The Manitoba Real Estate Association is revealing the statistics of homes sold compared to how the market was last year.
Affordable housing has been an issue for most Canadians, especially Manitobans as the province is recorded to be struggling more than the rest of the country. This is due to inflation rates that have increased exponentially in the past few months, but it has now seemed to have plateaued.
Since April 2022, there has been a 21.4 per cent decline in homes sold. Through MLS® Systems of real estate boards in Manitoba totalled 1,230 units in April 2023.
According to Statistics Canada, the national index of home prices went down 0.1 per cent month over month in April. The index has declined six times since August 2022, when it was at its historical peak.
Home sales were 13.9 per cent below the five-year average and 12.5 per cent below the 10-year average for the month of April.
On a year-to-date basis, home sales totalled 3,698 units over the first four months of the year. This was a significant decrease of 22.8 per cent from the same period in 2022.
"Although still trending below average levels, both sales activity and new listings saw an increase in April compared to March when looking through the seasonality at the monthly data," says Chris Dudeck, President of the Manitoba Real Estate Association. "Overall supply levels topped out at the beginning of 2023 and have plateaued through the first four months of the year due to a decline in new supply entering the market. The market balance has been relatively unchanged over the same period, but we are now noticing that average price levels for the province have risen for three straight months, with the strongest increase coming in April."
The average price of homes sold in April 2023 was $353,589, down by 8.5 per cent from April 2022.
The more comprehensive year-to-date average price was $337,238, a decrease of 9.5 per cent from the first four months of 2022.
The dollar value of all home sales in April 2023 was $434.9 million, a big reduction of 28.1 per cent from the same month in 2022.
The number of new listings increased by 2.1 per cent from April 2022. There were 2,045 new residential listings in April 2023. New listings were 6.7 per cent below the five-year average and 15.9 per cent below the 10-year average for the month of April.
Active residential listings numbered 3,510 units on the market at the end of April, an advance of 52.6 per cent from the end of April 2022.
Active listings were 6.5 per cent below the five-year average and 17.2 per cent below the 10-year average for the month of April.
Months of inventory numbered 2.9 at the end of April 2023, up from the 1.5 months recorded at the end of April 2022 and below the long-run average of 3.2 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
For monthly residential market statistics, please visit https://realestatemanitoba.com/what-we-do/economic-development/market-statistics.