Winnipeg Housing Market
- The average sale price in Winnipeg for August 2024 was $389,103, representing a 1.7% year-over-year increase and 3.7% lower than in July 2024.
- Detached home average price increased by 2.5% year-over-year to $416k.
- Attached home average price increased by 6.3% year-over-year to $362k.
- Condo average price decreased by 3% year-over-year to $271k.
Winnipeg Housing Market Overview
Home Prices and Transactions in Winnipeg
In August 2024, average home prices in Winnipeg were $389,103. August’s average price represents an annual increase of 1.7%, with a monthly decrease of 3.7%. Winnipeg's housing market saw 1,483 home sales in August 2024. This number represents a 0.3% decrease in activity compared with July 2024 and a 6.3% rise relative to August 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 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 risen by 15% 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 ideal for gauging changes in the real estate market over short or long periods of time. When looking at monthly data, benchmark home prices are a better indicator.
Benchmark prices in Winnipeg have risen by 4.4% over the past year and by 3.2% over the past two years. They have risen by 44% over the past decade. The average sold price of detached homes in the Winnipeg area was $415,717 for August 2024. The August price is a 2.5% increase year-over-year and 4.0% lower than last month—1,030 detached homes sold during August.
The average sold price of an attached home in August 2024 was $362,276. This is up 6.3% year over year and 1.6% from last month. 94 attached houses changed owners in August. During August, 210 apartment units changed hands. The average sold price of a condo was $270,575. This is down 3% annually and 4.8% monthly.
The Winnipeg real estate inventory currently comprises 4,015 properties, including 1,929 detached properties, 460 condominiums, and 251 attached homes. This inventory level shows a 5% annual decrease.
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 $1,097,300, $533,100, $1,197,700, and $588,600, respectively. We can see Winnipeg’s relative affordability by comparing these prices with Winnipeg’s July 2024 benchmark price of $361,600.
Winnipeg's housing price growth seems healthy as it is higher than the inflation rate by a significant margin. The benchmark price of Winnipeg homes has risen by 45% over the past decade, while CPI inflation has been 29% over this period. In comparison, the prices of the Toronto housing market, Montreal housing market, and Vancouver housing market increased by 107%, 93%, and 74%, respectively, over the past decade. Winnipeg's housing market certainly is not in 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 August and November 2023. These developments once again caused declining home prices. Between November 2023 and June 2024, prices rose again as the market gained confidence that inflation is heading down and that we would have rate cuts over the next few months. The first rate-cut in four years occurred in June, and it was followed by further cuts in July and September 2024, and more are expected. This should allow activity to accelerate in an affordable housing market like Winnipeg, while we maybe looking at a different story in some overpriced Canadian housing markets.
Home Prices in Winnipeg
Winnipeg Housing Market Statistics for All Property Types in August 2024
Average Sold Price
Total Transactions
Property Type Distribution
Housing Markets Across Canada
Market Overview for Detached Homes in August 2024
Average Sold Price
Transactions
Market Overview for Attached Homes in August 2024
Average Sold Price
Transactions
Market Overview for Condominiums in August 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.
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
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- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.
- The trademarks MLS®, Multiple Listing Service®, and associated logos are owned by CREA and identify services provided by its members.