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Average selling price of a resale home in city jumps 10 per cent
WINNIPEG — Selling prices in Winnipeg’s red-hot resale homes market increased at a double-digit pace in the first two months of this year, according to a new report from RE/MAX Canada.
In its Spring 2012 Market Trends report released today, the real estate firm said the average selling price of a resale home in Winnipeg jumped by 10 per cent to $241,115 from $219,450 during the first two months of 2011.
That left it tied with two other cities — St. John’s and the Greater Toronto Area — for the biggest price gains during the period, the company added.
Unit sales, on the other hand, were essentially unchanged from a year earlier — 1,343 versus 1,345. But RE/MAX said that was due to a lack of supply, not a lack of demand.
"Despite one of the best Januarys on record in 2012, momentum would have been stronger if adequate product were available," the report said.
It said the lack of inventory is resulting in widespread price wars, particularly in the lower price ranges. And that, in turn, is driving up selling prices at a faster-than-anticipated pace.
Nationally, RE/MAX said most of the 15 markets surveyed continue to show exceptional resilience during the first quarter of this year, with strong demand and diminished supply setting the stage for a heated spring housing market in most major cities.
murray.mcneill@freepress.mb.ca
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