High home prices in Winnipeg send buyers to outlying towns

The top selling residential area for properties in January covered by the Winnipeg Realtors’ Multiple Listings Service was about an hour’s drive away from Winnipeg.

According to the Winnipeg Sun, the Steinbach area of south-eastern Manitoba has been selling about 400 units a year, with 26 sales already marked off in a usually slow January.

Within Winnipeg itself, the most sales occurred in the west end, with 261 residential detached sales last year.

Winnipeg homes in January sold for record highs for that month in dollar volume, however, reaching $124.5 million.

That’s a 22% jump from the same month last year, according to the Winnipeg Realtors Association.

The Winnipeg Sun article pointed out communities similar to Steinbach, such as Stonewall, and East and West St. Paul, have been increasingly seeing a greater share of the sales in the area.

A national forecast in January by Royal LePage said house prices in Winnipeg will rise at the fastest pace of any major Canadian city in 2011. The average price has already risen 10% between 2009 and 2010, but will jump another 7% in 2011 to reach $244,000, said Royal LePage.

The city has tried to counter the sharp increases by encouraging more housing projects in the downtown area. Some $20 million in capped tax credits were already exhausted last year by developers, and more could be coming.

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