Have you checked out the real estate prices lately in some of Canada’s major cities? It’s enough to make your eyes pop right out of your head. Toronto and Vancouver homes average out to over $1 million. And we’re not talking about gargantuan mansions with celebrity neighbours, an indoor swimming pool and an outdoor fountain like what you see at the Bellagio in Vegas. That million dollars gets you a modest, normal house in a neighbourhood full of regular people.

Comparatively speaking, houses in Winnipeg are a steal. However, the question of the day is not what prices are but where they will go. Will Winnipeg real estate rise in value as time goes by? No one has a crystal ball to give a definitive answer, but we will take our most accurate shot in today’s post.

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The Past and Present of Winnipeg Real Estate

There’s no question that real estate prices anywhere can be a little volatile. For a concrete example, let’s journey back in time all the way to the year 2022. No, it was not that long ago, but a lot has changed since then.

Average prices for a detached home reached a historic high of $454,832 in May 2022. Two years later, the average price was only $440,304. If we conclude our research here, it would seem that Winnipeg real estate is not becoming more valuable.

But not so fast. Keep in mind that 2022 was an unprecedented year in real estate across the board. We were just resettling after the hectic pandemic market which was not typical in any sense of the word.

To get a more accurate picture, we’ll have to go back much further, all the way to 1996, before smartphones were popular, when kids walked uphill back and forth to school and dinosaurs roamed the Canadian prairies. At that point, you could buy a house for a now unthinkable sum of just $90,046. Since then, housing prices have risen steadily over the years.

The Winnipeg Regional Real Estate Board archives date back to 2010, when the fact that most detached houses sold for more than $200,000 was essentially breaking news. Even those prices feel like a dream compared to what we are seeing a decade later.

Curious about the specific neighbourhoods in Winnipeg? Get to know a few of our favourite communities better in the posts below:

• Everything You Need To Know About Living In Transcona
• What’s The Appeal Of St. Vital In Winnipeg?
• Winnipeg’s Southdale and Windsor Park Neighbourhoods: A Perfect Blend of Comfort and Convenience

Winnipeg Real Estate Today

Even as housing sales slow down in other Canadian cities, demand in Winnipeg has always remained strong. Many listings receive multiple offers and go into bidding wars, which drives prices up all the more. That said, we’re not likely to see prices of average houses go into the millions like they do in Toronto and Vancouver.

The affordability and availability of homes in Winnipeg are a boon to many people, including first-time buyers who are shut out everywhere else and families who want the maximum amount of living space for the least investment.

In short, the question as to whether Winnipeg real estate is becoming more valuable depends on your perspective. When you’re in the midst of a blip, it can seem like housing values are falling drastically. However, over the long term, it is very clear that prices are rising steadily.

When you look at the numbers, buying Winnipeg real estate is a fantastic financial investment. The longer you own a property, the more valuable it becomes, and the more your equity and purchasing power grow. But the real value of owning a house is about much more than just the money. You get a place to call that you can truly call your own in an exciting community with endless opportunities and activities to look forward to.

Do you want to know more about buying or selling a home? Our Winnipeg real estate agents are standing by with the answers you need for an informed decision. Contact us today at info@goodfellowrealty.com or call 204-224-2551 to take the next step.