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MB residential property value growth fourth-fastest in Canada: study

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Residential property values in Manitoba increased at the fourth-fastest pace in the country — 65.5 per cent— between 2006 and 2011, according to a new Statistics Canada study released today.

It also found that in the final year of the study period — 2010 to 2011 — they increased at the second-fastest pace (12 per cent).

The study also looked at what happened with residential property values in 33 metropolitan areas in the country, including Winnipeg, during the same period.

It found property values in Winnipeg rose at the eighth-fastest pace from 2006 to 2011, at 73.3 per cent, and at the fifth-fastest pace from 2010 to 2011, at 12 per cent.

Among the provinces, Saskatchewan led the country in property value gains from 2006 to 2011, with a whopping 132.6 per cent. Newfoundland and Labrador was second, at 100 per cent, and Alberta rounded out the top three with 97 per cent growth.

Among the cities, the top three were Saskatoon (149.1 per cent) Regina (134.7 per cent) and Edmonton (102.7 per cent). And from 2010 to 2011, the only city with faster growth than Winnipeg was St. John’s, at 17.5 per cent.

This is the first year that Statistics Canada has done a study like this. It said the results are based on assessed property values provided by provincial and municipal assessment departments. They covered all types of residential properties — single- and multi-family, farm residences, cottages and vacation homes, mobile homes, institutional and communal residences, and vacant residential lands.

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