New research shows that average property prices in Winnipeg exceed $401,047 – which is amongst the highest in Canada. Prices are still considerably less than those facing homebuyers in southern Ontario.
SaveMax Real Estate released a survey on Friday showing the Canadian regions and cities with the highest average property prices and those which have seen the biggest increase since 2021.
Winnipeg was eighth among major Canadian cities for the average sold price for March. Toronto led the list with an average price of just shy of $1.3 million, followed by Hamilton ($1,105,797), London, Ont. ($823,954), and Ottawa ($757,25). Comparative price data was not available for Vancouver.
In March 2022, the average sold price for a property in British Columbia was $1,089,600, which was the highest in Canada and considerably more than Saskatchewan, where the average sold price was $289,600. Manitoba came in seventh with an average sold price of $380,707. Somewhat surprisingly, Yukon was third on the list with an average price of $538,228.
In March 2021, average property prices in London, Ont., were $634,799, compared to March 2022 where prices increased to $823,954, which is an annual percent increase of 29.80% and the highest out of all the Canadian cities. Winnipeg was fifth with a percent increase of 12.91%, the highest of any Prairie city.
Meanwhile, a survey released by Point2 international real estate search portal, showed the Prairies in the lead when it comes to affordable homes, with six of its large cities having a housing stock of under $200K above 20%.
Regina boasts the highest share of affordable listings (36.50%) in the region while Calgary provides the smallest share of homes (6.77%) priced for less than this amount. Winnipeg is among five other Prairie cities where the percentage of cheaper homes is above 20%: Lethbridge (26.10%), Edmonton (24.63%), Saskatoon (23.47%), Winnipeg (23.45%), and Red Deer, Alta., (22.80%).
Nationwide, 38 of Canada’s 50 largest, most expensive cities — which, incidentally, are all in Ontario and British Columbia — showcase zero listings for less than $200,000, considered a suitable reference point to gauge the share of what is now referred to as an “affordable listing.”