Home sales down in Manitoba

Home sales are down once again in Manitoba.

New numbers from the Manitoba Real Estate Association (MREA) show a 12.4 per cent drop in sales in May compared to the year before. The province’s sales are also down from the five-year and 10-year averages for this time of year.

“Home sales are down this May as compared to previous years. Last year we were much higher,” said Chris Dudeck, president of the MREA.

Despite this drop in sales, Dudeck noted it the market is still solid, especially for those looking to sell their home.

“As it stands now, the overall marketplace in Manitoba has balanced out quite a bit from where we were last year at this time, but it still is tilted somewhat in favour of sellers,” he said.

“So sellers should feel confident if they put their home on the market that it’s still a good time to sell.”

One of the current challenges for Manitoba’s real estate market is inventory.

Dudeck said the number of active listings is higher than last year, but still down compared to pre-pandemic levels, as well as the five and 10-year averages.

“Sales would be better if we had more product to sell,” he said.

“The bottom line is if there were more homes on the market, more homes would sell.”

Watch above to find out more about Manitoba’s current real estate market.