Winnipeg Housing Market
- The average sale price in Winnipeg for March 2025 was $402,915, representing a 7.3% increase and 2.2% higher than in February. This is the highest Winnipeg average home price except for April and May 2022.
- Detached home average price increased by 12.3% year-over-year to $470k.
- Attached home average price increased by 0.7% year-over-year to $376k.
- Condo average price increased by 1.2% year-over-year to $277k.
- May 5, 2025 Update: Today’s Lowest mortgage rate in Winnipeg is 3.84% for 5-Year Fixed.
Winnipeg Housing Market Overview
Winnipeg Housing Market: Price Movements for March 2025
Average Home Price | $402,915 | +2.2% 1-Month Change | +7.3% 1-Year Change |
Home Prices and Transactions in Winnipeg
In March 2025, average home prices in Winnipeg were $402,915. March’s average price represents an annual increase of 7.3%, with a monthly increase of 2.2%. Winnipeg's housing market saw 1,189 home sales in March 2025. This number represents a 39% increase in activity compared with February 2025 and a 6.2% increase relative to March 2024.
Average home prices are a good indicator of home prices in general, but the composition of the homes sold strongly influences them. Thus, they are not ideal for gauging changes in the real estate market. When looking at monthly data, benchmark home prices are a better indicator.
Benchmark prices in Winnipeg have risen 9.3% over the past year, 14% over the past two years, and 51% over the past decade.
The average sold price of detached homes in the Winnipeg area climbed to an all-time high of $470,399 in March 2025. This is a 12% increase year-over-year and 2.7% higher than last month. In March 776 detached homes sold.
The average sold price of an attached home in March 2025 was $375,785. This is up 0.7% yearly and down 0.9% from last month. 90 attached houses changed owners in March. During March, 199 condominium units changed hands. The average sold price of a condo was $277,068. This is up 1.2% annually and 1.1% monthly.
The Winnipeg real estate inventory currently comprises 3,096 properties, including 1,322 detached properties, 355 condominiums, and 231 attached homes. This inventory level shows a 9% annual decrease, yet it is 8% above the 5-year average.
Comparing Winnipeg to other Housing Markets
Winnipeg remains the most affordable housing market among Canada’s seven largest population centers. The four largest housing markets—Toronto, Montreal, Vancouver, and Calgary housing markets—have benchmark home prices of $1,068,500, $562,300, $1,190,900, and $592,500, respectively. In contrast, Winnipeg’s benchmark home price stands at $384,600, highlighting its relative affordability compared to these major markets.
Winnipeg's housing price growth has been strong and exceeds the inflation rate. Over the past decade, Winnipeg’s benchmark home price has increased by 51%, compared to a 30% rise in the Consumer Price Index (CPI) over the same period. In comparison, home prices in Toronto, Montreal, and Vancouver have increased by 94%, 100%, and 61%, respectively. Unlike some other Canadian housing markets, particularly in Ontario, Winnipeg's market does not exhibit signs of a speculative bubble.
Housing Market Trends
Winnipeg home prices peaked in May 2022, as historically low mortgage rates during the pandemic drove housing markets across Canada to new highs. However, rising interest rates throughout 2022 led to a market slowdown, with prices reaching a trough in January 2023. During this period, average home prices in Winnipeg declined by 18% from their May 2022 peak.
From January to June 2023, activity and prices rebounded significantly. Contrary to many expectations, short-term interest rates increased again in June and July 2023, while long-term rates remained elevated from June to November 2023. These factors contributed to declining home prices during that period. However, between November 2023 and April 2024, confidence in declining inflation and anticipated interest rate cuts supported price recovery.
Since November 2023, average home prices in Winnipeg have risen by 15%, driven by limited housing inventory and a tight rental market. The first rate cut in four years occurred in June 2024, followed by additional reductions in July, September, October, December 2024, January and March 2025. Further rate cuts are expected throughout 2025, encouraging market activity in an affordable housing market like Winnipeg.
However, economic uncertainty remains, particularly with the potential for a tariff shock that could negatively impact Canadian housing markets, including Winnipeg. As a result, while lower interest rates provide a positive outlook, external economic factors may influence market conditions in the coming months.
Home Prices in Winnipeg
Winnipeg Housing Market Statistics for All Property Types in March 2025
Average Sold Price
Total Transactions
Property Type Distribution
Housing Markets Across Canada
Market Overview for Detached Homes in March 2025
Average Sold Price
Transactions
Market Overview for Attached Homes in March 2025
Average Sold Price
Transactions
Market Overview for Condominiums in March 2025
Average Sold Price
Transactions
Glossary and Definitions
MLS® HPI: The MLS® Home Price Index (HPI) is an index by the Canadian Real Estate Association (CREA) that tracks the prices of homes in a neighborhood. It allows Canadians to quickly compare home prices across Canada and between periods of time without having to account for specific features of a property. Unlike market prices, which can fluctuate from month to month based on seasonal dynamics, the HPI provides a stable view tracks trends across a longer period of time. The HPI is reviewed every year in May to adjust for changes in the real estate marketplace.
MLS® HPI Benchmark Price: The MLS® Home Price Index (HPI) Benchmark Price is the HPI translated into a real-world price number.
Strata Insurance: Strata insurance is insurance used by a strata like a condominium to covers damages to common areas and assets and liability to the strata. It can also include fixtures built or installed as part of the original construction of each unit, even though these may not be common structures. The insurance can cover:
- Buildings and structures associated with the strata including common areas such as the roof, parking garages, driveways, gyms, pools, etc.
- Liability for any property damage or bodily injury suffered on strata property
- Any fixtures that are part of the "standard unit" or original construction of each unit
Strata insurance does not usually include personal items and appliances that are part of a condo unit. It also does not cover the damages made by individual unit owners, such as in the case of water damage caused by a unit owner. These are usually covered by personal condo insurance.
Property types
Detached home: A detached home is your standard single-family home. It is a residential building that stands alone and is separately titled or legally a single unit.
Semi-detached home: A semi-detached home is similar to a detached home, except it shares a wall with another home. This pair of homes must make up an independent building and each should be separately titled or legally two separate units. There can only be two homes in a semi-detached building.
Townhouses: A townhouse is the middle between a detached/semi-detached home and a condo apartment. Like detached and semi-detached homes, they are often single-family units that have their own land and may be attached to other units. However, like condo apartments, they typically have to pay co-ownership fees for maintenance and may share some common features with their neighbors.
Condo apartment: This category includes all apartments and condominiums. These are complexes of residential units with common areas such as hallways, parking lots, stairwells, etc. They can be low-rise, mid-rise, or high-rise buildings. Unlike townhouses, there are no parts of the lot (the land of the building) where access is reserved for only one owner or occupant. There can be privately owned units and spaces inside the building.
Plexes are multi-story buildings with two to four individual units, usually one on each floor. They are a mainstay in Montreal and other cities in Quebec. Each unit is usually individually accessible via an external entrance with higher floors connected by staircases.
Property Classes
Freeholds: A freehold is any property where the owner owns both the house and the land it is built on. Common freehold property types include: detached, semi-detached, some townhouses, and farmland.
Condominiums: A condominium or condo is any property where the owner owns the home (or unit) but shares ownership of the land and other improvements with a condominium corporation. Common condominium property types include condo apartments and some townhouses.
Leasehold: Leasehold describes the situation where different entities own the land and the structure built on the land. Owner of the buildings has leased the land and pay rent to their landlord while owning the building on the land.
Housing Markets Across Canada
Data sourced from the Winnipeg Real Estate Board (WRREB) and the Canadian Real Estate Association (CREA). Any analysis or commentary is the opinion of the analysts at WOWA.ca and should not be construed as investment advice. Please consult a licensed real estate professional before making a real estate investment decision. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
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- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.
- The trademarks MLS®, Multiple Listing Service®, and associated logos are owned by CREA and identify services provided by its members.