In its October 2014 study results, Royal LePage Dynamic reported that third quarter housing prices in Winnipeg are part of a national "Goldilocks market," in which prices are currently neither too high or too low.
In Winnipeg, the year-over-year price of standard condominiums rose about 7 percent to an average price of about $208,500, while detached bungalows saw an increase of just 0.5 percent to $308,700. Two-storey standard homes decreased about 1.4 percent to an average of $341,900.
Comparatively, the national housing market in Canada saw an average increase of between 4.4 and 6 percent year-over-year in the third quarter of 2014. The price of a two-storey standard home rose 5.5 percent to about $441,700, while detached bungalows increased 6.1 percent to an average of $405,100 and condominiums rose 4.4 percent to $257,400.
Housing prices just right
This pacing change does not indicate a too-hot or too-cold market. According to Royal LePage President and CEO Phil Soper, this middling climate is characteristic of the time.
Quoted in the Winnipeg Sun, Soper said that the country is in the middle of a natural decline in year-over-year price appreciation as real estate markets continue to moderate across Canada. However, he added that Royal LePage expects housing prices to keep increasing in the months to come, although at a somewhat slower rate than over the past couple of years.
With this in mind, it might be advisable for sellers in the market to be patient. The lukewarm market is a symptom of an increase of available houses, according to Rick Preston, a broker and owner of Royal LePage. Because buyers have greater choice right now, listings are not moving as quickly as they have been recently.
In the years after the Canadian real estate market began to recover from the worldwide recession in 2008, home price growth has been rapid. The people behind this recent study seem to agree that patience is the key — although prices have decreased recently, it could just be a matter of time before the market once again comes back.