Manitoba market slows down significantly in April

Annual deceleration was apparent in both monthly and year-to-date sales levels

Manitoba market slows down significantly in April

Manitoba’s housing activity posted a significant annual decline in April, with a total of 1,230 sales representing a 21.4% year over year drop, according to the region’s housing industry group.

The April levels were also 13.9% below the five-year average and 12.5% below the 10-year average for that month, data from the Manitoba Real Estate Association (MREA) showed.

The overall deceleration was also apparent in year-to-date sales, which totalled 3,698 units. This was 22.8% lower than the levels seen during the same period in 2022.

However, while “still trending below average levels, both sales activity and new listings saw an increase in April compared to March when looking through the seasonality at the monthly data,” said Chris Dudeck, president of the MREA.

The region saw 2,045 new residential listings in April, up by 2.1% annually but remaining 6.7% below the five-year average and 15.9% below the 10-year average for that month. Total active residential listings stood at 3,510 units, up by 52.6% annually while still 6.5% below the five-year average and 17.2% below the 10-year average.

“Overall supply levels topped out at the beginning of 2023 and have plateaued through the first four months of the year due to a decline in new supply entering the market,” Dudeck said. “The market balance has been relatively unchanged over the same period, but we are now noticing that average price levels for the province have risen for three straight months, with the strongest increase coming in April.”

The average home sales price in Manitoba was $353,589 in April, down by 8.5% from 2022. The year-to-date average residential price was $337,238, down by 9.5% annually.