Condos lead way in home market
0 Comments | Winnipeg Free Press, Jul 8, 2010 | by McNeill, Murray
More buyers driving prices up
Once considered ugly ducklings by most prospective homebuyers, condominiums have become the new darlings of the Winnipeg housing market, according to the latest Royal LePage house prices survey.
The survey found that Winnipeg condo prices are increasing at a faster pace than most bungalows and two-storey homes, and in some cases two to three times as fast.
For example, the average selling price for a standard condo in south St. Vital jumped by 21.3 per cent between the second quarter of last year and the second quarter of this year — to $172,000 from $141,800.
That compared to an average price hike of 6.3 per cent for a standard bungalow and 11.9 per cent for a standard two-storey in the same area of the city, the real estate firm said.
The biggest price gains are with lower-end condos — priced at $100,000 or less, said John Froese, a broker with Royal LePage Prime Real Estate in Winnipeg. That’s because they’re a more affordable option for first-time buyers and lower-income earners.
“Condos are becoming the new entry point in the Winnipeg market,” he said, noting the average selling price for a single-family, detached home in Winnipeg is now just over $250,000.
He said mid- to higher-end condos have also become the home of choice for a growing number of young professionals and empty nesters who don’t want the hassles associated with owning a detached home, such as mowing the grass and shovelling snow. So that’s putting upward pressure on selling prices for those kinds of condos, as well
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