This is the Market Fighting Back
What a remarkable comeback for Manitoba Real Estate. The market hit back hard from the drop due to the pandemic and actually gained the upper edge with an increase of 24% in sales compared to June 2019. As impressive as that was, consider that this increase happened while unemployment in Manitoba stays at a record high and property viewing is increasingly difficult with social distancing measures in place. Even without the open houses the market was still able to surpass last year’s growth.
As GVS stated in the April release, the market was on track for a record breaking spring until measures due to COVID 19 hit. After what appears to be a temporary knockdown, the market is back up and ready to fight. In fact, overall 2020 sales are down only 44 units compared to the same time last year.
What Does the Market Say?
A survey done by Probe Research conducted in June found that only 1 out of 10 Manitobans say they are less likely to purchase a home due to the impact of the pandemic, whereas the remaining 9 out of 10 say it has little to no bearing on their decision to buy. Even the condo market, which for the last few years has shown signs of exhaustion, has bounced back. Overall sales of condo’s are up slightly compared to June of last year.
What May be Coming?
In the words of Stephen Covey, we are not a product of our circumstance; we are a product of our decisions. It is important to remember that challenging times may be ahead and making decisions to stay safe should be of utmost importance. That being said, it is encouraging to see how well the Manitoba Real Estate Market has adapted to what COVID 19 has thrown at it and how adaptable Manitobans will be at dealing with these challenges as they arise.
