Winnipeg Free Press - PRINT EDITION
Posted: 10/11/2013 1:00 AM | Comments: 0
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
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
Australia signs up to negotiations on Chinese-led bank
Bird flu found in a top Minnesota turkey producing county
Some British Airways frequent flier accounts miles breached
Duke Energy CEO loses $600K in pay over coal ash pollution
John Baird is adviser to Barrick Gold
Nation's biggest nuclear firm makes a play for green money
Future Shop stores closing, 1,500 jobs lost
24-storey D CONDO TOWER set to rise on site of the former Restaurant Dubrovnik
Google to help build OR robots
Banning antibiotics what consumers want
Apple boss to give away fortune
The vacation bucket list
GOP-guided budget sets up battles between Congress and Obama
Chinese president promotes regional vision at Boao Forum
Sky's still the limit
JetBlue pilot who yelled during flight sues airline for $16M
Up Periscope... and other apps
About 4,000 fishermen stranded on Indonesian islands
Bank chief happy with rate cut
Internet outages reveal gaps in US broadband infrastructure
Tax change helps families with children under 18
2 more Galileo satellites launched from French Guiana for EU
Obama urges expansion of 'take child to work' day
California woman, friend charged in alleged baby-theft plot
Brazil's economy barely avoided recession last year
Feds table legislation for family tax package
Dow Chemical and Carnival are big market movers
Most actively traded companies on the TSX
Senate approves long-delayed bill to boost energy efficiency
Altera stock soars on report of sales talks with Intel
How the Dow Jones industrial average fared Friday
North Dakota loses lowest jobless rate as oil prices slide
RadioShack bankruptcy hearing drags on, Salus plans new bid
Audit: Maryland misallocated $28.4M for health exchange
Massachusetts governor asks for snow disaster declaration
Yellen: A rate increase may be warranted later this year
German airline could face 'unlimited' damages for Alps crash
B.C. regulators issue $51.7M in penalties