The Canadian real estate market scene is seeing substantial growth lately as it bounces back from the economic downturn experienced in 2020. Brandon, one of the country’s centers for agriculture, is one particular city that’s giving way to several prime investment opportunities for savvy entrepreneurs. On the other hand, if you’re looking for a new place to settle in and start anew, Brandon might just be the perfect place for you with lots of housing options. Let’s dive in on the current state of Brandon, Manitoba’s real estate market, and why it’s a great place to invest in.
What’s the Current State of the Brandon Housing Market?
As far as any city in Manitoba goes, the city of Brandon is enjoying record-breaking sales activity and prices as it experiences steady growth this year. As public health restrictions are starting to ease, that growth is more likely to continue and improve in the coming months. Some of the highlights of the Brandon housing market include:
- Increased Demand for Houses
- Growing but Still Limited Inventory
- Borrowing Has Never Been Cheaper
- Consumer Trends are Evolving
Recent data on the real estate market shows that there’s steady growth in the city, very much like all markets across the province, with few roadblocks on the horizon to quell this heated activity. Whether that can be sustained or not remains to be seen, but looking at how many cities are opening up and upscaling their vaccination drives, there really is nowhere to go now but up.
Rising Real Estate Sales in Brandon
With the demand for real estate increasing, residential sales of single-detached homes have advanced significantly. According to the Canadian Real Estate Association (CREA), it enjoyed a 133.3% year-over-year increase in February, totalling 56 units. Overall, in the first two months alone of 2021, home sales in the areas surged a whopping 111.4%, with 93 real estate transactions.
In terms of prices, houses in Brandon have recorded double-digit growth. The median sale price for single-detached homes increased at an annualized rate of 23% to $309,900. On a year-to-date basis, which industry observers consider to be more comprehensive, it rose 14.2% to $274,000.
Why Invest in Brandon Real Estate?
One of the biggest concerns of many people in Canada and the rest of the world is how the real estate markets could become largely unaffordable due to the fallout of the coronavirus. This is due to the increase in supply with little to no demand in the markets in 2020. This year, however, many of Canada’s housing markets have already bounced back while still staying within the range of families’ budgets.
Despite being Manitoba province’s second-largest city, Brandon still possesses that small-town charm that many of today’s homebuyers are looking for. It is, in its essence, an agricultural town dubbed as the "Wheat City of Canada" where life is a little simpler than bigger cities. If you’re interested in the residential and commercial real estate of Manitoba, particularly in Brandon, now’s a great time to invest.
If you’re a home buyer or an entrepreneur who wants to buy or sell commercial property, you’ll need a reliable REALTOR® you can trust. Chris Low is just the person you need who has the experience and technical know-how to help you buy or sell a house in Manitoba. When you are ready to see a listing in person, or just have a simple question, contact Chris Low REALTOR® today.