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."