December was a record month for the residential mortgage market in December, as home sales and home prices each hit all-time highs for the month.
The monthly report from WinnipegREALTORS says that a continued influx of immigrants into the city helped drive increased demand for housing, which helped reduce rental vacancy rates and lead many residents to buy property instead of renting.
According to the group, the average sales price for homes in the city last month was $252,414, nearly $2,000 more than the previous record, set in June. In addition, the number of home sales was the highest ever for December, and the total dollar value of those sales was 22 percent above the previous record for the month.
"The numbers do speak for themselves this month as homes were clearly part of
consumers' year end big ticket purchases," said Claude Davis, outgoing president of
According to statistics from the Canada Mortgage and Housing Corporation, Winnipeg has the lowest vacancy rate of any major city in the country at 0.8 percent. That lack of availability caused a 4.5 percent rent increase from October 2009 to October 2010.