Business

Winnipeg Free Press - ONLINE EDITION

City condominium prices climbing at fastest pace in the country

By: Staff Writer

Posted: 04/5/2012 10:26 AM | Comments: 0

WINNIPEG — Condominium prices in Winnipeg are climbing at the fastest pace in the country, according to the latest house price survey by Royal LePage.

The real estate company said Thursday that all types of resale homes saw a strong increase in average selling prices in the first quarter of this year, with condos leading the charge.

The average selling price of a standard condo jumped by 11 per cent from a year earlier, climbing to $186,143. And in the north-east area of the city, the increase was an eye-popping 21.7 per cent, the company added.

Detached bungalows saw the second biggest year-over-year average price hike, climbing by 5.2 per cent to $283,375. Standard two-storey homes brought up the rear, rising by 4.1 per cent to $309,250.

The escalation in selling prices here was part of a national trend which saw strong price appreciation in most major cites in Canada during the first three months of 2012 due to a combination of strong demand and a reduced inventory of available homes.

Royal LePage said Canada saw average price increases ranging from 2.2 per cent for condos to 5.0 per cent for two-storey homes.

"Our housing market is being pulled in opposite directions by opposing economic forces," said Phil Soper, president and chief executive of Royal LePage Real Estate Services. "On one hand, there is the rapidly strengthening U.S. economy, increasing Canadian consumer confidence and what can only be called a national mortgage sale encouraging activity and bidding up home prices. On the other, we have signs of over-shooting values and strained affordability in our largest cities. We are likely to see much more modest price appreciation as the year unfolds."

murray.mcneill@freepress.mb.ca

Fact Check

Have you found an error, or know of something we’ve missed in one of our stories? Please use the form below and let us know.

* Required

In which story did you find the error? *
Please post the headline of the story or the title of the video with the error.
What was the error? *
Please post exactly what was wrong with the story.
What should we have written?
Please indicate your source for the correct information.
Who else should we interview to improve this story?
Please include any contact information you may have.
Can we contact you in the future for advice on stories about this topic?
Yes

No
First Name: *
Last Name: *
E–mail Address: *
This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.
Phone: *
This will only be used to contact you if we have a question about your submission, it will not be used to identify you or be published.
Colour:
Are you blue? If you can see this, leave it blank and get some CSS support.
Enter the words that you see: * This is to prevent our forms from being filled out automatically.
You have failed to correctly identify the words in the box above. Please try again.

More Business

Undock

You can comment on most stories on winnipegfreepress.com. You can also agree or disagree with other comments. All you need to do is register and/or login and you can join the conversation and give your feedback.

Have Your Say

New to commenting? Check out our Frequently Asked Questions.

The Winnipeg Free Press does not necessarily endorse any of the views posted. By submitting your comment, you agree to our Terms and Conditions. These terms were revised effective April 16, 2010.