Steinbach has experienced a slight drop in house sales through the first nine months of 2019.

Peter Squire is a Market Analyst with Multiple Listing Service. He says through three-quarters of this year, there were 341 single family home sales, compared to 353 by the end of September last year. The average number of days on the market this year has been 46, down from 47 a year ago, while the number of listings this year has reached 640, compared to 689 last year.

"Steinbach is still our leader," says Squire. "It still has more sales than any other MLS area within our market region."

The average selling price for a single family home this year has been $281,000, which is also down from $282,000 at this time last year.

According to Squire, Steinbach continues to be challenged by the mortgage stress test, which seems to be impacting first time buyers.

In terms of condominiums, there have been 39 sales this year worth an average $196,000. By the end of September a year ago, there were 35 sales, worth an average $201,000.

Squire says the third quarter was stronger than the first two quarters, not only in Steinbach but across Canada. He notes some of that has to do with lower mortgage rates that have come into effect. Squire says at the start of the year there were concerns of a mortgage rate increase. But because that did not materialize, prospective buyers who may have been challenged by higher rate increases in previous years, have had more time to adjust.

As a result of the mortgage stress test, Squire says sales are higher for townhouses and single attached homes.

"While single family will always be our dominant one and condos are always going to be our second most active, there are other property types like townhouses and single attached that have come up in the last few years," notes Squire.

Now that we are well into October, the housing market has entered the slower part of the year. But, Squire says this area of the province is coming off the best August in history and nearly the best September on record.

"We've had a very strong third quarter," says Squire. "I think that should give sellers confidence knowing that there is still lots of buyers out there going into that last quarter."