Low inventory sends Winnipeg prices up: Royal LePage

The largest gains of the three types of housing surveyed were in two-storey homes, up 7.1% to reach an average of $297,125. That tied Halifax for the second highest year-over-year percentage gain in the country, behind just Vancouver.

Standard condominiums were up a more modest 4% in the first quarter this year compared to the first quarter in 2010, to an average of $167,429. Bungalows were up 3.8% in Winnipeg over that same period to reach an average of $269,250.

“Sales are up about 10% year-over-year, but inventory levels are very low and this has put upward pressure on house prices,” said Michael Froese, marketing director for Royal LePage Prime Real Estate. “Momentum continued to build throughout the first quarter, with the number of sales in March rivalling January and February sales combined.”

Within Winnipeg, some of the biggest gains were made in Ft. Richmond condominiums in year-over-year prices during the first quarter. They were up 13.7% to reach $183,000. Also, standard two-storey homes in the northeast of Winnipeg were up 16.1% to reach an average of $295,000.

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