Winnipeg stars as Prairie home prices improve
January 27, 2021
Winnipeg proved a star performer among big cities in the Prairie housing market by ending 2020 with a 7.6 per cent annual increase in average home prices, while the province set an all-time annual high for housing sales.
According to the Canadian Real Estate Association (CREA), the composite home price in Winnipeg increased to $285,200 in December 2020.
All three Prairie provinces posted multi-year highs for housing sales in 2020, though the increases failed to match the 12.1 per cent national increase in sales from 2019, CREA noted. For all of Canada, the average house price advanced 17.1 per cent, year-over-year, to reach $607,280 in December.
The Manitoba Real Estate Association (MREA) reported home sales exceeded 16,000 for the first time, with a total of 16,789 transactions in 2020. New listings fell by 8 per cent to 24,335, while the province’s average sales price rose by 4.4 per cent .
“In my three decades working with homebuyers and sellers I have never experienced a year quite like 2020,” said Stewart Elston, MREA president. “Homebuyer demand has been very high and there is every indication it will remain so as we enter the new year.”
In Saskatchewan, the housing market ended 2020 with sales at the highest level since 2014. Transactions in 2020 increased by 24.5 per cent compared to 2019, while median sales price inched up 1 per cent to $257,500, according to the Saskatchewan Realtors Association.
Average home prices were up 6.4 per cent in Regina to $273,900, and increased 5.8 per cent in Saskatoon to $302.000.
Alberta saw higher sales in the second half of 2020 and the strongest December sales since 2006, according to the Alberta Real Estate Association (AREA). However, sales activity ticked up by just 2 per cent from a year earlier to a total of 55,696 transactions.
“The only regions to post annual sales growth were Edmonton and Lethbridge,” AREA said in a report.
Alberta’s 2020 average residential sales price increased 7.5 per cent from 2019 to $392,028 by the end of the year. Average home prices in Calgary rose just 1.5 per cent to $418,200 in December, while prices advanced 2.7 per cent in Edmonton to $321,500. Lethbridge led the province in annual price increases with a hike of 13.3 per cent to $299,300, as of December 2020, in the southern Alberta agriculture community.