Winnipeg Free Press - ONLINE EDITION
Posted: 04/4/2013 10:03 AM | Comments: 0
House prices in Winnipeg continued to climb at a healthy pace in the first three months of this year, according to the latest quarterly survey by Royal LePage.
The real estate firm said average selling prices in the city rose between 3.3 per cent and 6.9 per cent, depending on the type of home. That was nearly triple the national average increase of between 1.2 per cent and 2.4 per cent.
Detached bungalows saw the biggest average-price gain (up 6.9 per cent to $302,896). That was followed by standard condominiums (up 4.4 per cent to $194,269) and standard two-storey homes (up 3.3 per cent to $319,409), the survey found.
"Winnipeg is currently a strong market," said Rick Preston, broker and owner of Royal LePage Dynamic Real Estate in Winnipeg. "We’ve witnessed an increase in demand for houses, particularly in the $200,000 to $300,000 range."
Preston said multiple offers and bidding wars also continue to be prevalent, with 35 per cent of the listings selling for above the asking price in the first few months of the year.
Nationally, Royal LePage president and CEO Phil Soper said the Canadian housing industry is in an unusual situation.
"The combination of very low mortgage rates and flat home prices, against a background of general economic improvement across the nation, is not something we’ve seen before," he said.
"Typically one of these variables is moving hard in an opposite direction. While some have spoken loudly about impending market volatility and dramatic downward pressure on home prices, we are simply not seeing evidence of this. The current environment is very supportive for housing. Those waiting for big declines in home prices will likely be disappointed."
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.
Having problems with the form?Contact Us Directly
Labour board raps IKEA for violations
Industry Canada gives its OK to AltaLink deal
US regulators close small bank in Illinois
Capital Power raising quarterly dividend
Comments sought on possible Arctic lease sale
UPS driver charged with stealing dozens of guns
Telus, Rogers raise customer privacy in court
California state senator facing additional charge
Cellphone unlocking set to become legal again
Designer: Bay Bridge bolts don't need replacing
Tyson Foods closing 3 plants in Iowa, NY, NM
House and Senate chairs resume talks on VA
Russia: McDonald's food has 'too many calories'
AP names new enterprise editor for western US
Business events scheduled for the coming month
Feds probe Dodge Charger alternator complaints
US opens probe of Impala air bag performance
Lyft says it's starting New York City service
Initial public offerings scheduled to debut next week
House votes to boost child tax credit for some
Ron Howard sells house in NYC suburbs for $27.5M
Amazon worker piloted drone around Space Needle
Global tensions don't dent enthusiasm for stocks
Ottawa posts $1.15B deficit in April-May
TransForce shares up after trucking deal
Air Canada flight to Tel Aviv alters course
Newfoundland to appeal Churchill Falls ruling
New EU sanctions to target Russian businesses
Molson Coors Brewing CEO to retire at year's end
Pot may be legal, but homeowner agreements can ban
Loonie lower amid strong durable goods data
Orders for US durable goods up 0.7 per cent in June
Golds, financials push TSX modestly higher
Cyprus passes international bailout review
US agency probes Hyundai Sonata air bag problem
Settlement reached in a key Nortel dispute
Son of S.Korea sunken ferry owner detained
Russian execs fear lasting damage from plane crash