Winnipeg Free Press - PRINT EDITION

Consumer confidence, demand raise resale-house prices

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RISING consumer confidence and pent-up demand continue to drive up the price of resale homes in Winnipeg, according to the latest quarterly house-price survey by Royal LePage.

The real estate firm said the average selling price for the three most common types of homes -- bungalows, two-storeys and condominiums -- rose between 3.5 and 8.6 per cent in the third quarter this year. That's more than double the national average increase of between 1.2 and 4.1 per cent.

"The late start to spring has led to some pent-up demand, which is now driving prices up," said Dan Wachniak, a broker at Royal LePage Dynamic.

Royal LePage said standard two-storey homes saw the biggest year-over-year price gain, jumping 8.6 per cent to $346,765.

Detached bungalows saw the second-biggest increase, climbing 4.2 per cent to $307,069. The price of a standard condo rose 3.5 per cent to $195,226.

Nationally, it was bungalows that saw the biggest year-over-year gain, with the average price climbing 4.1 per cent to $381,811.

Two-storey homes were second, up 3.7 per cent to $418,686, and the average price for a condo rose a more moderate 1.2 per cent to $246,530.

Royal LePage said sales volumes surged in several regions in the third quarter as Canadians re-entered the housing market after sitting on the sidelines more than a year.

The surge in sales marked the end of the most significant housing-market correction since the 2008-09 global recession, the company said.

"In many cities, there simply weren't enough properties on the market to satisfy demand, which put upward pressure on prices for the first time in 2013," said Phil Soper, Royal LePage's president and chief executive officer.

"We expect this positive momentum to continue through the all-important spring market of 2014," Soper said.

Republished from the Winnipeg Free Press print edition October 11, 2013 B6

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