Winnipeg continued to increase at a double-digit pace during the first three months of this year, according to a new national survey by Royal LePage Real Estate Services.
The real estate firm said a severe shortage of homes for sale and strong buyer demand drove up selling prices for all three major types of homes during the first quarter.
The greatest escalation was with detached bungalows, where prices jumped by an average of 19.7 per cent to $229,125. Condominium prices increased by 13.1 per cent to $138,000, while the cost of a standard two-storey home rose by 10.1 per cent to $242,943.
The agency said Winnipeg was one of several cities that bucked a widespread trend toward more moderate price hikes in the first quarter.
"Buyer activity in Winnipeg was extremely vigorous during the first quarter and propelled the housing market to its current strong state," said John Froese, a broker with Royal LePage Prime Real Estate in Winnipeg.
