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
'I just can't believe that it took so long': Body found in wreckage 3 months after deadly fire
A man accused of arson in a January Old Strathcona apartment fire is expected to be charged with manslaughter after a body was discovered in the burned building late last month.
No proof man lied to brother about number of kittens born in litter, B.C. tribunal rules
A man was denied a $5,000 payout from his brother after a B.C. tribunal dismissed his claim disputing how many kittens were born in a litter.
Quebec police hand out hundreds of tickets to Hells Angels and other bikers before 'first run' meeting
Quebec provincial police handed out hundreds of fines to Hells Angels members and other supporting motorcycle clubs who met for their 'first run' in a small town near Sherbrooke, Que.
Grandparents killed in wrong-way crash on Hwy. 401 identified
A 60-year-old man and a 55-year-old woman killed in a wrong-way crash on Highway 401 earlier this week have been identified by the Consulate General of India in Toronto.
Auston Matthews skates ahead of Game 7, status unclear with season on the line
Centre Auston Matthews of the Toronto Maple Leafs hasn't been ruled out of tonight's Game 7 against the Boston Bruins.
Snakes almost on a plane: U.S. TSA discovers a bag with small snakes in passenger's pants
According to an X post by the Transportation Security Administration, officers at the Miami International Airport found the small bag of snakes hidden in a passenger's trousers on April 26 at a checkpoint.
A Chinese driver is praised for helping reduce casualties in a highway collapse that killed 48
A Chinese truck driver was praised in local media Saturday for parking his vehicle across a highway and preventing more cars from tumbling down a slope after a section of the road in the country's mountainous south collapsed and killed at least 48 people.
Russia puts Ukrainian President Zelenskyy on its wanted list
Russia has put Ukrainian President Volodymyr Zelenskyy on its wanted list, Russian state media reported Saturday, citing the interior ministry’s database.
Britney Spears 'home and safe' after paramedics responded to an incident at the Chateau Marmont, source tells CNN
A source close to singer Britney Spears tells CNN that the pop star is 'home and safe' after she had a 'major fight' with her boyfriend on Wednesday night at the Chateau Marmont in West Hollywood.