Winnipeg's housing market dubbed best in North America
March 02, 2015
DBRS, an independent credit rating agency, has named Winnipeg’s housing market the best in North America. A recent report looked at the housing markets of 50 cities across Australia, Canada, the United Kingdom, and the United States from 2004 to 2014. Winnipeg ranked first in North America and came in second 
globally, after Darwin, Australia. Several other Canadian cities dominated the list, holding 11 of the top 20 rankings.
The report cited low interest rates and a strong economy for the “unabated” rise in housing prices. While the US market dipped during the 2008 financial crisis, the Canadian market experienced a 50 per cent increase from 2006 to 2014.
Analysts are confident that the housing market will remain stable as Winnipeg continues to grow. However, according to Canada Housing and Mortgage Association, with the construction of new homes in a strong rental market, vacancy rates are expected to rise 3.2 per cent by 2016, giving way to a buyer’s market.
Ben Myers, Senior Vice President of market research and analytics at Fortress Real Developments, cited lower unemployment rates and healthy income increases as contributing factors to the increased sales and production over the last five years. He also pointed out that, over the last year, the increases were slightly lower than average. As a result, he did not anticipate significant price increases in the near future.
As the desire for urban-style living has increased in Winnipeg, so has the market demand for condominiums and multi-family units. The highly anticipated SkyCity Centre promises to be an iconic addition to Winnipeg and will offer 388 residential units.
The DBRS report highlighted government employment as advantageous to helping Winnipeg earn the first-place ranking in North America. A recent census revealed that population increases play a significant role as well.
According to Edward Suzuki, senior manager for strategic research at Economic Development Winnipeg, over the past five years, Winnipeg's population has increased 1.5 per cent per year, making the city's growth “the seventh best growth rate among major metropolitan areas across Canada.”
Based on past and current statistic trends from the Conference Board of Canada, the City of Winnipeg forecasted a population growth of 100,000 over the course of the next four years, resulting in a metropolitan population of 825,400 for 2019.
Myers acknowledged that 2015 starts are lower, cautioning that growth is good but demand needs to be there to support it.
Photos by: Leah Watkins
About Leah Watkins
Leah Watkins has spent the last seven years teaching writing and literary analysis in secondary education, as well as practicing freelance editing and photography. Prior to completing a degree in English and earning a graduate degree in education, she fulfilled a five-year commitment in the Air Force.