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Winnipeg Market on a Rise for the Third Month Consecutively

Cityscape featuring a mix of modern high-rise buildings and older, low-rise structures under a clear blue sky in the Winnipeg market.

The Winnipeg Regional Real Estate Board announced this month that in February 2024 there was a significant increase in total MLS sales, listings, dollar volume, and average prices, year over year, making it the third month in a row to see this kind of growth. This upward trend was observed across residential detached, condominium, and residential attached homes, with the exception of active listings for residential attached properties, according to the WRREB.

Residential detached active listings were 1,449, with 494 sales. The average price for a residential detached house, with an average square footage of 1,395, was $400,173. For condos, active listings were 433, with 134 sales. The average price for a condo, with an average square footage of 1,016, was $269,821. For residential attached/row housing, active listings were 227, with 76 sales. The average price for a row house, with an average square footage of 1,348, was $269,821.

In February 2024, residential detached MLS sales saw a 15% increase, condominium MLS sales rose by 21%, and residential attached MLS sales surged by 62% compared to the previous year. Additionally, average prices for these property types also experienced an uptick compared to both last year and the five-year average.

Modern residential buildings with blue roofs and balconies under clear skies in the Winnipeg market.

 

Across the Winnipeg Regional Real Estate Board’s market region, MLS sales for all property types increased by 22% compared to February of the previous year but were 11% below the five-year average. Active MLS listings for all property types also rose by 8% from the previous February and exceeded the five-year average by 10%. February’s total MLS sales volume surpassed $276 million, marking a 26% increase over the previous February but was 7% below the five-year average.

Of the 494 residential detached MLS sales recorded in February in the greater Winnepeg region, 337 were within the city of Winnipeg, while the remaining 157 were outside of it.

The average price for a residential detached home witnessed a 1% increase from January, a 7% rise compared to the previous February, and a 7% increase over the five-year average. In February, the most active price range for residential detached homes was $250,000 to $274,999, which accounted for 8% of all residential detached MLS sales. The $375,00 to $399,999 price range closely followed, representing just under 8% of all residential detached MLS sales. Seven residential detached homes were sold for $1 million or more in February, compared to four sold in February 2023.

 

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