Manitoba … Smashing Records
Looking at the long range output, nobody would have guessed there was even a blip in the spring when COVID hit. Despite the low amount of houses coming up for sale, things are still selling fast and for a high price. So fast and high in fact that they have smashed the expert’s best guesses of what would happen. It is likely November will continue this trend, however there are a few gauges to watch.
Things To Watch this Month?
There are three things to consider in this market which may affect the value of a home in the coming month.
1. The New Red Zone Restrictions – Moving to the Red Zone means only essential services will be open. Though Real Estate is considered an essential service, these limitations may decrease demand and stabilize the market.
2. Potential School Closures – If the schools close this will put even more strain on new listings as people homeschooling will be even less motivated to sell. This means the already high demand for housing could intensify.
3. Interest Rates – The mortgage interest rate drops seem to have stopped but with rates so low and on a downward trend, every decrease creates more buzz for buyers to move. Even a slight drop in rates can have a significant impact over the course of a mortgage term.
What to Expect Next?
What is perhaps most impressive this month is that 72% of single family listings in October sold. This is a very solid indicator of strong and healthy market. Even with slight downturns due to restrictions it is likely the Real Estate market in Manitoba will finish 2020 with a banner year. If you are thinking of selling, or refinancing, there is no better time than now!