says Winnipeg’s regional market offers some of the most affordable housing prices in the country and he expects sales to increase as we near 2022.

Read more: Rents in Canada could continue to increase as economy re-opens: Rentals.ca

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