Winnipeg Housing Market
- The average sale price in Winnipeg for August 2023 was $382,506, representing a 4.2% year-over-year increase and 1.6% higher than in July 2023.
- Detached home average price increased by 4.1% year-over-year to $405k.
- Attached home average price increased by 4.7% year-over-year to $341k.
- Condo average price increased by 4.6% year-over-year to $279k.
Winnipeg Housing Market Overview
Home Prices and Transactions in Winnipeg
During August 2023, average home prices in Winnipeg were $382,506. August’s average price represents an annual increase of 4.2% while a monthly increase of 1.6%. August 2023 saw 1,284 home sales in Winnipeg’s housing market. This number is a 2.3% increase in activity compared with July 2023 and a 1.2% increase compared with August 2022.
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 January 2023. From January until June 2023, activity and prices recovered significantly. Since June, prices have been fluctuating as high mortgage rates and limited inventory are pushing the market in opposite directions.
The average sold price of detached homes in Winnipeg was $405,477 for August 2023. The August price is a 4.1% increase year-over-year and 0.2% lower than last month—1,013 detached homes sold during August.
The average attached home sold price was $340,939 for August 2023. The August price is up 4.7% year-over-year and up 4.6% from last month. 77 attached houses changed their owners in August. During August, 194 apartment units changed hands. The average condo sold price was $279,055 for August. The August price is up annually by 4.6% and monthly by 9.3%.
The Winnipeg real estate inventory currently comprises 4,209 properties, including 2,137 detached, 480 condominiums and 280 attached homes. This inventory level shows a 12% annual increase and aligns with 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 July benchmark home prices are respectively $1,161,200, $520,000, $1,210,700 and $551,300. We can see Winnipeg’s relative affordability by comparing these prices with Winnipeg’s August 2023 benchmark price of $347,200.
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 26% 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 benchmark prices increased by 53%, 57% and 20%, 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 mortgage finances 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 July. Thus buyers returned to the housing market. As a result, many Canadian housing markets saw rapid growth in price and activity between January and May 2023 after declining during the preceding eight months.
But contrary to many expectations, interest rates rose again in June and July. This development once again is pressuring housing markets while the limited supply of housing coupled with population growth is supporting home prices.
Home Prices in Winnipeg
Winnipeg Housing Market Statistics for All Property Types in August 2023
Average Sold Price
Property Type Distribution
Housing Markets Across Canada
Market Overview for Detached Homes in August 2023
Average Sold Price
Market Overview for Attached Homes in August 2023
Average Sold Price
Market Overview for Condominiums in August 2023
Average Sold Price
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.
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.
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.