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‘Continues to Adjust:’ Manitoba Housing Market Slowly Cooling

September 20, 2022 11:11 AM | News

For Sale

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

Manitoba’s real estate market is moving closer to balanced territory based on August home sales.

The Manitoba Real Estate Association says 1,496 residential properties traded hands last month, accounting for a 14 percent decrease in sales activity compared to August 2021.

“We knew the frenzy of activity and the price acceleration we experienced during the pandemic was unsustainable,” said MREA 2022-23 president Julie Friesen.

“As the housing market continues to adjust in the face of interest rate increases and historic levels of inflation, we expect to see more of a level playing field for buyers and sellers in the months ahead.”

In August, the total dollar volume of $515 million was down 10.8 percent, while 2,326 new listings are up 3 percent. The average monthly sale price of $344,237 is up 3.7 percent year-over-year.

However, compared to the record average monthly sale price of $390,480 in May of this year, the average sale price in August is 11.8 percent lower, Friesen noted.

“In recent months, the number of new listings has picked up and while there are more options on the market for buyers to consider now compared to last year, inventory has still yet to fully recover to pre-pandemic levels,” said Friesen.