Market decline

Manitoba housing market: Home sales down from previous pandemic years

The Manitoba housing market is seeing a decrease in the number of homes sold in April 2022 compared to previous years.

Peak levels of total sales are down more than 27% from April 2021.

Stewart Elston, former president of the Manitoba Real Estate Association, said a shortage of properties for sale is a major reason for the decline.

“Right now we’re sitting in a situation where, if we’re lucky, we have a month and a half supply of listings on the market versus our sales coming in next month,” a- he declared. .

Warren Neufeld, chairman of the Brandon Area Real Estate Board, said the seller has more power, but the buyer also has options.

“Sellers still have a lot of power, so if they’re thinking of selling, now is the time,” he said. “For buyers, work with your banks or your mortgage broker or whoever it is, lock in your rates. If you can get a rate locked in for the next 30, 60, or 90 days, that certainly takes some of the guesswork out of what your interest rates are going to do if you decide to buy.

Last April, 1,565 properties changed hands, down 27.2% from the previous year. Total sales during the same period were $604.7 million, also down 16.2% from 2021.