Manitoba Quarterly Market Review: Q1 of 2024

You can also find out more about the following: Manitoba Real Estate Association reported that the province experienced the third-best MLS® home sales numbers. The number of homes sold through MLS® Systems reached 1,522 units in April 2024, up 23.7% from April 2023.

According to a recent Edge Realty Report, this is part a larger trend as reported in its Quarterly Market Overview for Q1 2024 Manitoba.

Sales

The Manitoba real estate market has seen a significant increase in sales. Quarter-over-quarter, sales rose by 5.8%, while the year-over-year numbers showed an even more notable increase of 23.2%. The Manitoba Real Estate Association statistics suggest that this trend will continue.

Listings

The number of new listings for Q1 was down by 1.7% compared to the previous quarter. When comparing the data from year to year, new listings showed a modest 0.8% increase. 

Active listings, however, have decreased by 4,7% and 3.4% quarter-overquarter, respectively. This could indicate a tightening market.

Prices are a little higher than usual.

Property prices in Manitoba have increased in line with the trends in active listings and sales. Quarter-over-quarter, prices rose by 1.8%, while the year-over-year increase stood at 5.6%.

Under Construction

The number of properties in construction has decreased dramatically. There is a drop of 4.8% compared to the previous quarter. This represents a 10.1% decrease year-overyear. This drop in new construction could further tighten supply on the market.

Months of Inventory

The months of stock decreased from 3,0 months in the Q4 2023 to 2,7 months in the Q1 2020. This is the number of months that it would take to sell the current listings if the sales pace remained the same. This number is decreasing, which means there is less supply to meet demand.

Sales-to-New Listings Ratio

The ratio of sales to new listings increased from 62.2% Q4 2023, to 71.7% Q1 2024. This shows a tight supply and strong demand in the market. A ratio above 60% typically indicates a seller’s market, where sellers have more negotiating power due to the high demand for properties.

Other Economic Indicators

Population

Manitoba’s population grew, increasing by 0.6% quarter-over-quarter and 2.9% year-over-year, adding to housing demand.

Unemployment Rate

The unemployment rate in Manitoba increased from 4.2% in Q4 to 5.0% in the first quarter of 2024. Despite the increase, the unemployment rate in Manitoba remained low, lower than the Long-term average of 6.8%.

Mortgage Arrears

Mortgage arrears grew slightly, from 0.28% Q4 2023 to 0.30 % Q1 2024. Although the increase was small, it indicates financial stress in some homeowners. It is also part of a larger Canadian trend, making this metric a cause for concern.

Manitoba’s Q1 2024 real estate market showed strong sales growth and rising prices. Inventory levels also decreased. A slight increase in unemployment, and mortgage arrears, should be noted.