Winnipeg Housing Market

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Market Report Summary for February 2023
Updated March 13th, 2023
  • The average sale price in Winnipeg for February 2023 was $349,490, representing a 3.5% year-over-year decrease and 2.3% higher than in January 2023.
  • Detached home average price decreased by 16.8% year-over-year to $357k.
  • Attached home average price decreased by 0.1% year-over-year to $342k.
  • Condo average price decreased by 4.7% year-over-year to $253k.

Winnipeg Housing Market Overview

Data for February 2023
Avg. Sold Price:$349,490
All Property Types:$349,490
Detached:$357,063
Attached:$341,910
Condo Apartment:$253,174
Transactions (Buy/Sell):590
All Property Types:590
Detached:432
Attached:47
Condo Apartment:111
Best 5-Year Fixed Mortgage Rates in MB
Neo FinancialNeo Financial
4.64%
CIBCCIBC
5.04%
BMOBMO
5.11%
TDTD
5.44%
RBCRBC
5.54%
ScotiabankScotiabank
6.34%
Mortgage Term:
Fixed
Variable

Home Prices and Transactions in Winnipeg

Winnipeg home prices peaked in May 2022. During February 2023, average home prices in Winnipeg were $349,490. February’s average price represents an annual decrease of 3.5% while a monthly increase of 2.3%.

February 2023 saw 590 home sales in Winnipeg’s housing market. This number is a 14% increase in activity compared with January 2023 and a 14% decline compared with February 2022.

The average sold price of detached homes in Winnipeg was $357,063 for February 2023. The February price is a 17% decrease year-over-year and 3% lower from last month. 432 detached homes sold during February.

The average attached home sold price was $341,910 for February 2023. The February price is down 0.1% year-over-year and up 3.3% from last month. 47 attached houses were changing their owners during February. During February, 111 condominium units changed hands. The average condo sold price was $253,174 for February. The February price is down annually by 4.7% and up monthly by 9.3%.

Currently, the Winnipeg real estate inventory is comprised of 3,045 properties, including 1,412 detached, 381 condominiums and 243 attached homes. This shows a 67% annual increase in inventory.

Comparing Winnipeg to other Housing Markets

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 $1,091k, $498k, $1,123k and $531k. We can see its relative affordability by comparing these prices with Winnipeg’s benchmark price of $324k.

The benchmark price of Winnipeg homes has risen by 18% over the past five years, while CPI inflation has been 17% over the past five years. In comparison, the Toronto housing market and Vancouver housing market benchmark prices increased by 43% and 6.1%, respectively, over the past five years. Winnipeg's housing price growth seems relatively healthy and slightly above the inflation rate. It certainly is not in the bubble territory like some other Canadian housing markets, most notably large housing markets in Ontario.

In more speculative housing markets like Brampton housing market (with a 25% average price drop from its peak in February 2022), London, Ontario real estate market (with a 25% average price drop from its recent peak), Hamilton housing market (with a 21% price drop from its peak in February 2022), and the Greater Toronto Area housing market (with 18% drop in prices from its peak in February 2022), activity has collapsed, and prices have dropped much faster.

Housing Market Trends

Even a relatively affordable housing market like Winnipeg is not immune to the effect of higher interest rates in Canada. Interest rates affect Canadian housing markets via mortgage rates in Canada because most home purchases are financed by a mortgage.

Over the past year, higher rates have pressured Canadian housing markets. They will continue to pressure Canadian real estate markets in 2023. Still, higher Bank of Canada policy rates might bring about a recession, which will likely weaken the job market. If many people lose their jobs later in 2023 or 2024, the average Canadian income will decrease. As a result, the housing market might get worse than it is today.

Home Prices in Winnipeg

Winnipeg Housing Market Statistics for All Property Types in February 2023

Average Sold Price

Total Transactions

Property Type Distribution

Detached
Attached
Condominiums
Best 5-Year Fixed Mortgage Rates in Canada CanadaLeaf
CIBCCIBC
5.04%
BMOBMO
5.11%
TDTD
5.44%
RBCRBC
5.54%
ScotiabankScotiabank
6.34%
Mortgage Term:
Fixed
Variable

Housing Markets Across Canada

Interactive Map - Hover Over Province for Details
ONQCMBSKABBCNBNSNLPEToronto$1,095,617Vancouver$1,220,469Hamilton$800,584Montreal$535,190Ottawa$631,582Edmonton$369,286Calgary$506,685Winnipeg$349,490London$621,912
$282k to $296k
$296k to $342k
$342k to $403k
$403k to $434k
$434k to $794k
$794k to $942k

Market Overview for Detached Homes in February 2023

Average Sold Price

Transactions

Market Overview for Attached Homes in February 2023

Average Sold Price

Transactions

Market Overview for Condominiums in February 2023

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.