Winnipeg Housing Market

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Market Report Summary
Updated July 8th, 2021
  • Prices in Winnipeg continue to climb higher with a 3% month-over-month increase in average sold prices for all property types
  • Detached home prices increased by 16% year-over-year to $396k
  • Attached home prices increased by 18% year-over-year to $301k
  • Condo prices decreased by 2% year-over-year to $252k

Winnipeg Housing Market Overview

Data for June 2021
Avg. Sold Price:$369,310
All Property Types:$369,310
Detached:$395,576
Attached:$301,324
Condo Apartment:$251,659
Transactions (Buy/Sell):1,943
All Property Types:1,943
Detached:1,391
Attached:129
Condo Apartment:236

Winnipeg's housing market continued to rise this June as average sold home prices climbed 3% higher month-over-month. Home sales remained close to volumes seen last June with 1,943 homes sold and a 2% increase year-over-year. This market strength was mainly powered by detached homes with prices for attached and condo apartments trailing off from their recent peaks.

Detached homes accounted for 79% of sales with an average sold price of $395,576, a 16% YoY increase. Attached homes accounted for 7% of sales with an average sold price of $301,324, up by 18% since June 2020. Condo apartment average sold prices have gone down by 2.4% since June 2020 and reached $251,659 with 13% market share.

The CMHC has also recently decreased their standards for insured mortgages. This reverses the increase from last year and drops required credit scores from 680 to 600 and increases GDS and TDS ratio limits to 39% and 44% from 35% and 42%, respectively. This increases potential leverage for home buyers across Canada, especially in cities like Winnipeg where average home prices remain under $1 million.

However, the Office of the Superintendent of Financial Institutions (OSFI) and the Ministry of Finance have recently raised the benchmark mortgage stress test rate for both insured and uninsured borrowers from 4.79% to 5.25%, limiting affordability for marginal buyers.

Mortgage rates have also risen from their 2020 lows but have remained stable for the past few months. However, the prospect of tighter monetary policy from the Bank of Canada as early as mid-2022 could lead to increased rates and limit home affordability in Winnipeg.

Home Prices in Winnipeg

Single-Family Detached Home Prices in Winnipeg

Statistics for June 2021
Average Price: $395,57616.3% from Jun. 2020
Units Sold: 1,391-1.3% from Jun. 2020

Attached Homes Prices in Winnipeg

Statistics for June 2021
Average Price: $301,32418.4% from Jun. 2020
Units Sold: 12920.6% from Jun. 2020

Condo Prices in Winnipeg

Statistics for June 2021
Average Price: $251,659-2.4% from Jun. 2020
Units Sold: 23620.4% from Jun. 2020

Winnipeg Housing Market Statistics for All Property Types in June 2021

$369,310
Avg. Sold Price
3%
Monthly change
4%
Quarterly change
14%
Annual change
1,943
Transactions (Buy/Sell)
-3%
Monthly change
-2%
Quarterly change
2%
Annual change

Average Sold Price

Total Transactions

Property Type Distribution

Detached
Attached
Condominiums

Housing Markets Across Canada

Interactive Map - Hover Over Province for Details
ONQCMBSKABBCYTNTToronto$1,089,536Vancouver$1,175,100Hamilton$787,758Montreal$514,868Ottawa$659,929Edmonton$398,229Calgary$494,111Winnipeg$369,310
$250k to $300k
$300k to $340k
$340k to $400k
$400k to $460k
$460k to $600k
$600k to $910k

Market Overview for Detached Homes in June 2021

$395,576
Avg. Sold Price
2%
Monthly change
3%
Quarterly change
16%
Annual change
1,391
Transactions (Buy/Sell)
2%
Monthly change
9%
Quarterly change
-1%
Annual change

Average Sold Price

Transactions

Market Overview for Attached Homes in June 2021

$301,324
Avg. Sold Price
1%
Monthly change
-4%
Quarterly change
18%
Annual change
129
Transactions (Buy/Sell)
-15%
Monthly change
-24%
Quarterly change
21%
Annual change

Average Sold Price

Transactions

Market Overview for Condominiums in June 2021

$251,659
Avg. Sold Price
-1%
Monthly change
1%
Quarterly change
-2%
Annual change
236
Transactions (Buy/Sell)
-19%
Monthly change
-18%
Quarterly change
20%
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.