Good demand and a limited supply of desirable properties kept Winnipeg house prices climbing at a steady pace in the first quarter of this year, according to the latest survey by Royal LePage Real Estate Services.
The real estate firm said its latest House Price Survey report released today that there was strong year-over-year growth in the average selling prices for standard condominiums and standard two-storey homes in Winnipeg, and a more modest increase for standard bungalows.
It said condo prices rose by 5.3 per cent increase to $203,118, while two-storey-home prices climbed by 5.1 per cent to $325,072. The average selling price for a detached bungalow increased by 1.2 per cent to $306,507.
"We have definitely seen a slow start to the year in Winnipeg," said Rick Preston, broker/owner, Royal LePage Dynamic Real Estate in Winnipeg. "Our inventory levels are up compared to last year, but buyers are being choosy. The good listings are moving quickly, but questionable listings are sitting on the market."
Preston attributed the bigger price increases for condos and two-storey homes to a lack of quality resale properties.
"There are lots of new-build units available in the market, but there is a shortage of first-rate units in the resale market, which is pushing prices upward," he added.
Nationally, Royal LePage said most regions of the country showed healthy year-over-year price growth, with the average price of a home in Canada climbing between 2.5 per cent and 5.4 per cent.
It said the price of a two-storey home increased 5.4 per cent to $428,943, while detached bungalows rose 4.4 per cent year-over-year to $380,765. Standard condominiums posted slightly lower gains of 2.5 per cent to $252,174.