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Housing market to continue expanding in 2013

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Winnipeg’s housing market will continue to expand in 2013, but at a more moderate pace, according to the latest quarterly forecast from Canada Mortgage and Housing Corporation.

The corporation said unit sales and selling prices are expected to climb on both the new and resale-homes sides of the market.

Multiple Listing Service (MLS) sales are forecast to grow by 0.8 per cent to 12,300 units from a projected 12,200 in 2012, it said, while single-and multi-family housing starts are expected to rise by 4.9 per cent to 4,250 units from a projected 4,050.

The average MLS selling price for a single-detached home is forecast to climb by 3.9 per cent to $265,000 from a projected $255,000 in 2012. And the average price for a newly-built home is expected to rise by 3.8 per cent to $415,000 from an projected $400,000.

"Housing demand will be sustained over the forecast period, as new homes will be required to meeting the needs of a growing population," said Dianne Himbeault, CMHC’s senior market analyst for Winnipeg.

And while the demand for resale homes is levelling off, CMHC said the persistently low number of active listings will continue to put upward pressure on selling prices.

murray.mcneill@freepress.mb.ca

 

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