What the market looks like for Manitoba cottages
With winter in the rear view mirror, it means Manitobans can start looking forward to time spent at the lake.
But people looking to sell their cottages may find they’re not getting as much as they would hope, as a new report is showing.
Chris Neufeld, a realtor with Interlake Real Estate, said one lakefront property in Gimli that is on the market and listed for $619,900 won’t have to worry about a lot of other competition.
“Certainly there are buyers willing to purchase, but we have probably 50 per cent of the listings that we would’ve had pre-COVID,” said Neufeld.
That is a situation felt throughout the province. A new report from Royal LePage looking at recreational properties in Manitoba and Saskatchewan found that 56 per cent of real estate experts reported less inventory this year as compared to last.
This means the median price of a single-family recreational home is expected to increase just 0.5 per cent in 2024.
“It’s the people that are the median income people who are looking for a $200,000 cottage. Those people probably will pull back and may not be interested in purchasing something right now, at least not until the interest rates start to drop.”
With fewer new cottagers coming into Gimli, it isn’t news businesses want to hear.
“Cottagers are a huge part of our business,” said Stefan Tergesen, the owner of H.P. Tergesen & Sons. “They’re our regulars as we call them. They’re here every year. One of my favourite is always asking people how their cottage fared in the winter and finding out that this is actually their first stop.”
He said the economy is strong down south, it’s OK in Manitoba. He’s confident cottagers both new and old will find his store.
“It’s a pilgrimage, as I call it, for some people.”
Neufeld is also confident buys will be there, especially if the Bank of Canada can help out a little with the interest rates.
“People still want to have escapes, they still want to have places to go that is not in the city, let’s say. So they’ll come up to rural areas and that’s where we come in,” said Neufeld.
The report anticipates inventory and sales activity will start to climb shortly, now that spring temperatures have arrived.
CTVNews.ca Top Stories
Woman with liver failure rejected for a transplant after medical review highlights alcohol use
For nearly three months, Amanda Huska has been in an Ontario hospital, part of it on life support, because of severe liver failure. Her history of alcohol use is getting in the way of her only potential treatment: a liver transplant.
B.C. man 'attacked suddenly' by adult grizzly near Alberta boundary: RCMP
A B.C. man is recovering from multiple injuries after he was "attacked suddenly" by an adult grizzly bear near Elkford Thursday afternoon.
Box tree moths have infested Ontario and experts say more are coming. Here's what to do to protect your garden
An invasive moth species is on the rise in Canada and, if you've planted a certain shrub, it could stand to ruin your garden.
Banking mogul suing government after intelligence leaks leave him shut out of Canadian economy
Chinese Canadian banking mogul Shenglin Xian has launched a $300 million lawsuit against the federal government. It’s a means to find the source of intelligence leaks which Xian says has cost him his livelihood.
$500K-worth of elvers seized at Toronto airport
Fishery and border service officers seized more than 100 kilograms of unauthorized elvers at the Toronto Pearson International Airport on Wednesday.
Suspected would-be assassin ordered detained as Slovak prime minister's condition is stable
The man accused of attempting to assassinate Slovak Prime Minister Robert Fico was ordered to remain behind bars Saturday as the nation’s leader was in serious but stable condition after surviving multiple gunshot wounds, officials said.
Here's how Robert F. Kennedy Jr. could make the first debate stage under stringent Biden-Trump rules
Robert F. Kennedy Jr. has long argued that the biggest hurdle of his presidential campaign is the perception that independent candidates can't win. He has looked to the debates as a singular opportunity to stand alongside Joe Biden and Donald Trump in front of a massive audience.
N.B. man takes talent to the air, hoping others catch his love for extreme pogo stick performing
Duncan Murray is one of only a handful of Canadians to be considered a professional extreme pogo athlete.
Backlash over NFL player Harrison Butker's commencement speech has reached a new level
The NFL is distancing itself from controversial comments by Kansas City Chiefs kicker Harrison Butker during a recent commencement address.