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
NEW From yearning for a change to cost of living, why some Canadians have left or may leave the country
For some immigrants, their dreams of permanently settling in Canada have taken an unexpected twist.
Here are the ultraprocessed foods you most need to avoid, according to a 30-year study
Studies have shown that ultraprocessed foods can have a detrimental impact on health. But 30 years of research show they don’t all have the same impact.
NEW Capital gains tax change 'shortsighted' and 'sows division' business groups tell Freeland
Forging ahead with increasing Canada's capital gains inclusion rate 'sows division,' and is a 'shortsighted' way to improve the deficit, business groups are warning Finance Minister Chrystia Freeland.
Ontario man frustrated after $3,500 paving job leaves driveway in shambles
An Ontario man considering having his driveway paved received a quote from a company for $7,000, but then, another paver in the neighbourhood knocked on his door and offered half that rate.
Defence attacks Stormy Daniels' credibility as she returns to the stand in Trump's hush money trial
Stormy Daniels will return to the witness stand Thursday in Donald Trump's hush money trial as the defence tries to undermine the credibility of the porn actor's salacious testimony about their alleged sexual encounter and the money she was paid to keep quiet.
Police handcuff man trying to enter Drake's Toronto mansion
Toronto police say a man was taken into custody outside Drake's Bridle Path mansion Wednesday afternoon after he tried to gain access to the residence.
What is whooping cough and should Canadians be concerned as Europe declares outbreak?
There is currently a whooping cough epidemic in Europe, with 10 times as many cases compared to the previous two years. While an outbreak has not been declared nationwide in Canada, whooping cough is regularly detected in the country.
Florida deputies who fatally shot U.S. airman burst into wrong apartment, attorney says
Deputies responding to a disturbance call at a Florida apartment complex burst into the wrong unit and fatally shot a Black U.S. Air Force airman who was home alone when they saw he was armed with a gun, an attorney for the man's family said Wednesday.
Air Canada ranks near bottom on customer satisfaction: survey
Air Canada ranks below most other major North American airlines on customer satisfaction, with airfares a particular sore point, according to a new survey.