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It isn't only Winnipeg's existing housing market that's hot -- prices of new homes are also going through their roofs. % E- e* k0 I! D2 @$ y1 E* n. S$ h, k
( q- _ g9 v% u( s5 e: lThe city has seen its highest annual increase in prices for new residences in a 16% hike between August 2006 and the same month this year.
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9 H, ?( }5 a0 a/ ^/ d" XWith the jump, Winnipeg -- with a price growth considerably behind that of Regina and Saskatoon -- is part of a Prairie region where buyers are paying much more because of a demand for new homes and rising labour costs for framers and concrete workers.
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Wilf Falk, the Manitoba government's chief statistician, said the province's capital is "doing well" due to natural economic factors, and in contrast to a slowing market in other parts of Canada. 9 U. t/ `) n( \& e; v$ N, }& ^* \" ]
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"It's just a sign of the demand for new housing," said Falk. "And things are more expensive." - a+ h1 X! t2 }4 k
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* Z j6 Z$ l6 I4 nAccording to new Statistics Canada figures, the new-home market in Manitoba and Saskatchewan has quickened its pace despite a national trend toward a slowing in the growth of prices for such housing. 4 ~' ^, P0 f# V; N
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While the year-over-year price of a new home rose 53.6% in Saskatoon and 29.2% in Regina, Edmonton's 30.2% hike during the measuring period is a cooling-off from previous market activity. Calgary saw an increase of 6.1%.
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8 |* X( |. }; M"It illustrates that the housing boom happened in Alberta, and now over the last period of time there has been a movement of individuals back to Saskatchewan and to a lesser extent to Manitoba," Falk said.
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Though Manitoba's net population loss to Alberta of nearly 4,400 last year appears to be slowing dramatically, Saskatchewan has seen more people return following moves to Edmonton and Calgary, said Falk. |
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