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
Parliamentary report on Emergencies Act decision is 18 months past due — and counting
The erstwhile group of senators and MPs studying the federal government's invocation of the Emergencies Act over the "Freedom Convoy" was supposed to present its findings in December. December of 2022, that is.
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.
The kids from 'Mrs. Doubtfire are all SUPER grown up now, and we're not OK
The adorable trio of child actors from the 1993 classic comedy 'Mrs. Doubtfire,' which starred the late and great Robin Williams, are all grown up and looking back on their seminal time together.
Quebec man who threatened Trudeau, Legault online sentenced to 20 months in jail
A Quebec man who pleaded guilty to threatening Prime Minister Justin Trudeau and Premier François Legault has been sentenced to 20 months in jail.
Black youth face multiple barriers in accessing mental health care, experts say
Black youth in Canada face multiple barriers in getting access to mental health services — and health-care providers can make the situation more difficult, experts say.
Bystander livestreams during Charlotte standoff show an ever-growing appetite for social media video
Saing Chhoeun was locked out of his Charlotte, N.C., home on Monday as law enforcement with high-powered rifles descended into his yard and garage, using a car as a shield as they were met with a shower of gunfire from the direction of his neighbor's house.
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.
Israel has briefed U.S. on plan to evacuate Palestinian civilians ahead of potential Rafah operation
Israel this week briefed Biden administration officials on a plan to evacuate Palestinian civilians ahead of a potential operation in the southern Gaza city of Rafah aimed at rooting out Hamas militants, according to U.S. officials familiar with the talks.
TD worst-case scenario more likely after drug money laundering allegations: analyst
TD Bank Group could be hit with more severe penalties than previously expected, says a banking analyst after a report that the investigation it faces in the U.S. is tied to laundering illicit fentanyl profits.