Winnipeg Housing Market Report

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Market Report Summary
Updated April 12th, 2021
  • Prices in Winnipeg remained stable with record-breaking volume this March
  • Average sold prices increased by 22% year-over-year to $336K
  • Detached home prices increased by 17% year-over-year to $384K
  • Townhouse prices increased by 20% year-over-year to $313K
  • Condo apartment prices increased by 4% year-over-year to $248K

Winnipeg Housing Market Overview

Data for March 2021
Avg. Sold Price:$336,152
All Property Types:$336,152
Detached:$384,773
Attached:$313,388
Condo Apartment:$248,204
Transactions (Buy/Sell):1,975
All Property Types:1,975
Detached:1,282
Attached:170
Condo Apartment:288

Winnipeg's housing market broke new sales records for the month as housing market activity ramped up for Spring 2021. Home sales are up by 81% year-over-year for a total of 1,975 homes sold in Winnipeg. Home prices are also deeply in the green with a 22% increase compared to Mar. 2020 to an average sold price of $336K for all property types.

Notice: Year-over-year comparisons for March and the next two months will be exaggerated by the temporary downturn from the outbreak of COVID-19 in March 2020.

Home sales skyrocketed this month with increases across the board. Sales of detached homes rose by 58% year-over-year to 1,282 homes sold in the month. Single-family attached and condo apartment sales saw greater increases with 107% and 117% year-over-year growth, respectively. While comparisons are exaggerated due to the temporary downturn last March, the numbers still represent new records for the month and show strong month-over-month growth as well.

Average home prices have also shifted upwards in Winnipeg with a year-over-year increase of 22% to $336,152. Detached and single-family attached have been the biggest beneficiaries with a 17% and 20% year-over-year increase to $384,773 and $313,388, respectively. Condo apartments lagged behind with only a 4% year-over-year increase to $248,204.

March marks only the beginning of the Spring real estate season, and market activity is expected to increase in the next few months. Rising mortgage rates are also pushing buyers to lock down properties and mortgages before rates rise any further. However, in the long-term, rising COVID-19 cases and higher mortgage rates pose a headwind to market activity, adding uncertainty to the next few months.

Home Prices in Winnipeg

Single-Family Detached Home Prices in Winnipeg

Statistics for March 2021
Average Price: $384,77317.5% from Mar. 2020
Units Sold: 1,28258.5% from Mar. 2020

Attached Homes Prices in Winnipeg

Statistics for March 2021
Average Price: $313,38819.7% from Mar. 2020
Units Sold: 170107.3% from Mar. 2020

Condo Prices in Winnipeg

Statistics for March 2021
Average Price: $248,2043.7% from Mar. 2020
Units Sold: 288116.5% from Mar. 2020

Winnipeg Housing Market Statistics for All Property Types in March 2021

$336,152
Avg. Sold Price
6%
Monthly change
12%
Quarterly change
22%
Annual change
1,975
Transactions (Buy/Sell)
59%
Monthly change
104%
Quarterly change
81%
Annual change

Average Sold Price and MLS HPI Benchmark Price

Total Transactions

Property Type Distribution

Impacts on Mortgages and Mortgage Rates

Due in part to the continued growth in real estate as well as loose monetary policy, mortgage lenders, including members of the Big Five (RBC, TD, CIBC, Scotiabank, and BMO), are increasingly willing to discount risk in the housing market and are offering record-low mortgage rates. Although this highly-competitive market may not last past the end of 2020, mortgage rates are not expected to rise significantly by 2022.

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Market Overview for Detached Homes in March 2021

$384,773
Avg. Sold Price
7%
Monthly change
12%
Quarterly change
17%
Annual change
1,282
Transactions (Buy/Sell)
57%
Monthly change
39%
Quarterly change
58%
Annual change

Average Sold Price

Transactions

Market Overview for Attached Homes in March 2021

$313,388
Avg. Sold Price
2%
Monthly change
10%
Quarterly change
20%
Annual change
170
Transactions (Buy/Sell)
87%
Monthly change
89%
Quarterly change
107%
Annual change

Average Sold Price

Transactions

Market Overview for Condominiums in March 2021

$248,204
Avg. Sold Price
2%
Monthly change
5%
Quarterly change
4%
Annual change
288
Transactions (Buy/Sell)
69%
Monthly change
93%
Quarterly change
117%
Annual change

Average Sold Price

Transactions

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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.

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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. The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA.