There has been lots of negative news lately in regards to real estate in Canada – in all of North America actually. It sounds like the Bank of Canada may raise rates again soon. If not, they will keep the rate of 5% for a longer period of time than we all would like. In the next 2-3 years, BoC has stated that there is a high percentage of mortgage holders whose rates will expire and may have to renew at a higher rate. We don't know what that will do to the market, but it certainly does not sound good. In 2-3 years the interest rates may be lower again. However, here in Manitoba the news is a little more positive:
- All MLS sales are up 7%.
- Residential Detached sales are up 5% and Average Sale Price is up 6% to $399,017.
- Condominium sales are up 19% and Average Sale Price is down 1% to $259,127.
- Residential Attached sales are down 8% and Average Sale Price is down 1% to $314,087.
CLICK HERE to read the full market release.