Manitoba’s housing market is slowing down after five consecutive months of 2,000-plus sales, the Manitoba Real Estate Association announced on Thursday, a downturn that’s normal for this time of year.
The number of residential properties that traded hands in August dipped to 1,738, down from 2,008 in July.
“Make no mistake, we continue to experience elevated demand in the market relative to historic levels and resale prices are robust,” association president Stewart Elston said in a Thursday news release.
The total number of sales is down 11 per cent from August of last year, although the average home price is up 7.2 per cent.
“Keep in mind, August 2020 was far and away the busiest August on record,” Elston said. “As steady buyer demand is preventing inventory on the market from replenishing to pre-COVID-19 levels, it remains an opportune time in the market for Manitobans who are considering listing their home.”
So far this year, the number of new listings in 2021 is up 2.2 per cent from 2020, however, the average 2021 home price is up 10 per cent from last year, amounting to sales valued at over $4.77 billion. That’s up 42.8 per cent over sales from the same time period last year.
The Manitoba Real Estate Association said this year’s sales in the province are driving over $767 million in economic spinoff, like home renovations, moving costs and professional services.
More to come …