Last Updated on November 6, 2024 by CREW Editorial
The Winnipeg real estate market continues to show strong performance, with sales, average prices, and dollar volumes outpacing those from the previous two years. As of September 2024, year-to-date figures reflect a growing demand for properties across all key segments, including residential detached homes, attached properties, and condominiums, according to the Winnipeg Regional Real Estate Board.
Total Residential Market
Sales
In September 2024, the Winnipeg real estate market saw 1,251 MLS® sales, up 7% from September 2023. Year-to-date, sales have reached 11,495, an 11% increase over the same period last year. Residential detached properties led the way with 884 sales in September, a 9% year-over-year increase. Condominiums also performed well, with 174 units sold, a 3% rise from the previous year. Residential attached homes contributed 79 sales in September.
Listings
As of September 2024, there were 4,036 active MLS® listings, down 4% compared to last year. Year-to-date listings totalled 18,870, representing a modest 3% increase over 2023.
Prices
The average price of residential detached homes reached $410,004 in September 2024, up 3% from the same month in 2023. Year-to-date, the average price for this property type stood at $422,589, marking a 5% year-over-year increase. Condominiums also saw price growth, with the average price rising 2% year-over-year in September to $277,334. The residential attached sector experienced significant gains, with the average price increasing by 8% to $360,739 compared to last year.
Source: Winnipeg Regional Real Estate Board
Market by Housing Type
Residential Detached Homes
Residential detached homes continued to dominate the Winnipeg market, with 884 sales in September 2024 and an average price of $410,004. The year-to-date average price of $422,589 reflects a 5% increase over last year, highlighting the ongoing demand for single-family homes. There were 1,987 active listings for residential detached properties, offering a reasonable supply for prospective buyers.
Condominiums
Condominiums in Winnipeg have shown steady growth, with 174 MLS® sales in September 2024, up 3% from the previous year. The average price for condos was $277,334 in September, reflecting a 2% year-over-year increase. Notably, year-to-date condominium sales totalled 1,714 units, a 10% rise from last year. With 469 active condo listings, the market remains competitive but more balanced than in previous years.
Residential Attached Homes
The residential attached market, though smaller in scale, saw impressive performance with 79 sales in September 2024. The average price for attached homes in September was $360,739, up 8% from last year. With 262 active listings, this sector offers some flexibility for buyers, though demand remains strong. Year-to-date sales for residential attached homes have increased by 17% compared to 2023, with average prices rising by a similar margin.
Rental Market Overview
The rental market in Winnipeg has experienced significant price increases over the past year. According to Zumper, rent prices for all bedroom types and property categories have risen by 15% in the last month alone. Year-over-year, rent prices are up 8%, with the median rent reaching $1,515 in September 2024.
Source: Zumper
Employment Trends
Winnipeg’s unemployment rate stood at 5.8% in September 2024, slightly higher than the previous month’s 5.5%, but below the national average of 6.5%. The local labour market saw an increase of 1,900 jobs in September, driven predominantly by gains in part-time employment, which rose by 1,800 positions.
