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Manitoba predicted to outperform most of the country in home sales next year

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WINNIPEG — Manitoba’s resale-homes market will outperform most other provincial markets in 2013, according to the latest forecast from the Canadian Real Estate Association.

CREA predicted today that Manitoba and Alberta will be the only provinces to see an increase in Multiple Listing Service (MLS) sales next year. It predicts Manitoba’s sales will rise by 0.7 per cent to 14,250 units, while Alberta will see a 1.7 per cent gain.

It also predicts that Manitoba will post the biggest increase in average selling price in 2013, at three per cent ($251,300 versus a projected $243,900 this year).

The Manitoba forecast for this year is more subdued, with CREA predicting that while it will be one of eight provinces to see an increase in MLS sales this year, it’s gain will be the second smallest of the eight at 1.5 per cent.

It also forecasting a four per cent price increase for this year, which it predicts will be the fifth highest among the provinces.

Nationally, CREA has cut its sales forecast for Canada for both this year and next, as well as lowered its average price forecast.

It said its previous forecast was issued before the most recent tightening of mortgage lending regulations by the federal government. That move in June has further slowed sales in two of the country’s most heated markets — Ontario and British Columbia, the association said, causing it to downgrade its forecast.

It’s now predicting MLS sales in Canada will rise by 1.9 per cent to 466,900 units this year, then recede by 1.9 per cent to 457,800 units in 2013. And it predicts the average selling price will climb by 0.6 per cent to $365,000 this year, then dip by one-tenth of a percentage point to $364,500 in 2013.

murray.mcneill@freepress.mb.ca

 

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