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Strong demand in city drives some house prices up nearly 10 per cent

By: Staff Writer

Posted: 01/8/2013 10:21 AM | Comments: 0

A shortage of homes on the market drove prices up in 2013, according to a recent survey. (JONATHAN ERNST / REUTERS ARCHIVES)

House prices in Winnipeg have jumped by as much as 9.9 per cent over the past year, according to the latest quarterly survey by Royal LePage.

The real estate firm, which regularly tracks price changes for the three types of homes — detached bungalows, standard two-storeys, and standard condominiums — said today that bungalows saw the biggest average-price gain between the fourth quarter of 2011 and the fourth quarter of 2012, jumping by 9.9 per cent to $304,157.

Condominiums saw the second-biggest appreciation in the average selling price, climbing by 8.3 per cent to $192,062. And two-storeys brought up the rear, with a year-over-year gain of 4.7 per cent to $320,226.

"Prices are up due to strong demand and a supply shortage," said Rick Preston, broker/owner of Royal LePage Dynamic Real Estate in Winnipeg. "Local businesses are more optimistic than they were a year ago, which has contributed to rising prices."

But Royal LePage house sales in Winnipeg are expected to decline by 1.2 per cent in 2013, and that’s expected to slow price growth to a modest one per cent.

Nationally, Royal LePage said two-storey homes saw the biggest average-price gain over the past year, climbing by four per cent to $390,444. That was followed by bungalows — up 3.6 per cent to $356,790 — and condos — up two per cent to $239,374.

murray.mcneill@freepress.mb.ca

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