Winnipeg Home Prices: Then and Now

Ever get the feeling that housing in Winnipeg is a lot more expensive than it used to be? You might just be right. Take a look at these old home sale listings over the years, and compare the adjusted-for-inflation prices to what you’d pay for something similar in those neighbourhoods today.
 
 

River Heights: Oak St. N. of Academy. 2,100 square feet, 3 bathrooms, updated. $155,000.
(Winnipeg Free Press, Jan. 6, 2000)

Original price in 2010 dollars: $188,500

Estimated price today:  $300,000-$400,000
 
 

North Kildonan. New kitchen, 3 bedrooms, 1,025 square foot bungalow, has many upgrades, quiet street. $98,500
(Winnipeg Free Press, Jan. 9, 2000)

 

Original price in 2010 dollars: $119,800

Estimated price today:  $250,000-$400,000
 
 

E.K. charmer. Over 1,200 sq. ft. of living area. Upgraded central air, garage. $69,900
(Winnipeg Free Press, Jan. 2, 1990)

 

Original price in 2010 dollars: $102,700

Estimated price today: $150,000-$250,000
 
 

Kenaston Village, 516 Kenaston Blvd. 2 bedroom townhomes from $59,900. 1 & 2 bedroom apartments from $43,200. 9.75% mortgage available.
(Winnipeg Free Press, Jan. 7, 1990)

 

Original prices in 2010 dollars: $88,000/$63,500

Estimated prices today: $125,000-$200,000
 
 

CHEAP. I have a small house for sale in Weston near Keewatin. This home is like new. You won’t find a better deal in Wpg. Only $16,500.
(Winnipeg Free Press, Jan. 2, 1980)

 

Original price in 2010 dollars: $42,100

Estimated price today: $75,000-$150,000 (depending on condition)
 
 

Transcona. 1 bedroom bungalow, 40 x 110 lot, gas furnace. $17,900
(Winnipeg Free Press, Jan. 2, 1980)

 

Original price in 2010 dollars: $45,700

Estimated price today: $100,000-$250,000 (depending on condition and location)
 
 

Ideally located near Portage Ave. in St. Charles, clean, new 5 room bungalow. Only $20,500.
(Winnipeg Free Press, Jan. 1, 1970)

 

Original price in 2010 dollars: $118,100

Estimated price today: $200,000-$300,000
 
 

River Heights-Crescentwood, fireplace, 8 room house, 2 bathrooms, garage. Full price $17,900.
(Winnipeg Free Press, Jan. 1, 1970)

 

Original price in 2010 dollars: $103,100

Estimated price today: $200,000-$400,000

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About theviewfromseven
A lone wolf and a bit of a contrarian who sometimes has something to share.

5 Responses to Winnipeg Home Prices: Then and Now

  1. Brian says:

    But there’s no housing bubble! No, sir!

  2. W. Krawec says:

    Great post, and a very interesting confirmation of what many of us suspected.

    Given the doubling and then some of housing prices over the past decade without any sort of obvious economic boom behind it, it’s almost hard to believe that migration numbers are still positive. When you consider the effects of the housing crisis in the US, places that were once fantastically expensive by Winnipeg standards are now downright cheap. You can buy a condo in Miami or a two-storey home in Arizona for the price of a starter home in Wolseley. We must really have a near-fanatical collective devotion to this place to keep paying higher and higher premiums for the privilege of living here!

  3. theviewfromseven says:

    Thanks, Brian and Walter, for your comments. (Is that a bit of sarcasm I detect there, Brian?) 🙂

    One academic paper published in 2009 concluded that mortgage rates “account for almost one-third of Victoria’s and Winnipeg’s housing sales variations” and “contribute to nearly forty percent of Winnipeg’s housing starts”. That would seem to suggest that the ability to borrow money at low cost was a contributing factor.

    A decade ago, someone could have bought a condo in a pleasant neighbourhood for about $50,000. Today, that same sum will get you this little gem on Stella Ave. (walking distance to exciting Selkirk Avenue!)

  4. RM says:

    Let’s not forget that Winnipeg was stagnant for many years with housing prices not even keeping up with inflation. That made owning a home a bad investment. Winnipeg needed to increase dramatically just to find a reasonable equlibrium. We never saw the booms like other places. Our values stayed almost flat for many, many years.

  5. KingBubbles says:

    Great article and this fits with what I saw in Winnipeg when I lived there in the early 1980’s and what I see here today.

    Winnipeg has one of the most distorted housing markets I have ever seen. Manitoba recently ranked the lowest in terms of provincial GDP and yet the housing market continued to be in a frenzy? The new immigrants I know have low paying jobs and are renting apartments and not buying homes because they can not afford them. I think the crazy price increases are being fuelled by scarcity caused by low supply and low rental vacancy rates.

    I could get a nice condo in Florida or Arizona for the price of that dump on Stella Ave and that just does not make any sense.

    I wonder when the bubble is going to burst?

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