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Despite Hot Market, Affordable Manitoba Real Estate Remains: MREA

May 19, 2021 9:42 AM | News

For Sale Sign

A sold sign is shown in front of west-end Toronto homes on April 9, 2017. (THE CANADIAN PRESS/Graeme Roy)

WINNIPEG — New numbers from the Manitoba Real Estate Association show the province’s market continues to be a hot one, setting a single-month high for sales in April alone.

“We continue to experience significant homebuyer demand in Manitoba,” said Stewart Elston, MREA 2021 president. “Many properties are selling soon after coming to market. While conditions can be competitive, particularly in neighbourhoods of choice, affordable homes are available on the market for buyers to consider.”

According to the MREA, April saw 2,149 residential properties trade hands, totalling $721.7 million and surpassing the previous single-month record of $683 million set in March.

The record-setting sales figures come as Manitoba grapples with the third wave of COVID-19. Since the pandemic began, there has been an increase in demand for real estate as more people invest in their largest asset and spend more time at home.

So far this year, 6,436 residential properties in Manitoba have sold for a 76% increase over 2020. The average sale price of a home in Manitoba is $328,371, up 13.5% compared to last year, while the average year to date price of a residential-detached home in Manitoba is $353,199.

“Manitoba still offers a great affordability advantage for homebuyers, particularly in communities outside of the capital region,” added Elston, saying Manitoba remains one of the most affordable markets to buy a home in the country. “The price of a single-family home in Manitoba would easily be double, triple, or more, elsewhere in Canada.”