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Rise in house prices in city likely to slow: forecast

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Local house prices will continue to climb this year, although at a slower pace than in 2013, according to the 2014 forecast from the Winnipeg Realtors Association (WRA).

Peter Squire, the WRA’s residential market analyst, told the association’s eight annual forecast breakfast today that he expects the average selling price of a detached home sold through the local Multiple Listing Service (MLS) to increase by between two and four per cent this year.

That would follow a five per cent hike in 2013, when the average price climbed to $284,000 from $269,000 in 2012.

Squire said he expects unit sales to rise by less than two per cent, and the dollar volume of sales to increase by between three and five per cent.

Last year, a total of 12,924 properties changed hands through the MLS, which was a decline of less than one per cent from 2012’s total of 13,007. The dollar volume of sales was $3.36 billion, which was a new record for the association and a five per cent improvement from 2012’s total of $3.2 billion.

Squire also predicted condominiums will continue to gain in popularity in 2014, and that the average selling price for a condo will jump by between six and eight per cent after a nine per cent gain in 2013.

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