Canada's real estate market hot, but not in Winnipeg
Home prices in Winnipeg are trudging along at a slow pace, compared to the rest of the country.
According to a new report by Royal LePage, high sales volumes and soaring housing prices in Canada's largest cities have put the national residential real estate market on track for a record year in terms of total sales.
Toronto had the hottest real estate market in the country during the second quarter, with double-digit increases in all types of housing, the report says.
However, in Winnipeg, the price increases were negligible, even falling when it came to condominiums.
- Detached bungalows saw modest year-over-year increases during the quarter, rising 1.8 per cent to $316,732.
- Standard two-storey homes experienced average price growth of 1.4 per cent to $340,866.
- The average price of a standard condominium fell 1.5 per cent to $205,969.
- Royal LePage forecasts that the average home price in Winnipeg for the full year will increase 1.3 per cent over the 2014 level.
- Nationally, the average price of a home in Canada rose between 3.9 per cent and 7.5 per cent year-over-year in the second quarter of 2015.
- Royal LePage forecasts the average price of a home in Canada will increase 6.1 per cent for the full year when compared to 2014.
"The modest movement in home prices this quarter is attributable to the large amount of selection that buyers currently have," Dan Wachniak, sales manager at Royal LePage Dynamic, stated in a news release.
"With a significant number of properties on the market, the urgency to make an offer is not as strong, allowing buyers to browse longer before making a purchase decision.
"We expect the market to remain relatively balanced, with a continued tilt in favour of buyers during the last six months of the year."
