Winnipeg housing market will grow by 1.3% in 2019

Winnipeg housing market will grow by 1.3% in 2019, Vladimir Volenyuk

Everyone wants to live in a big house, with many rooms and the property big enough to drive around in a golf cart, with a pool and four-car garage, but not everyone can afford it, especially counting the fact that after purchasing a house like this for a hefty price, you will have to pay annual taxes on the property that could reach like $40-50 thousand dollars annually.

Royal LePage published a study showing that the Winnipeg housing market is expected to increase by 1.3 percent in 2019.

The report says that the region’s diverse economy and immigration are expected to put increased pressure on housing prices. Michael Froes, managing broker of Royal LePage, called Winnipeg “sustainable”.

Winnipeg, like much of Canada, faced a host of regulatory changes and external factors that had some negative impact on the market, but Winnipeg continues to be strong,”said Frese.

Federal elections may have a slight impact on prices, according to Frese. He said that the Winnipeg real estate market has taken a pause so far due to uncertainty in previous elections.

Royal LePage claims that Winnipeg is still on its way to becoming one of the country's strongest economies in 2019. It is expected that the average total price of homes next year will be $ 309,829, which is not a huge jump compared with other provinces.

The highest price increase of 3 percent is expected in Montreal.

Winnipeg is a big city and it grows every year in the population and accordingly in the number of new houses built and old ones sold. In total, nearly 700 homes are on sale in the city, valued at $ 1 million and above.

Only in 1996 in Winnipeg appeared the first house at the cost of more than 1 million dollars. According to the Winnipeg Association of Realtors, for two decades, amid a steady boom in the real estate market, more than 40 homes in this price range are sold every year in Winnipeg.

And although most of these luxury homes are located in the traditionally wealthy neighborhoods of the city, such as Wellington Crescent, Old Tuxedo and along South Drive, they are increasingly appearing in new suburban neighborhoods.

Peter Squire, a spokesman for the association, says many factors explain the rise in the number of expensive homes.

"Over the past few years, construction costs have increased significantly, materials and all the amenities that meet the requirements of the buyer, bring these houses to a price of more than a million dollars," he says.

However, Squire says that Winnipeg prices fade in comparison when looking at the whole country. “Prices have certainly gone up, but when you compare us with cities like Calgary and Edmonton, there are much more houses for a million or more dollars,” he said.

Currently, the most expensive house ever sold in Winnipeg is estimated at $ 9.9 million. It was put up for sale in 2015 for $ 11 million.

In 2012, Prime Minister Brian Pallister, then the leader of the opposition, bought a $ 2 million mansion at Wellington Crescent, located on a 1.7-acre bank of the river, with annual property taxes of $ 38,000. At the time, it was the second largest residential property transaction in the history of Winnipeg.

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