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Housing starts down but dollar value of house sales strong

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Housing starts in June in Winnipeg were down 20 per cent compared to last June and down 15 per cent for the year to date but the city had one of its strongest months ever when it comes to the dollar value of house sales.

WinnipegRealtors June MLS (multiple listing service) tally of $416 million was the second highest monthly total on record.

It was also the third highest sales volume for the month of June at 1,515 units, up two per cent from last year.

Year-to-date sales are up slightly — less than one per cent — to 6,476 units and the year-to-date dollar volume increased around five per cent to $1.76 billion.

While sales continue to be strong Canada Mortgage and Housing Corp. has reported a sixth straight monthly decline this year in the total of single and multi-family housing starts in the Winnipeg area.

Construction started on 342 units in June, down from 488 in May.

According to Royal LePage prices are holding their own in Winnipeg. The price of a standard condominium rose by a healthy 5.3 per cent year-over-year to $209,023 and detached bungalows appreciated by 2.0 per cent to $311,015. The standard two-storey was the only housing type to buck this upward trend as prices decreased by 2.4 per cent to an average of $336,241. Royal LePage expects Winnipeg prices to continue to rise by 2.8 per cent for the balance 2014.

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