Winnipeg housing market-Hot and happening

Canada, 6th April: The housing market of Winnipeg is not only hot but also the most affordable in Canada, findings of a latest report by RE/MAX reveal.

The report is based on the survey of nearly 19 big cities of Canada undertaken by a real estate services firm.

The biggest gains in terms of prices of houses were seen in Hamilton-Burlington with Vancouver following the route by making an increase of 8 percent year-to-date.

Other major gainers were Quebec, Winnipeg and Toronto respectively.

Big gains by Winnipeg housing market in selling prices and volume of home sales—

Findings of the survey show that the housing market of Winnipeg registered not only the fourth major gain (of seven percent)in terms of average selling prices but also made third largest hike(of 11 percent) in terms of home sales.

Nonetheless, the RE/MAX report reiterates that the average selling price in Winnipeg had been the fourth lowest (at $228,822) among the 19 Canadian cities included in the survey. Also, the monthly mortgage carrying costs were also recorded to be fourth lowest at $1,020.

Consumer confidence, housing costs in many Canadian cities rising -—

Majority of Canadian cities witnessed the trend of rising housing costs with nearly 70 percent of the cities included in the RE/MAX survey showing increase in average selling prices. Regional executive vice-president of RE/MAX, Western Canada, Elton Ash, said that with the entry of first-time buyers in the housing market, the mood is upbeat.

There is a continuous growth in the consumer confidence perfectly in tune with the economic performance leading to a blow on the fears regarding a secondary recession.

According to Executive Vice President of RE/MAX Ontario-Atlantic Canada, Michael Polzler, there is, undoubtedly, room for more growth even as first-time buyers, unfazed by changed lending rules and higher prices of houses, enter housing market.

Changing perception of first-time home buyers—

So, it’s not uncommon to see many first-time home buyers willing to sacrifice their preferences in terms of size, location or quality of homes in a bid to become home owners and that’s something different from the past generations, feels Polzler.

Although, affordability is still a cause of serious concern among the buyers, but they seem to be cutting back their expectations with regard to the location and size of the property. As a result, real-estate market in several Canadian cities is perking up, the firm maintained.