Winnipeg Housing Market

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Market Report Summary for March 2022
Updated April 22nd, 2022
  • The average sold price in Winnipeg for March 2022 was $401,047, which represents a 13% year-over-year increase.
  • Compared to other major Canadian housing markets, Winnipeg has experienced relatively slow home price growth with a larger than average decrease in sales year-over-year.
  • Detached home prices increased by 14% year-over-year to $440k.
  • Attached home prices increased by 11% year-over-year to $349k.
  • Condo prices increased by 5% year-over-year to $261k.

Winnipeg Housing Market Overview

Data for March 2022
Avg. Sold Price:$401,047
All Property Types:$401,047
Detached:$439,535
Attached:$349,074
Condo Apartment:$260,731
Transactions (Buy/Sell):1,436
All Property Types:1,436
Detached:973
Attached:105
Condo Apartment:228
Best 5-Year Variable Mortgage Rates in MB
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Blue Pearl Mortgage
Blue Pearl Mortgage
2.15%
BMO
BMO
2.65%
TD
TD
2.70%
CIBC
CIBC
2.74%
RBC
RBC
2.75%
Scotiabank
Scotiabank
3.40%
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March 2022 saw 1,436 home sales in Winnipeg’s housing market as the average sold price of a home rose to $401,047, a 13% increase year-over-year. That’s the first time that the average home sold price in Winnipeg has been over $400,000. While March 2022 sales are higher than the historical sales level for a typical March, sales are still down by 27% year-over-year. That’s due to March 2021’s record-breaking 1,975 sales seen last year.

The average sold price of detached homes in Winnipeg was $439,535 for March 2022, a 14% increase year-over-year and an all-time high. The average attached home sold price is up 11% year-over-year to $349,074, while the average condo sold price is up by just 5% year-over-year to $260,731.

Attached homes suffered a more significant year-over-year decline in sales when compared to the other property types in Winnipeg. For the month of March 2022, sales of attached homes were down 38% year-over-year. Detached homes saw a 24% decrease in sales year-over-year, while condos saw the smallest decline at a 21% decrease year-over-year.

Winnipeg’s 13% YOY increase in average sold prices appears to be modest in comparison to other housing markets in Canada, while Winnipeg’s 27% YOY decrease in transactions is similar to other major cities. Comparatively, average home prices in Calgary’s housing market and Edmonton’s housing market are both up by 6% YOY. Looking at changes in sales compared to last year, March 2022 home sales in Toronto are down 30% year-over-year, while Vancouver home sales are down 24% year-over-year. In contrast to other major Canadian housing markets, Winnipeg has experienced relatively slow home price growth with a larger than average decrease in sales year-over-year.

Home Prices in Winnipeg

Single-Family Detached Home Prices in Winnipeg

Statistics for March 2022
Average Price: $439,53514.2% from Mar. 2021
Units Sold: 973-24.1% from Mar. 2021

Attached Homes Prices in Winnipeg

Statistics for March 2022
Average Price: $349,07411.4% from Mar. 2021
Units Sold: 105-38.2% from Mar. 2021

Condo Prices in Winnipeg

Statistics for March 2022
Average Price: $260,7315.0% from Mar. 2021
Units Sold: 228-20.8% from Mar. 2021

Winnipeg Housing Market Statistics for All Property Types in March 2022

$401,047
Avg. Sold Price
11%
Monthly change
13%
Quarterly change
13%
Annual change
1,436
Transactions (Buy/Sell)
108%
Monthly change
55%
Quarterly change
-27%
Annual change

Average Sold Price

Total Transactions

Property Type Distribution

Detached
Attached
Condominiums
Best 5-Year Variable Mortgage Rates in Canada
CanadaLeaf
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nesto
nesto
1.90%
Butler Mortgage
Butler Mortgage
1.92%
BMO
BMO
2.65%
TD
TD
2.70%
CIBC
CIBC
2.74%
RBC
RBC
2.75%
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Housing Markets Across Canada

Interactive Map - Hover Over Province for Details
ONQCMBSKABBCYTNTToronto$1,299,894Vancouver$1,360,500Hamilton$1,003,193Montreal$587,415Ottawa$757,225Edmonton$414,788Calgary$538,283Winnipeg$401,047
$290k to $320k
$320k to $350k
$350k to $390k
$390k to $480k
$480k to $620k
$620k to $1.1M

Market Overview for Detached Homes in March 2022

$439,535
Avg. Sold Price
2%
Monthly change
15%
Quarterly change
14%
Annual change
973
Transactions (Buy/Sell)
61%
Monthly change
67%
Quarterly change
-24%
Annual change

Average Sold Price

Transactions

Market Overview for Attached Homes in March 2022

$349,074
Avg. Sold Price
2%
Monthly change
2%
Quarterly change
11%
Annual change
105
Transactions (Buy/Sell)
28%
Monthly change
18%
Quarterly change
-38%
Annual change

Average Sold Price

Transactions

Market Overview for Condominiums in March 2022

$260,731
Avg. Sold Price
-2%
Monthly change
7%
Quarterly change
5%
Annual change
228
Transactions (Buy/Sell)
30%
Monthly change
59%
Quarterly change
-21%
Annual change

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.

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.