Forget Toronto and Vancouver. If you want to see growth in the condo market, look at Winnipeg. That is the opinion of real estate players in the city with this property type booming there.
"The overall housing market (in Winnipeg) has remained relatively balanced with the exception of condos, which are currently seeing a surge in demand from two very different demographics," said Rick Preston, broker/owner of Royal LePage Dynamic Real Estate in Winnipeg.
With a thriving young population and baby boomers looking to downsize, the condo market is on fire in the city.
The Royal LePage report said condos also saw the biggest increase in average selling price in 2013 -- up 7.2 per cent to $205,976.
But why Winnipeg? Employment is spread across a diverse range of sectors, including government and private companies, with the region’s population expected to increase exponentially thanks to both immigrants and young residential base.GDP growth is forecast to average at 2.3 per cent annually.
Seasoned investor Nelson Camp says Winnipeg has proven to be a "slow moving economy with steady growth and security."
Winnipeg’s vacancy rate hovers around the 2 per cent mark.
**The 2014 January issue of Canadian Real Estate Wealth carries a comprehensive insight into the Winnipeg market with further data and information on other property types. Subscribe today to CREW.
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