Winnipeg Housing Prices Rise in 2013
With Winnipeg's warmer weather heating up the real estate market, many people are gearing up for the spring home buying season. Manitoba had one of Canada's best-performing provincial economies in 2012, and the housing market continues to reflect that healthy growth. This means that potential home buyers can be confident that their new home purchase will retain its value and even increase in the months ahead.
If you are thinking about moving into a new home, right now is a good time to buy before property values go up even more. Those who are holding out for a decrease in prices are likely to be disappointed as Winnipeg continues to be a leader in the the real estate market.
The strength of Winnipeg's housing market is a result of:
- low mortgage rates
- high employment levels
- an influx of new immigrants
- Manitoba properties have long been undervalued
The housing market is in the process of catching up and bouncing back. The declines in property values that occurred in the early 1990s are definitely a thing of the past. In fact, there has been no other period in Manitoba's recent history when property values have increased at a faster pace than in the past decade. Add to that the chronically low apartment vacancy rate and the increase in rents – it has now become more affordable for many families to take the plunge and buy a home.
Many home buyers in the Winnipeg area are already turning a profit from the sale of their starter homes and they are now moving on to buy larger properties.
There is currently an increased demand for:
- detached bungalows
- standard condominiums
- and two-story homes
With many falling in the $200,000 to $300,000 range. That means that Winnipeg home buyers need to be prepared for competition and expect to encounter multiple offers, bidding wars and the possibility of paying above the asking price for their dream home.
Winnipeg home buyers need to be prepared for competition.
Whether you are just entering Winnipeg's real estate market or looking to upgrade to a brand new home, now is a great time to buy. By doing your research, being motivated and prepared, you can enter Winnipeg's real estate market with confidence and buy the house of your dreams this spring!
Right now is a good time to buy before property values go up even more. Those who are holding out for a decrease in prices are likely to be disappointed.
