It’s hard to believe there is only a little more than a month remaining before the official end of summer when fall begins on September 23. Summer on the prairies is second to none and typically includes ample time to enjoy the warmth of the sun and the incredible outdoor amenities we’re fortunate to have access to. One of those amenities is the close proximity to Lake Country where many Manitobans retreat to in the summertime to bask in the beautiful scenery that can be enjoyed with life at the lake.
This week’s Real Estate Market Matters column is focused on providing readers with a look at the Lake Country real estate region and what’s happening in that market segment.
There are 5 Lake Country areas within the Winnipeg Regional Real Estate Board’s market region that will be focused on in this update. They include Lac du Bonnet, Lake Manitoba - East Side, Lake Winnipeg - East Side, Lake Winnipeg - West Side and Winnipeg River. A description of the areas, along with a map are shown in the graphic to the right.
“Buyers driving sales are typically from within the province and include families, couples, those looking for an investment property, and executives who can now work from home post-pandemic,” said Rena Prefontaine, 2023-2024 President of the Winnipeg Regional Real Estate Board. “Reasons these buyers are looking to purchase a year-round property in Lake Country include the lower prices compared to urban centres, lower tax base, the potential to work from home, retirement planning and the purchase of a seasonal or secondary cottage for recreational/resort use. It is also common to see children buying seasonal cottages from their parents and promoting generational transfers within families.”
Among the common trends seen in the following charts for the first half of 2023 across all Lake Country areas are increased listings over the first half of last year, average prices at or above the 5-year averages and decreases to the continuous days-on-market (CDOM).
MLS® sales were up over last year in Lac du Bonnet and Winnipeg River while Winnipeg River was the only area that saw sales increase over the 5-year average.
Listings were up in the first half for all areas when compared to last year while Lake Manitoba – East Side, Lake Winnipeg – East Side, and Winnipeg River were up over the 5-year average.
Average prices decreased in the first half everywhere but Lac du Bonnet when compared to the first half of last year and rose everywhere over the 5-year average, except for Winnipeg River which was statistically even.
The continuous days-on-market for the first half decreased everywhere except Lake Winnipeg – East Side when compared to the first half of last year and decreased everywhere over the 5-year average.
The total dollar volume for the first half of 2023 increased in Lac du Bonnet and Winnipeg River when compared to the first half of last year while decreasing everywhere but Winnipeg River when compared to the 5-year average.
“For those looking to buy in Lake Country, the good news is that there are more choices available than last year,” said Prefontaine. “For those looking to sell in Lake Country, average prices are up over the 5-year average and the continuous days-on-market it took to sell decreased everywhere when compared to the 5-year average. Only REALTORS® can provide the trusted advice and market performance information that buyers and sellers need when considering a property in Lake Country.”
If you’re looking for properties in Lake Country, use the descriptions beside the map to help you in using our MLS® search tool which can be found at www.winnipegregionalrealestatenews.com/properties or call your REALTOR® who can assist you in finding your dream Lake Country property. They have the tools, resources and knowledge to help you make a confident decision. While each unique buyer will have their
own preferences of what they want in a property, an experienced Lake Country REALTOR® will have the expertise to help identify what is needed in a Lake Country property to ensure you’re able to maximize the enjoyment of life at the lake.
Jeremy Davis is the Winnipeg Regional Real Estate Board’s Director External Relations & Market Intelligence.