Peg tells us:
- The average price of a house in Winnipeg increased from $137,062 to $278,220 between 2005 and 2015 - an increase of 103%.In 2015, Winnipeg’s average house price was $278,220, compared to an average price across Canada of $442,877.
The facts are:
- In 2015, Winnipeg’s average house price was $278,220, compared to an average price across Canada of $442,877.
- Winnipeg’s average house price has increased faster than Canada’s overall over the past ten years; 103% in Winnipeg vs. a 78% increase Canada-wide.
Why does this matter?
- Housing is usually the largest component of a household’s wealth. When housing prices go up, homeowners’ net worth increases, and they tend to be more willing to spend more and take on additional debt. This has a significant positive impact on the economy.
- Conversely, when housing prices decrease, households find it more difficult to borrow (as their equity has decreased), and rather than spending, they tend to try to pay off their mortgages faster.
- Housing prices also impact Winnipeggers' willingness and ability purchase a home, or to live in certain areas of the city.
- Average house price measures average residential detached housing prices listed in the Multiple Listing Service (MLS) system - this means that private sales may not be included. Rates are seasonally adjusted.
- More detail and source data for the above facts available at http://www.mypeg.ca/explorer/WellBeing/Economy/HousePrice/
Source of the data:
- Peg’s data for the Average House Price indicator is provided by Economic Development Winnipeg.
- For interviews on Peg, the data, or to be connected with organizations making a difference in the community, please contact Sumeep Bath, Media and Communications Officer, International Institute for Sustainable Development (IISD), (204) 958-7700 ext. 740 | firstname.lastname@example.org