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."