Royal LePage has released its report on national housing price averages in the first quarter of 2007. Growth in Winnipeg’s housing prices exceeded industry expectation tallying above the provincial average in growth for 2006.

Averages for bungalow styled homes were up from the first quarter of 2006 by 11.8% to an average of $191,375. Two storey homes saw even larger rates of growth with a 12.5% increase from the first quarter of last year to an average selling price of $220,714. Condominium units were up as well by 12% to a city-wide average of $109,250.

And finally, the first quarter market report for Winnipeg.

“The housing market in Winnipeg got off to a strong start in the first quarter of 2007, as average house prices rose by double digits in most
neighbourhoods. Manitoba’s provincial economy continued to thrive in the first quarter, supported by projects such as the construction of the Manitoba Hydro Building and the Red River floodway, as well as sustained growth in the residential construction sector. Approximately half of all listings sold for over list price, resulting in some purchasers becoming frustrated by the high level of competition in the market.”