Winnipeg house prices soared by 103% over a decade, report finds
Average house price in the city remains lower compared to rest of Canada
The average price of a house in Winnipeg has skyrocketed in the past decade but remains well below the average price across Canada.
That's one of the major takeaways from new data released Tuesday by Peg, a community health indicator system led by the United Way of Winnipeg and the International Institute for Sustainable Development.
The average price of a single detached home rose to $278,220 in 2015 from $137,062 in 2005 — a hike of 103 per cent in that period, the data shows.
That's a rate of growth higher than across Canada, where growth in house prices climbed 78 per cent to an average cost of $442,877 by 2015.
Peg says this data matters because of the effect the cost of housing can have on households and where people choose to live in a city.
When housing prices escalate, the net worth of homeowners increases, meaning they tend to be more willing to spend and take on debt, according to the study.
When prices decline, Peg says homeowners find it more difficult to borrow due to declining equity. Rather than spending, they try to pay off their mortgages faster.
Peg used Multiple Listing Service data to arrive at its findings.