IF you thought those heady days of bidding wars and soaring house prices were over, think again. One overjoyed St. Vital homeowner recently got $24,000 more than her asking price for her 50-year-old, 900-square-foot bungalow. A leading  Real Estate Service predicted Thursday the Winnipeg market will lead the way in house-price increases for major Canadian cities in 2011.

The firm said in its fourth-quarter 2010 house-price and market forecast report it expects the average selling price for a resale home in Winnipeg to jump by seven per cent to $244,000 this year from $228,000 in 2010.

That's more than double what it thinks the national average increase will be -- about three per cent -- and well above the projected increases for the other eight cities covered in its report. It also would come on the heels of a 10 per cent average-price hike in 2010.

The company report notes that while the Winnipeg market has slowed a bit over the past year, demand remains strong and listings remain in short supply. That's keeping upward pressure on selling prices. And while not as common as they were during the pre-recession boom of 2007 and early 2008, multiple offers and above-list selling prices are still very much a part of the local market, the company added.

A good example is the St. Vital bungalow a Realtor sold last month on behalf of a client who is moving into a care home. The woman's two-bedroom home in Old St. Vital was listed at $199,000 and sold for $223,000. There were seven bids for the home, all at or above the listing price. This month in the same area a home listed at $189,900 received 17 offers and sold for a whopping $251,200.                                                                                                                                                                              I am available at anytime to discuss the Real Estate market. Get the FACTS. Whether buying, selling or if you just have questions, call me. I would be pleased to assist you, your friends or your family with your Real Estate needs.