Housing prices in Winnipeg continue to climb despite remaining fairly flat nationally.
Strong demand and low inventory in Winnipeg is responsible for driving up prices in the first quarter of this year, according to the Royal LePage House Price Survey, which measures seven types of housing in over 250 neighbourhoods from coast to coast.
- Detached bungalows saw the largest year-over-year increase in prices, with a 6.9 per cent jump to $302,896.
- Standard condominiums posted a 4.4 per cent increase to $194,269.
- Standard two-story homes increased by 3.3 per cent to $319,409.
"Winnipeg is currently a strong market," said Rick Preston, broker and owner of Royal LePage Dynamic Real Estate.
"We’ve witnessed an increase in demand for houses particularly in the $200,000 to $300,000 range."
Multiple offers and bidding wars continue to be prevalent in Winnipeg, according to the Royal LePage report.
"The beginning of 2013 saw 35 per cent of listings sell for above asking price," Preston said.