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Manitoba’s Real Estate Market ‘Calmer’ in July

August 16, 2022 11:00 AM | News

Real Estate

A sold sign is pictured outside a home in Vancouver on June 28, 2016. (THE CANADIAN PRESS/Jonathan Hayward)

WINNIPEG — Manitoba’s real estate market took a breather in July, albeit an expected temporary cooling.

New figures released by the Manitoba Real Estate Association show 1,666 residential properties traded hands in July — down 8.3 percent compared to July 2021.

“The resale market has certainly calmed down relative to the two previous years but don’t get me wrong, we are still in ‘warm’ territory,” said MREA 2022-23 president Julie Friesen. “Currently, there are more options for buyers on the market compared to this time last year, but inventory has still yet to fully recover to pre-pandemic levels.”

The total dollar volume in July of $588.6 million is down 3.3 percent. The market saw 2,500 new listings last month for a 9 percent increase and the average monthly sale price of $353,309 is up 5.5 percent year-over-year.

Year-to-date, the total number of sales has dropped 17.5 percent but the average sale price of $373,550 remains 11.8 percent higher compared to sales data from the first seven months of 2021.

“If historic trends prevail, May and June will have been the hottest months on the market this year,” said Friesen.