Any concerns that housing demand in Manitoba would slip into a slump dissipated in recent months with housing re-sales picking up smartly in September and October, swiftly turning the page on a particularly weak summer period. No doubt, homebuyers in the province lately took advantage of fairly attractive affordability, which improved for all housing types in the third quarter. The RBC Measures fell between 0.9 and 2.3 percentage points, reversing one-half to three-quarters of the increase that occurred since the spring of 2009. Lower mortgage rates in the third quarter were particularly helpful in bringing down home ownership costs in the province although some price declines (particularly for two-storey homes) also contributed.  Manitoba is one of only two provinces, alongside Alberta, where the measures for all housing types are currently below long-term averages, which will be a supportive factor for demand going forward.

RBC Housing Trends & Affordability Report November 2010

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