Average House Price
Why This Matters
Housing is usually the largest component of a households wealth. When housing prices go up, homeowners net worth increases, and they tend to be 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.
Measurement and Limitations
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.
Economic Development Winnipeg. 2018. Annual Average Residential Prices – Select Cities. From: https://www.economicdevelopmentwinnipeg.com/uploads/document/average_residential_prices_cma_2016.t1513199847.pdf
This data is updated annually as it becomes available.
Economic Development Winnipeg. 2018. Economic Indicators. https://www.economicdevelopmentwinnipeg.com/choose-winnipeg/locate-expand-here/economic-indicators
Nathalie Girouard & Sveinbjorn Blondal, 2001. House Prices and Economic Activity. OECD Economics Department Working Papers 279, OECD Publishing. From:http://www.oecd.org/eco/monetary/1888662.pdf
Average House Price in the Sustainable Development Goals
Click on the SDG to reveal more information
8. Promote inclusive and sustainable economic growth, employment and decent work for all
Roughly half the world’s population still lives on the equivalent of about US$2 a day. And in too many places, having a job doesn’t guarantee the ability to escape from poverty. This slow and uneven progress requires us to rethink and retool our economic and social policies aimed at eradicating poverty.
A continued lack of decent work opportunities, insufficient investments and under-consumption lead to an erosion of the basic social contract underlying democratic societies: that all must share in progress. The creation of quality jobs will remain a major challenge for almost all economies well beyond 2015.
Sustainable economic growth will require societies to create the conditions that allow people to have quality jobs that stimulate the economy while not harming the environment. Job opportunities and decent working conditions are also required for the whole working age population.