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City house prices climbing at a fast pace

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WINNIPEG — House prices continue to climb at a fast clip in Winnipeg, according to a new national survey by Royal LePage.

The real estate firm said today that its latest house price survey showed average selling prices for the three most popular types of homes have increased by between 4.7 per cent and 9.2 per cent over the past year.

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Condominiums saw the biggest price escalation, climbing by 9.2 per cent to $190,857. That was followed by detached bungalows — up 8.2 per cent to $304,250 — and two-storey homes, which rose by 4.7 per cent to $321,875.

"Standard condominiums and detached bungalows are at more accessible price points," said John Froese, a broker with Royal LePage Prime Real Estate in Winnipeg. "The large price gains in these housing types represent the lower end, appreciating as a result of first-time buyer demand."

Nationally, average selling prices house prices were up between 3.3 per cent and 4.7 per cent from the second quarter of last year, Royal LePage said.

Confidence in Canada’s real estate market is sound, but home prices cannot grow faster than salaries and the underlying economy indefinitely," said Phil Soper, president and CEO of Royal LePage Real Estate Services.

murray.mcneill@freepress.mb.ca

 

 

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