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House prices likely to rise 3 per cent: report

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Winnipeg homebuyers have more homes to chose from these days, and that will help to moderate price increases in 2014, according to the latest forecast from Re/Max.

The real estate firm predicts the average selling price in Winnipeg will rise by three per cent to $275,000 in 2014.

Although the December sales numbers won’t be available for a few more weeks, it said it expects the average selling price for this year will be about $267,000, which would be five per cent higher than 2012’s average of $255,058.

"Although the overall demand (for homes) was strong throughout 2013, the first signs of a changing climate have emerged," the company says in its 2014 Housing Market Outlook report.

"After years of chronic shortages, inventory has begun to build, pushing the conditions toward balanced territory and providing purchasers with a welcome reprieve from the unrelenting urgency, bidding wars and pressure on prices that previously characterized the market."

It says that because buyers will have greater choice and there will be increased competition among listings, sellers will have to be careful when deciding the listing price for their home.

Although Re/Max expects a moderate increase in selling prices next year, it predicts sales will hold steady at a healthy 12,300 units after increasing by about two per cent in 2013.

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