In Q2 2024, Manitoba’s real estate market showed sales growth and price increases, supported by ongoing population growth, according to a recent Edge Realty Analytics report.
Sales
Sales increased by 1.9% quarter-over-quarter and by 9.8% year-over-year, for a strong upward trend in market activity.
Listings
New listings decreased slightly by 0.7% quarter-over-quarter but increased by 2.3% year-over-year. This shows a modest annual increase in new listings for properties entering the market.
Active listings fell by 5.7% quarter-over-quarter and by 6.8% year-over-year, showing a tightening market with fewer properties available compared to the previous year.
Months of Inventory
The months of inventory, which is the measurement of how long it would take to sell existing homes on the market given the current pace of sales, decreased from 2.7 in Q1 2024 to 2.6 in Q2 2024, indicating a slightly tightening market with reduced supply relative to demand.
Sales-to-New Listings Ratio
The ratio increased from 66.4% in Q1 2024 to 67.6% in Q2 2024.
Prices
Prices rose by 2.0% quarter-over-quarter and by 4.5% year-over-year, reflecting ongoing price appreciation in the market.
Construction
The number of properties under construction decreased by 10.8% quarter-over-quarter and by 16.2% year-over-year, indicating a slowdown in new construction activity.
Economic Indicators
Population Growth
Population growth was steady, with a 0.7% increase quarter-over-quarter and a 2.8% rise year-over-year, supporting continued demand for housing.
Unemployment Rate
The unemployment rate slightly increased from 5.0% in Q1 2024 to 5.1% in Q2 2024, indicating a marginal rise in unemployment levels. However, for reference, this remains lower than Canada’s unemployment rate overall in June, which was 6.4%.
Mortgage Arrears
Mortgage arrears decreased slightly from 0.30% in Q1 2024 to 0.29% in Q2 2024, showing a minor improvement in homeowners’ financial stability.
Rentals
As of July 2024, according to Rentals.ca, the rental market in Winnipeg showed growth, with increases in rental prices for both one-bedroom and two-bedroom apartments. The average rent for a one-bedroom apartment rose by 2.0% month-over-month to $1,444 and surged by 11.1% year-over-year. For two-bedroom apartments, the rent increased more sharply, rising by 4.1% month-over-month to $1,839 and growing by 11.4% year-over-year.
