Local real estate is a topic of conversation that occurs in many families, and with that comes conversations about the market in the area. Warren Neufeld, a former president of the Brandon Real Estate Board and broker with Royal LePage Portage Realty, says this year has been very similar to 2023, with one significant difference.
"Where we've noticed a much larger difference, and if people are looking for a home, they'll have noticed this difference; there's less homes on the market. So this year, we're seeing less homes on the market than we did last year, about 25 per cent less listings to look at. So, for buyers, if you're looking for a property, maybe there's not as much selection or as many options. I think that's where people have noticed a difference as well."
Rhonda Lodwick, the owner and realtor with Century 21 Foxx Realty, says that she has noticed a similar trend.
"I think the lack of inventory just makes it difficult for people who are looking to buy a home and sell a home. It's hard for them to sell a home if there's no home for them to buy, and it maybe keeps everybody comfortable until they find the right one. And I think a lot of people have spent a lot of money on their homes, maybe through COVID, renovating their homes, and maybe they're happy in their homes and not ready to put them on the market."
Peter Bracken, a realtor with Remax Valleyview in Portage, says that the year has been going smoothly up to this point.
"Especially taking into account the interest rate factors, it is coming down, and it's helping prospective buyers get better rates, better payment structures, that kind of thing. But overall, it's been a pretty steady year."
Neufeld adds that while the future can be unpredictable, he doesn't expect any significant market changes before the year's end.
"I don't have a crystal ball, but it just feels like as we move into fall and early winter, it feels like it's going to be more of the same. It feels like we won't see 50 or 60 new homes come to the market, and it might still be a little tight that way in terms of buyers' selection. I think people who are currently actively looking for and needing a place, when they see something, we're seeing quite a bit of activity right away because if you want it and need it, then you've gotta go check it out."