Real estate company predicts modest rise in Winnipeg home prices

The average price of a Winnipeg home will rise 1.3 per cent in 2015, Royal LePage predicts. Darren Calabrese / The Canadian Press

WINNIPEG – Royal LePage predicts the average price of a Winnipeg home will rise 1.3 per cent to $277,000 in 2015 – but the average price of a condominium dropped in the second quarter.

The 1.3 per cent price increase is well below the national average increase of 6.1 per cent to $432,960, a forecast driven by close to 10 per cent increases in Toronto and Vancouver.

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In the second quarter of 2015, the average price of detached bungalows in Winnipeg was $316,732, a 1.8 per cent increase over the second quarter of 2014, while the price of two-storey homes increased 1.4 per cent to $340,866, according to the Royal LePage house price survey. The average price nationally for such homes is $438,938 for bungalows and $471,002 for two-storeys, the survey said.

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The average price of a Winnipeg condominium dropped 1.5 per cent to $205,969 in the second quarter, Royal LePage said. The average price in the second quarter of 2014 was $209,023. Nationally, the average condominium price rose 3.9 per cent to $268,583.

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The average price for a Winnipeg home in 2014 was $273,363, while the average price in 2013 was $268,382. Nationally, the average price in 2014 was $408,068, and the average price in 2013 was $382, 466. Price hikes are driven by Toronto, where Royal LePage predicts house prices will rise 9.6 per cent in 2015 to an average price of $621,000, and Vancouver, where house prices are predicted to rise 9.4 per cent to a whopping $889,000.

The housing values in the price survey are Royal LePage opinions of fair market value, based on local data and market knowledge provided by Royal LePage real estate professionals, the company says.

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