Winnipeg Real Estate News Updates - January 2022
January 24, 2022 | Posted by: Ron Chan
We're nearly a month into the new year, and like with many households in the greater Winnipeg area you've pledged to abandon the rental trap and finally buy a home. But before you do, you want to know what's happening in the local real estate market. Is there anything you need to be aware of before you get pre-approved for a mortgage? Let's have a look at what's new as we dive deeper into the first quarter of 2022.
Recent Developments in the Winnipeg Real Estate Market You Need to Know About as of January 2022
New Data Finds that Real Estate Investors Got a BIG Return in 2021
The year-end statistics are in and the results are favorable for homeowners and investors who sold their properties in 2021. Home prices rose throughout the year, and saw an especially strong uptick as the annum came to a close. According to the annual Royal LePage House Price Survey, the aggregate price of a home in Winnipeg increased by nearly 10 percent year-over-year for the final quarter. The median values of all homes settled in at $357,000. The price of a single-family detached home increased nearly 15 percent to $390,800, while the median price of a condo rose over 16 percent to $233,600.
This data validates that despite country-wide economic concerns, Winnipeg real estate not only remains resilient, it downright thrives. People that bought and sold real estate as an investment made a very nice ROI, while those who already own (or recently purchased) a home to live in saw a fantastic boost in equity, which can be leveraged for upgrades and other investments. To reiterate - there is no better place to buy real estate in Canada than Winnipeg. Whether you are a pure investor or a household seeking a primary place of residence, your mortgage represents a very smart financial decision.
Are you concerned that this trend will price you out of the market? While the percentage increases in home values are significant, we do encourage you to put pricing in perspective. Yes, the average $357,000 price tag on homes is higher that what it was before, but consider the price of buying a home in other metropolises throughout Canada. That median price is tremendously lower than the average price in Vancouver, Calgary, Montreal, Toronto, and so forth. Where else can a buyer enjoy low prices on a sure-to-grow investment in a city that is considered among the most desirable in Canada? Winnipeg is quickly becoming the center of the universe when it comes to real estate in Canada.
Act now before values increase further. Get pre-approved on a Winnipeg mortgage and contact Ron Chan at 204.290.9950 to get access to lower unadvertised borrowing rates and more favorable mortgage terms.
