Winnipeg Housing Market

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Market Report Summary
Updated October 22nd, 2021
  • Winnipeg’s housing market performed poorly this month with a drop off in sales and average sold prices
  • Detached home prices increased by 4% year-over-year to $365k
  • Attached home prices increased by 23% year-over-year to $311k
  • Condo prices decreased by 4% year-over-year to $231k

Winnipeg Housing Market Overview

Data for September 2021
Avg. Sold Price:$339,974
All Property Types:$339,974
Detached:$364,817
Attached:$311,188
Condo Apartment:$230,796
Transactions (Buy/Sell):1,352
All Property Types:1,352
Detached:1,036
Attached:109
Condo Apartment:207

Winnipeg’s housing market statistics painted a gloomy picture in September 2021 after a drop off in sales and average sold prices this month. This comes on the heels of a record-breaking summer, where attached home prices in Winnipeg have already broken all-time highs for average sold prices back in July. Due to this month’s declining prices and sales, overall Winnipeg sales volume is down by 24% year-over-year. That’s a common sight to see in today’s Canada housing market, where most major Canadian cities have seen a drop in sales year-over-year. Winnipeg’s housing market fell in line with other cities by having a decrease in year-over-year sales, showcasing the city’s slowing real estate market.

Transactions in September 2021 fell by 7% compared to last month, while the average sold price of a home in Winnipeg decreased by 4% compared to last month to $339,974. This puts Winnipeg's housing market barely in the positive with a small 3% annual increase in average sold prices. That’s far below the gains seen in most Canadian cities this past year.

September’s big mover for Winnipeg’s market was the performance of attached homes. The average sold price of attached homes in Winnipeg was $311,188 for September 2021, a 23% increase year-over-year. In comparison, detached homes had a 4% increase year-over-year to $364,817 while condo apartments fell by 4% to $230,796. The same was true when looking at the number of transactions this month. Detached homes had 17% fewer transactions this September compared to September 2020, while attached homes had 5% fewer transactions. Condo apartments had a 2% increase in transactions year-over-year.

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 September 2021
Average Price: $364,8173.6% from Sep. 2020
Units Sold: 1,036-16.8% from Sep. 2020

Attached Homes Prices in Winnipeg

Statistics for September 2021
Average Price: $311,18822.5% from Sep. 2020
Units Sold: 109-5.2% from Sep. 2020

Condo Prices in Winnipeg

Statistics for September 2021
Average Price: $230,796-3.6% from Sep. 2020
Units Sold: 2072.5% from Sep. 2020

Winnipeg Housing Market Statistics for All Property Types in September 2021

$339,974
Avg. Sold Price
-4%
Monthly change
-8%
Quarterly change
3%
Annual change
1,352
Transactions (Buy/Sell)
-7%
Monthly change
-30%
Quarterly change
-24%
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$1,070,911Vancouver$1,176,600Hamilton$779,486Montreal$541,811Ottawa$606,943Edmonton$384,874Calgary$488,043Winnipeg$355,653
$260k to $310k
$310k to $330k
$330k to $380k
$380k to $450k
$450k to $560k
$560k to $900k

Market Overview for Detached Homes in September 2021

$364,817
Avg. Sold Price
-4%
Monthly change
-8%
Quarterly change
4%
Annual change
1,036
Transactions (Buy/Sell)
-8%
Monthly change
-26%
Quarterly change
-17%
Annual change

Average Sold Price

Transactions

Market Overview for Attached Homes in September 2021

$311,188
Avg. Sold Price
5%
Monthly change
3%
Quarterly change
23%
Annual change
109
Transactions (Buy/Sell)
0.93%
Monthly change
-16%
Quarterly change
-5%
Annual change

Average Sold Price

Transactions

Market Overview for Condominiums in September 2021

$230,796
Avg. Sold Price
-4%
Monthly change
-8%
Quarterly change
-4%
Annual change
207
Transactions (Buy/Sell)
-2%
Monthly change
-12%
Quarterly change
2%
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.