The Winnipeg real estate market remains steady with positive growth in August and year-to-date performance, reflecting rising sales and increased dollar volume across different property types. Both residential detached homes and condominiums saw notable gains in sales and prices compared to 2023. The rental market showed upward pressure, with rental rates increasing, although continuing to be below the national average.
Total Residential Market
Sales
According to the Winnipeg Regional Real Estate Board, in August 2024, total MLS® sales in Winnipeg reached 1,483, representing a 7% increase from the same period in 2023. This included residential detached sales of 1,030, a 2% increase compared to August 2023. Condominium sales grew by 8%, with 210 units sold in August.
By the end of August 2024, 10,250 properties had been sold, a significant 11% increase from 2023. Residential detached homes saw YTD sales of 7,046, up 9% year-over-year (YoY). Condominiums also performed well, with 1,542 units sold, an 11% rise from 2023.
Listings
Active MLS® listings in August 2024 stood at 4,015, down 5% compared to August 2023. Despite this, YTD listings increased by 3%, with 16,785 homes on the market throughout 2024. This provided buyers with more options while signalling ongoing demand.
Prices
The average price of a residential detached home in Winnipeg reached $415,717 in August 2024, up 4% from the previous year. Similarly, the YTD average price rose to $424,164, marking a 6% increase YoY.
In the condominium market, the average price in August 2024 was $270,575, a 3% decrease compared to August 2023. However, the YTD average price for condos climbed to $277,155, reflecting a 7% increase.
Market by Property Type
Residential Detached Homes
August 2024 saw residential detached MLS® sales increase by 2% from August 2023, with a total of 1,030 homes sold. The average price rose 4% to $415,717, continuing a trend of rising home values. YTD sales were up 9%, with 7,046 homes sold, while the average price for the year stood at $424,164, up 6%.
Condominiums
Condominium MLS® sales in August surged by 8%, with 210 units sold. Despite a 3% dip in the average price to $270,575, YTD sales showed strong growth, with a total of 1,542 condos sold (up 11% from 2023). The YTD average price for condos was $277,155, marking a 7% increase.
Residential Attached Homes
Residential attached homes also saw a positive trend, with YTD sales up 17%, reaching 716 units. The average price of these homes rose by 9%, climbing to $363,940 compared to 2023.
Rental Market Overview
According to Zumper, as of September 2024, Winnipeg’s rental market experienced significant upward pressure, with median rent prices reaching $1,515, a 12% increase compared to the same period in 2023. This is also an 8% rise in rent prices over the past month alone. One-bedroom apartments now average $1,347, up 10%, while two-bedroom apartments have risen to $1,724, reflecting an 11% increase. Larger units like three-bedroom apartments saw a more modest 4% increase, bringing their average rent to $2,127. Despite these increases, Winnipeg’s rent prices remain 24% lower than the national average.
Employment and Economic Outlook
Winnipeg’s unemployment rate was 5.5% in August 2024, a slight increase from the previous month. However, employment continues to recover, with 1,000 more full-time jobs and 1,000 additional part-time positions in August. Winnipeg’s rate remains lower than Canada’s unemployment rate overall of 6.6%.
Consumer Confidence
According to the Conference Board of Canada, consumer confidence in the Prairies improved in August 2024. Although the outlook on job prospects remained stable, sentiment toward household finances and making major purchases saw a slight uptick. The number of consumers who believed it was a good time to make significant purchases, such as homes or vehicles, increased, although this number remains lower than historically expected.
As part of its response to Canada’s ongoing housing challenges, the federal government has added another 12 new properties to the Canada Public Land Bank,...
As part of its response to Canada’s ongoing housing challenges, the federal government has added another 12 new properties to the Canada Public Land Bank,...
