The cost of owning a home in Winnipeg is expected to keep climbing in 2013.
That’s the word from Re/Max, which released its 2013 housing market outlook on Wednesday. According to the report, Winnipeg’s housing prices have gone up nearly 5% in 2012 and will rise a further 3% next year — the fourth biggest hike amongst major Canadian cities.
The average estimated price of a home in Winnipeg is $254,000, the report states. That will go up to $261,600 next year.
First-time buyers will continue to have a “significant presence” in the national marketplace, the report states, but move-up buyers will power much of the industry in the year ahead.
“Canada’s economic performance is expected to show signs of improvement, particularly in the latter half of the year, which should bode well for housing markets across the country,” said Elton Ash, a vice-president with Re/Max, in a prepared statement. “Historically low interest rates will also continue to drive healthy home-buying activity, especially in the move-up segment.”
UP, UP, AND AWAY
Average estimated price of a residential home in 2012:
St. John’s $284,000
Quebec City $256,000
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