First-time homebuyers retreated to the sidelines last month as Winnipeg’s resale homes market experienced its slowest March since the mid-1990s.
The Winnipeg Realtors Association (WRA) said only 844 properties changed hands last month through the local Multiple Listing Service (MLS), a drop of 26 per cent from a year earlier when 1,138 properties were sold.
It was also the lowest March sales total since 1995 and came on the heels of an 11 per cent drop in sales in February.
"In looking more closely at what happened, the drop off in buyer activity was three times greater in the first-time homebuyer price ranges than in the upper ones," the association said.
"Instead of March madness, it was March calmness, with buyers notably absent from our MLS market at this time of year," WRA president Richards Dettman.
With the drop in unit sales, the dollar volume of sales for the month also declined by 15 per cent to $224.7 million from $264.7 million.