The aggregate price of a home in Winnipeg increased by 1.8 percent year-over-year to $303,523 in the first quarter of 2020 with all three reporting property-types seeing year-over-year increases in median price.
Broken out by housing type, both the median price of a bungalow and condominium in the region increased 2.3 percent year-over-year to $292,532 and $241,048, respectively, while the median price of a two-storey home in the region increased 1.3 percent year-over-year to $326,627.
“Winnipeg had an excellent first quarter. Sales were up 12 percent in the first quarter compared to 2019. Demand was high and consumer confidence was soaring,” said Michael Froese, broker and manager, Royal LePage Prime Real Estate. “Understandably, activity has slowed at the tail end of March as Manitobans’ priorities have shifted to help flatten the curve. There are still many people needing help to buy and sell real estate. With strong safety protocols in place, we are helping our customers get through this challenging time.”
If business activity resumes by the end of the second quarter, Winnipeg’s aggregate home price is expected to remain unchanged by the end of 2020, compared to home prices at the end of 2019, at $310,900. If the activity resumes in late summer, the region could see a decrease of 2.0 percent year-over-year in aggregate home price ($304,700).
“While no major urban city will be able to avoid the negative economic impact of COVID-19, Winnipeg is well-positioned to remain relatively stable through the pandemic due to our strong underlying market fundamentals. We are resilient,” added Froese.