MANITOBA REAL ESTATE ASSOCIATION
THIS SOLD HOUSE Residential home sales hit record highs BY LINDSEY WARD
IF THERE’S ONE THING THIS PANDEMIC HAS PROVEN, IT’S THAT THERE’S NO PLACE LIKE HOME. But not just any home. Judging by record sales, many Manitobans have been seeking new abodes that suit their quarantine needs — so many that in early summer, local real-estate sales were higher than they’ve been in 40 years. Not bad considering the business came to a standstill for two months. “It’s been a very good year real estate-wise, considering the conditions,” says Glen Tosh, president of the Manitoba Real Estate Association (MREA). “Obviously we had a near market shutdown in March and April, but then June, July, August, September were all record-breaking months across the province.” That they were; a whopping 2,015 residential properties sold in June — more than the province had seen since the 1980s. July saw an even higher 2,060 sold signs, while August and September (months when the market traditionally settles down) saw a respective 1,955 and 1,809 properties go off the market. As it turns out, COVID didn’t stop nine of out 10 Manitobans from proceeding with their home-buying plans, according to a Probe Research survey conducted by WinnipegREALTORS and the MREA in June. Tosh says the high number of people on the move is reflective of Manitoba’s robust real-estate market and the sudden need to find that perfect lockdown spot. “I think people have spent so much time in their houses, they either realize that a) it’s not big enough — because they’re at home more, and maybe they’re working from home and their kids are homeschooling; or b) the opposite – they don’t use their whole house, it’s too big, so maybe it’s time to downsize.” For others, the decision to buy a new home may have hinged on their ability to save a few extra dollars for mortgage payments, or a larger down payment. Those who have been fortunate enough to keep their jobs during this trying time, especially dual-income families, may have decided to upgrade with the money they’ve saved by avoiding expensive vacations and by not having to commute to work, pay for parking or replenish their closets with business attire. “When that first shutdown happened, I probably saved $400 in gas alone,” Tosh says. And then there are the folks who will no longer have to
commute at all. Many are now able to buy that dream home across town or out in the country because their workspace has been permanently relocated to a home office. “There are a lot of different factors that have contributed to the market for sure,” Tosh says. Mortgage interest rates are low and general affordability has long been a huge selling point in Manitoba, where the average home price is $301,000. The hottest price range is between $300,000 and $400,000. That will typically buy you a family- friendly three-bedroom bungalow with a single or double garage, depending on the area. It’s also the price range that sees the most competition and bidding wars among buyers. Tosh recalls a house in Winnipeg’s ever-popular Charleswood area that brought in 100 viewers and at least 23 offers. “It was incredible, actually.” But not overly surprising, given the demand. The 12,947 sales by the end of September marked a 10% increase over last year — but fewer homes have been placed on the market, with new listings down by 8%. “People are realizing that maybe Manitoba isn’t that bad of a place to spend your time.” Even the typically calm cottage market saw a big boost in 2020, as more Manitobans looked to spend money on recreational activities close to home. Not that they had a choice, but still, staycations gave us a new appreciation for our home province. “People are realizing that maybe Manitoba isn’t that bad of a place to spend your time.” Back in June, 84% of survey respondents also felt the Manitoba housing market was a good place to put their investment dollars. And a strong housing market provides a sense of stability — not only for those in the real-estate business but also for homeowners — in an otherwise unstable climate. “That was a reassurance at that time, when we were just coming out of (the first stage of the) pandemic, that people still had faith in their market and they proved it by the buying in June, July and August,” Tosh says. “It’s a good place to be.” ■
44
WINTER 2020
Powered by FlippingBook