Winnipeg Housing Market
- The average sale price in Winnipeg for October 2022 was $354,818, representing a 4.4% year-over-year increase and 1.8% lower than in September 2022.
- Winnipeg has experienced a 7.1% average home price increase over the past two years, while the benchmark price has increased by 12% over the past two years.
- This discrepancy shows a shift in the composition of homes sold in Winnipeg from detached houses to apartments.
- Detached home average price increased by 3% year-over-year to $377k.
- Attached home average price increased by 2% year-over-year to $316k.
- Condo average price increased by 13% year-over-year to $261k.
Winnipeg Housing Market Overview
During October, average home prices in Winnipeg were $354,818. Winnipeg home prices peaked in May 2022. October’s average price represents an annual increase of 4.4% while a monthly decrease of 1.8%.
October 2022 saw 1,063 home sales in Winnipeg’s housing market. Activity in the Winnipeg market initially accelerated in the face of rising interest rates as Winnipeg is the most affordable housing market among the seven largest Canadian population centers.
The four largest Canadian housing markets are the Toronto Housing market, the Montreal Housing market, the Vancouver housing market and the Calgary housing market. Their benchmark home prices are respectively $1,098k, $511k, $1,149k and $524k. Comparing these prices with Winnipeg’s benchmark price of $337k, we can see its relative affordability. But even affordable Winnipeg cannot maintain home sale activity in the face of mortgage rates growing historically fast. Thus prices and market activity are now decreasing in Winnipeg, similar to other Canadian housing markets.
The average sold price of detached homes in Winnipeg was $377,165 for October 2022. The October price is a 3.4% increase year-over-year and a 1.8% monthly decline. 744 detached homes sold during October.
The average attached home sold price was $316,254 for October 2022. The October price is up 1.6% year-over-year and 0.7% monthly. Seventy-eight attached houses were changing their owners during the month of October.
The average condo sold price was $260,898 for October. The October price is up annually by 13% and down monthly by 1.8%. During October, 145 condominium units changed hands.
Although sales activity in September has slowed compared with the past two years, it is in line with pre-covid years. In more speculative housing markets like Brampton housing market (with a 27% drop from its recent peak), London, Ontario real estate market (with a 23% drop from its recent peak), Hamilton housing market (with a 23% drop from its recent peak), and the Greater Toronto Area housing market (with a 19% drop from its recent peak), activity has collapsed, and prices have dropped much faster.
In the face of the COVID pandemic, the Bank of Canada (BoC) reduced interest rates to their lower bound, followed by printing money. Before COVID arrived, BoC had around $120B in assets. By March 2021, BoC's assets reached $575B. In other words, BoC had printed more than $450B. You can call it panic money printing.
Such loose monetary policy coincided with significant fiscal stimulus and was followed by global inflationary developments like war. Thus Canada's inflation is running high, and the Bank of Canada is destroying money while increasing interest rates to combat inflation. Rising interest rates would make it difficult for people to afford mortgages and act as a headwind for the real estate markets in Canada.
Given that prices in the Winnipeg housing market did not grow in proportion to the BoC balance sheet, it is less vulnerable to rate rising and quantitative tightening compared with southern Ontario markets, where prices had a meteoric rise. Every housing market would be affected by interest rates. Still, Winnipeg, the most affordable housing market amongst the largest Canadian cities, would bear higher interest rates much better than the southern Ontario markets.
Home Prices in Winnipeg
Single-Family Detached Home Prices in Winnipeg
| Statistics for October 2022 | ||
| Average Price: | $377,165 | 3.4% from Oct. 2021 |
| Units Sold: | 744 | -28.2% from Oct. 2021 |
Attached Homes Prices in Winnipeg
| Statistics for October 2022 | ||
| Average Price: | $316,254 | 1.6% from Oct. 2021 |
| Units Sold: | 78 | -28.4% from Oct. 2021 |
Condo Prices in Winnipeg
| Statistics for October 2022 | ||
| Average Price: | $260,898 | 13.0% from Oct. 2021 |
| Units Sold: | 145 | -30.0% from Oct. 2021 |
Winnipeg Housing Market Statistics for All Property Types in October 2022
Average Sold Price
Total Transactions
Property Type Distribution
Housing Markets Across Canada
Market Overview for Detached Homes in October 2022
Average Sold Price
Transactions
Market Overview for Attached Homes in October 2022
Average Sold Price
Transactions
Market Overview for Condominiums in October 2022
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.