- Winnipeg Residential Market Update for the year of 2016
2016 has come to a close and with it the Winnipeg Real Estate Board has released these year end statistics for both the Residential and Condominium market, resulting in an average price for single family home city wide comes in at $302, 727. For 2016, the total number of homes sold is up by 4% from the number of homes sold in 2015.
In reviewing various price ranges shown below with the percentage of total market share of all 2016 home sales, the busiest price bracket for all Single family home sales this past year is $300,000- $349,900. For Condominiums, the busiest price bracket for all 2016 sales is $150,00- $199,900. The average sale price fro condominiums in 2016 comes in at $235,508 which down slightly from 2015.
In other categories, townhouses sales were up by an large increase of 34% compared to 2015, (which may be an outcome resulting from the national changes to mortgage qualifying criteria introduced in 2016, especially with a first time home buy). Resort property sales jumped by 24%, vacant land by 17% and mobile home sales increased by 12%.
Below is a graphical comparison for 2016 vs 2015 which shows the average sale price in various MLS areas for residential detached home sales in and around the city of Winnipeg. Although the statistics indicate Winnipeg is experiencing a Balanced market, the graph below indicates that values for residential real estate have seen some annual gains throughout 2016 in the various areas of the city.
Based upon the year end statistics for 2016, and going into the new year, Winnipeg still remains an affordable marketplace for home ownership when compared to other cities across the country.