Winnipeg Housing Market
- The average sale price in Winnipeg for March 2024 was $375,390, representing a 4.5% year-over-year increase and 1.2% higher than in February 2024.
- Detached home average price increased by 8.3% year-over-year to $419k.
- Attached home average price increased by 13.7% year-over-year to $373k.
- Condo average price increased by 11.6% year-over-year to $274k.
Winnipeg Housing Market Overview
Home Prices and Transactions in Winnipeg
In March 2024, average home prices in Winnipeg were $375,390. March’s average price represents an annual increase of 4.5%, with a monthly increase of 1.2%. Winnipeg's housing market saw 1,120 home sales in March 2024. This number represents a 40% increase in activity compared with February 2024 and a 10% increase relative to March 2023.
Winnipeg home prices peaked in May 2022, as cheap mortgages of the pandemic era inflated many Canadian housing markets. Rising interest rates in Canada during 2022 slowed the Winnipeg housing market into a trough during January 2023. The average home sold prices in Winnipeg declined 18% from May 2022 into their January 2023 trough. From January until June 2023, activity and prices recovered significantly. From June to November 2023, prices have declined as high mortgage rates, on the one hand, and limited inventory and a tight rental market, on the other hand, pushed the market in opposite directions. Since November 2023, average home prices have once again risen in Winnipeg.
Average home prices are a good indicator of home prices in general, but the composition of the homes sold strongly influences them. Thus, they are not very reliable for gauging changes in the real estate market over short periods of time. When looking at monthly data benchmark home price is a better indicator.
Benchmark prices in Winnipeg have risen by 4.7% over the past year but have declined by 4.5% over the past two years. The average sold price of detached homes in Winnipeg area was $418,748 for March 2024. The March price is an 8.3% increase year-over-year and 4.6% higher than last month—745 detached homes sold during March.
The average attached home sold price was $373,316 for March 2024. The March price is up 14% year-over-year and 4.3% from last month. 84 attached houses changed their owners in March. During March, 187 apartment units changed hands. The average condo sold price was $273,676 for March. The March price is up annually by 12% and monthly by 1.4%.
The Winnipeg real estate inventory currently comprises 3,385 properties, including 1,524 detached properties, 409 condominiums, and 245 attached homes. This inventory level shows a 5% annual decrease and is 3% higher than the 5-year average.
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 February benchmark home prices are $1,093,900, $519,100, $1,183,300, and $567,900, respectively. We can see Winnipeg’s relative affordability by comparing these prices with Winnipeg’s February 2024 benchmark price of $345,400.
Winnipeg's housing price growth seems healthy as it is higher than the inflation rate by a reasonable margin. The benchmark price of Winnipeg homes has risen by 25% over the past five years, while CPI inflation has been 18% over this period. In comparison, the Toronto housing market, the Montreal housing market and Vancouver housing market prices increased by 45%, 52% and 29%, respectively, over the past five years. Winnipeg's housing market certainly is not in the bubble territory like some other Canadian housing markets, most notably large housing markets in Ontario.
Housing Market Trends
Even a relatively affordable housing market like Winnipeg is not immune to the effect of interest rates in Canada. Interest rates affect Canadian housing markets via mortgage rates in Canada because mortgages finance most home purchases.
Over the second half of 2022, higher rates pressured Canadian housing markets and caused both activity and prices to decline. The Bank of Canada announced a pause in rising Bank of Canada benchmark rates late in January 2023. Markets initially expected policy rates to start falling as early as October 2023. Thus, buyers returned to the housing market. As a result, Winnipeg like many Canadian housing markets saw rapid growth in price and activity between January and June 2023 after declining during the preceding eight months.
However, contrary to many expectations, short-term interest rates rose again in June and July 2023. Also, longer-term rates were high between June and November 2023. These developments once again caused declining home prices. Since November 2023, prices have risen again as the market gains confidence that inflation is heading down and we will have rate cuts over the next few quarters.
Home Prices in Winnipeg
Winnipeg Housing Market Statistics for All Property Types in March 2024
Average Sold Price
Total Transactions
Property Type Distribution
Housing Markets Across Canada
Market Overview for Detached Homes in March 2024
Average Sold Price
Transactions
Market Overview for Attached Homes in March 2024
Average Sold Price
Transactions
Market Overview for Condominiums in March 2024
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.