VANCOUVER, BC--(Marketwired - October 23, 2017) - A nationwide study conducted by CENTURY 21 Canada has revealed that the average house price in Winnipeg has more than tripled in the last twenty years, increasing by 235%.
The study gathered the price-per-square-foot for a typical home across the major towns and cities in Canada from Victoria to St John's in 1997, 2006 and 2017. It used CENTURY 21's independently owned and operated franchised real estate offices from the Pacific coast of Vancouver Island to the Atlantic shores of Newfoundland.
"Winnipeg has proven to be a very stable market over the past two decades," says Brian Rushton, Executive Vice-President of CENTURY 21 Canada. "The city remains very affordable, despite the fact that it's a very active market. The Canadian Real Estate Board expects a record numbers of transactions in the city this year."
The healthy Winnipeg real estate market is reflected in the growing number of $1-million home sales in the city. Shirley Przybyl from CENTURY 21 Bachman & Associates reports that in 1997 there were only four $1 million-dollar sales. By contrast, in 2017 that number has already reached 30 in the eight months from January to August. That is a 650% increase over a 20-year period.
She says, "Winnipeg is seeing a significant amount of growth right now. When people decide to relocate here from larger cities or other countries, their dollar goes much further and they're able to buy a different type of home.
The study indicated that Winnipeg is the most lucrative large city for first-time home buyers looking for a smart investment. The city ranks as the 6th most expensive PPSF behind Vancouver, Toronto, Montreal and Calgary.
CENTURY 21 also conducted a survey of more than 1000 of its agents from across the nation, recording buyer's opinions, their likes dislikes and what they are looking for in a home.
The survey found that water damage is an issue that will deter 45% of Manitobans from purchasing a property. The most desirable assets that Manitobans look for when buying a home are layout and the neighbourhood the property is situated in. When renovating a property, 96% of respondents stated that the kitchen provides the most bang for your buck.
Complete National results, and a downloadable video interview are available at: www.century21.ca/ppsf2017
Notes to Editor:
About CENTURY 21 Canada®
CENTURY 21 Canada Limited Partnership (century21.ca) is a real estate master franchisor with complete rights to the CENTURY 21® brand in Canada.
The CENTURY 21 System is one of the world's largest and most recognized residential real estate franchise sales organization with approximately 7,450 independently owned and operated franchised real estate offices worldwide and over 115,000 sales professionals. CENTURY 21 provides comprehensive technology, marketing, training, management, and administrative support for its members in 79 countries and territories worldwide.
How the information was gathered by CENTURY 21 Canada
In the past, as seen in the data table for 1997 and 2006, CENTURY 21 Canada asked franchise owners around the country to define a 'typical' home in their area and provide the sales price and average square footage. For most, it was a single-family detached home, and the size depended on province, city, and neighbourhood. CENTURY 21 Canada released annual results in their Typical Home Price Survey.
In 2017, CENTURY 21 franchisees were asked to help come up with the average price-per-square-foot in their market. However, calculating a precise number is not an exact science as every office and province tracks statistics slightly differently. As a result, some have used either the average or benchmark prices (depending on the market) and tracked average square footage in sales from January 1- June 30, 2017. The price-per-square-foot was calculated from those numbers. Each franchisee has confirmed that that the numbers provided are an accurate representation of their market.
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Contact Information:
For more informationplease contact:
Peak Communicators
Victoria Ullrich
Phone: (604) 689-5559
Email: victoria@peakco.com
