- 6 BedsBds
- 11 BathsBa
- 18,000 SqftSqft
- 1.7 ac Lot Size
- Single Family
As the largest city in Manitoba and the capital of the province, Winnipeg is a great city with a varied history, diversity, and a cosmopolitan feel mixed with a small-town vibe.
With a population of 705,000, Winnipeg is the seventh most populated city in Canada, and spans an area of 464 sq.km. Situated on the edge of the Prairies, Winnipeg is within close distance to a number of parks and lakes and there are 4 major rivers in the city. The topography is relatively flat, and the city experiences a humid continental climate which means warm summers but long, cold winters. Winnipeg has snow on the ground on average 132 days of the year, and often experiences strong winds due to its location by the Prairies.
The city’s history dates back to the 1700s when it was a trading centre for the aboriginal community, before the European settlers arrived; it’s thought that native people inhabited the area as many as 10,000 years ago. French trading was prominent in Winnipeg for a number of years; however, nowadays it’s an economic hub and has a number of government-funded institutions and public sector jobs. Winnipeg is known as the “Gateway to the West” due to its transport and railway links, and enjoys one of the fastest growing economies in Canada.
It was named as the Cultural Capital of Canada in 2010, and there are over 25 National Historic Sites in the city. Winnipeg is known for its great food, performing arts, sports facilities and teams, festivals and museums, along with 3 Universities. Winnipeg has a large aboriginal population (11%), along with large English, Canadian, Scottish, German, Ukrainian, Irish, and French populations.
Popular areas in Winnipeg include: Assiniboine, Booth, Buffalo, Centennial, Crestview, Niakwa and Pulberry.
Winnipeg’s real estate market is fairly balanced after experiencing a slight decline, and has increased around 3% in the last year. Housing prices are very affordable compared to other areas of Canada, with the average residential home selling for $288,000 in 2016, a $7,000 increase from the previous year. The most in-demand properties are single-family detached homes, which sell for between $200,000-$350,000 and are popular among millennials and first-time buyers, and new developments are set to be introduced to the market to further support its growth. Move-up buyers are generally opting for houses priced from $400,000-$600,000.
Winnipeg’s condo market remains strong, with a solid supply of both new and resale developments. Condos are popular among young professionals looking to purchase property in the Downtown area, as well as seniors and retirees in more suburban areas who are downsizing from a detached home and looking for something more manageable. Upcoming commercial and residential developments will likely support the housing market and instil more optimism into it.
The rental market is seeing around 3% vacancy rates, which is largely driven by renters turning to homeownership instead due to the cheap market. However, as the population grows, and migrant workers move in, vacancy rates are expected to decrease, which is favourable for investors buying property with the intention to rent.
The high-end market in Winnipeg has been growing in recent years and is made up of both new developments and resale homes. In Winnipeg, property priced at $800,000 or more generally falls into the “luxury” bracket, and the city is seeing not only more luxury homes on the market, but more demand for them too. More people are shopping for luxury now than ever before, with the buyer’s market being driven by local professionals.
Compared to the likes of Vancouver, where condos often sell for $800,000, Winnipeg is a desirable choice due to the amount of space and luxury you can get for the same amount of money. $1-million can get you much more and a higher level of luxury than elsewhere in the country, so Winnipeg is desirable and increasing in popularity. Due to its relative affordability and value, more people are opting to stay in Winnipeg rather than move to areas like British Columbia and Ontario, especially older buyers. The number of luxury homes has been rising year-on-year, and is very affordable in comparison with other markets in Canada. The market is slightly in favour of buyers with a large inventory of luxury homes, which is expected to stabilize high-end house prices.