Royal LePage ‘expects brisk spring market’

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This article was published 14/01/2022 (1113 days ago), so information in it may no longer be current.

A day after the Winnipeg Regional Real Estate Board came out with its year-end stats, the Royal LePage House Price Survey pretty much matched the findings.

Royal LePage pegged the aggregate price increase of all types of homes in the city at 9.6 per cent year over year with single family detached up 14.7 percent. The WRREB had the latter up 11 per cent.

“Inventory shortages caused a lot of buyer fatigue in the fourth quarter, especially among first-time homebuyers, which means a lot of that pent-up demand will be transferred to this year,” said Michael Froese, broker and manager, Royal LePage Prime Real Estate. “I expect a brisk spring market as young buyer hopefuls compete to secure a purchase before borrowing costs increase significantly.”

The WRREB also is looking to millennials to maintain the market heat in 2022.

Froese noted that the city’s condominium segment — the median price of which increased 16.1 per cent to $233,600 during the fourth quarter — is seeing strong price appreciation, as low supply of detached homes continues to drive demand for more affordable units.

“Detached homes are typically the most highly sought-after housing type in Winnipeg. However, some buyers are considering alternative property types that are more affordable. I expect this trend to continue into the spring,” added Froese.

Winnipeg’s housing price increase last year was at the low end of the dozens of communities covered by the Royal LePage survey.

The 9.6 per cent aggregate price increase in Winnipeg combining all types of homes pales in comparison to the 20-plus percentage increases in many cities in Ontario, B.C. and Quebec.

The highest year-over-year price increase was in Kingston, Ont., at 38.1 per cent.

martin.cash@freepress.mb.ca