Lifestyle
Manitoba housing prices drop: Study

Houses in Winnipeg, MB.

Credits: Jason Halstead/Winnipeg Sun/QMI Agency

QMI AGENCY

WINNIPEG — Manitoba homes are more affordable after the housing market lost some of its steam in the third quarter of 2012.

RBC's latest Housing Trends and Affordability Report found that the property market is relaxing.

RBC's affordability measures compare the average pre-tax household income needed to own a home at market values.

For detached bungalows, that number fell by 1.6% this quarter, the price of a standard two-storey home eased by 1% and condo prices fell by 0.6%.

That puts the average affordability index for Winnipeg at 38.9%, compared to 83.2% in Vancouver, 52.4% in Toronto, 38.7% in Ottawa and 31.1% in Edmonton.

"The province's affordability measures now stand slightly worse off than they have been, on average, since the mid-'80s, but they are still well below the national averages, suggesting minimal strain on Manitoban homebuyers' budgets at the moment."
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