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Resale home market rebounds in March

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Sales of existing homes in Winnipeg were headed back in the right direction in March after two consecutive months of declines.

A total of 919 properties sold through the local Multiple Listing Service (MLS), the Winnipeg Realtors Association (WRA) said today. That’s an increase of nine per cent from the 844 that changed hands in March of last year.

Not surprisingly, the dollar volume of sales was also up, rising by 11 per cent to $249.1 million from $224.7 million.

However, the association noted March of last year was a poor month for home sales. So while last month’s total was an improvement from a year earlier, it still three per cent below the 10-year average for March.

Similarly, while sales for the first three months of this year were up nearly one per cent from the first quarter of 2013 — 2,164 units compared to 2,156 — they were still seven per cent below the 10-year average for the period.

"However, we must keep in mind Winnipeg (just) endured its coldest winter since 1898," the association added.

Looking ahead to the traditionally busy spring home-buying season, the association said buyers should have more properties to chose from, with more than 2,500 homes available the beginning of this month compared to just over 2,000 in April of last year.

"We are in a real favourable position going into April to take advantage of better weather, low unemployment, very competitive mortgage rates, and the best inventory we have seen in many years," said WRA president David Powell.

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