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Resale-homes market expected to weather economic storm

By: Murray McNeill

3/12/2008 11:06 AM | Comments: 0

Winnipeg’s resale-homes market will weather the economic storm in 2009, with sales activity matching 2008 levels and selling prices increasing modestly, according to the latest national housing market forecast from RE/MAX.

The real estate firm predicts 12,900 homes will change hands next year in Winnipeg, which is the same number it’s forecasting for this year.

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And the average selling price will climb by two per cent to $212,000 from this year’s projected $207,882, it added.

The firm said it should be a similar story with most of the 22 Canadian cities included in its forecast. Most will see little or no change in unit sales and average selling prices in 2008.

The most notable exceptions will be Victoria and Kelowna, which are expected to experience double-digit declines in both unit sales and selling prices.

Nationally, unit sales and the average selling price are expected to remain unchanged at 440,000 properties and $300,000.

"The prognosis for housing activity in the first six to nine months of 2009 is somewhat static, given the continued volatility in financial markets and the threat of recession," the firm said. "But as stability returns to the financial sector, housing markets are expected to recover."
murray.mcneill@freepress.mb.ca

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