Winnipeg Housing Market

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Market Report Summary for June 2022
Updated July 12th, 2022
  • The average sale price in Winnipeg for June 2022 was $399,645, representing an 8% year-over-year increase.
  • Winnipeg has experienced relatively slow home price growth compared to other major Canadian housing markets over the past two years.
  • Detached home's average price increased by 8% year-over-year to $427k.
  • Attached home's average price increased by 13% year-over-year to $339k.
  • Condo's average price increased by 11% year-over-year to $278k.

Winnipeg Housing Market Overview

Data for June 2022
Avg. Sold Price:$399,645
All Property Types:$399,645
Detached:$426,541
Attached:$339,230
Condo Apartment:$278,266
Transactions (Buy/Sell):1,797
All Property Types:1,797
Detached:1,339
Attached:136
Condo Apartment:229
Best 5-Year Variable Mortgage Rates in MB
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BMO
BMO
4.24%
TD
TD
4.35%
CIBC
CIBC
4.39%
RBC
RBC
4.50%
Scotiabank
Scotiabank
4.90%
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During the months of April, May and June, average home prices in Winnipeg were respectively $410,515, $416,834, and $399,650. In other words, Winnipeg home prices peaked in May 2022. June’s average price represents an annual increase of 8.2% while a monthly decrease of 4.1%.

April, May and June 2022 saw, respectively, 1,353, 1590 and 1704 home sales in Winnipeg’s housing market. The average home sold price in Winnipeg has been over $400,000 from March to May and just came under this price. Interestingly, activity in the Winnipeg market has accelerated in the face of rising interest rates. This might suggest seeking safety in affordability, as only an affordable market can increase activity in the face of mortgage rates growing historically fast.

The average sold price of detached homes in Winnipeg was $447,420, $454,830, and $426,540, respectively, for April, May, and June 2022. The June price is a 7.8% increase year-over-year and a 6.2% monthly decline. There were 1019, 1220, and 1339 detached homes sold during April, May and June, respectively.

The average attached home sold price was $371,460, $358,090, and $339,230, respectively, for April, May and June 2022. The June price is up 13% year-over-year, while it is down 5.3% monthly. There were respectively 110, 114 and 136 attached houses changing their owners during the months of April, May and June.

The average condo sold price was $261,800, $261,910, and $278,270, respectively, for April, May, and June. The June price is up annually by 10.6% and monthly by 6.2%. During the months of April, May and June, respectively, 224, 256, and 229 condominium units changed hands.

Although sales activity in June has slowed compared with the past two years, it is still higher than the average for the past five years. In more speculative housing markets like Brampton housing market (with 22% drop from its recent peak), London, Ontario real estate market (with 17% drop from its recent peak), Hamilton housing market (with 15% drop from its recent peak), and the Greater Toronto Area housing market (with 14% drop from its recent peak), activity has collapsed, and prices have dropped.

In the face of the COVID pandemic, the Bank of Canada (BoC) reduced interest rates to their lower bound and 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.

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. Every housing market would be affected by interest rates. Still, Winnipeg, the most affordable housing market among the eight largest Canadian cities, would bear higher interest rates much better than southern Ontario markets.

Home Prices in Winnipeg

Single-Family Detached Home Prices in Winnipeg

Statistics for June 2022
Average Price: $426,5417.8% from Jun. 2021
Units Sold: 1,339-3.7% from Jun. 2021

Attached Homes Prices in Winnipeg

Statistics for June 2022
Average Price: $339,23012.6% from Jun. 2021
Units Sold: 1365.4% from Jun. 2021

Condo Prices in Winnipeg

Statistics for June 2022
Average Price: $278,26610.6% from Jun. 2021
Units Sold: 229-3.0% from Jun. 2021

Winnipeg Housing Market Statistics for All Property Types in June 2022

$399,645
Avg. Sold Price
-4%
Monthly change
-0.35%
Quarterly change
8%
Annual change
1,797
Transactions (Buy/Sell)
4%
Monthly change
25%
Quarterly change
-8%
Annual change

Average Sold Price

Total Transactions

Property Type Distribution

Detached
Attached
Condominiums
Best 5-Year Variable Mortgage Rates in Canada
CanadaLeaf
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Butler Mortgage
Butler Mortgage
3.44%
nesto
nesto
3.45%
Pine
Pine
3.55%
BMO
BMO
4.24%
TD
TD
4.35%
CIBC
CIBC
4.39%
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Housing Markets Across Canada

Interactive Map - Hover Over Province for Details
ONQCMBSKABBCYTNTToronto$1,146,254Vancouver$1,235,900Hamilton$863,016Montreal$600,897Ottawa$690,940Edmonton$405,776Calgary$517,059Winnipeg$399,645
$280k to $330k
$330k to $370k
$370k to $430k
$430k to $510k
$510k to $620k
$620k to $950k

Market Overview for Detached Homes in June 2022

$426,541
Avg. Sold Price
-6%
Monthly change
-3%
Quarterly change
8%
Annual change
1,339
Transactions (Buy/Sell)
10%
Monthly change
38%
Quarterly change
-4%
Annual change

Average Sold Price

Transactions

Market Overview for Attached Homes in June 2022

$339,230
Avg. Sold Price
-5%
Monthly change
-3%
Quarterly change
13%
Annual change
136
Transactions (Buy/Sell)
19%
Monthly change
30%
Quarterly change
5%
Annual change

Average Sold Price

Transactions

Market Overview for Condominiums in June 2022

$278,266
Avg. Sold Price
6%
Monthly change
7%
Quarterly change
11%
Annual change
229
Transactions (Buy/Sell)
-11%
Monthly change
0.44%
Quarterly change
-3%
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.