WINNIPEG — Manitoba’s real estate market is still red hot, compared to a cooling trend happening in other major Canadian cities.
The Manitoba Real Estate Association says home sales in May increased by nearly 20 percent on a month-over-month basis, while national home sales fell by 8.6 percent.
“Following successive interest rate hikes, some housing markets in Canada have begun to show signs of moderating,” said MREA 2022-23 president Julie Friesen.
“Traditionally, however, the Manitoba market does not fluctuate to the same degree as the major markets in the country, and with a late spring on the prairies, sales activity in May picked up noticeably.”
In May, 1,877 residential properties exchanged hands with total sales of $732.9 million. Sales dropped 13 percent from the peak level in May 2021 but dollar volume is up slightly, setting a new monthly record.
“While sales activity and prices have been strong, we are seeing indications that the rapid price acceleration we experienced during the pandemic has started to stabilize,” said Friesen. “We still need many more solid months of new listings for inventory levels to recover to pre-pandemic levels.”