The Winnipeg housing market’s steady growth is showing no signs of ceasing any time soon, with prices and activity in the city’s residential real estate segment already expected to exceed even their record-breaking 2016 performance.
Data from the Winnipeg Realtors Association showed that the city’s resale housing market has seen 18 straight years of price increases.
“We’re like a GIC. We keep moving along, self-assured,” Association residential market analyst Peter Squire told Western Investor.
A main contributor to this trend is a continuous conversion of heritage structures into condominiums, which has served to magnetize people into Winnipeg. The number of downtown residents has grown by 7% over the past half-decade.
CMHC regional economist Lai Sing Louie noted that Winnipeg’s market can be described as boring in a good way, with vacancy rates holding steady at around 3%, rents increasing, and home resale prices rising steadily.
“I can’t remember the last time prices decreased in Winnipeg. It’s been decades,” Louie stated.
The economist added that CMHC believes prices will rise about 2% annually in 2017 and 2018, keeping close to the $285,000 range.
“Our unemployment rate and job creation are among the best in the country. It’s a combination of jobs plus affordability [of homes]. Plus, there’s more security on the job side because our economy is so diversified. We don’t see huge layoffs in any one industry. A diversified economy – government, manufacturing, financial services, aerospace and food processing – helps instil consumer confidence,” Louie explained.
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