Manitoba Real Estate Market Update: April 2022
The 1,461 sales in April did not keep pace with the frenzy of sales activity last year in Winnipeg, dropping 29% year over year but increasing slightly by 2% month over month. Still, this was the second-best April on record. Despite a boost in inventory in April, it had marginal impacts on the sales-to-new-listings (STNL) ratio, decreasing to 77% from 78% the previous month. This indicates that a seller’s market continues in the region.
There were 1,892 homes put on the market in April, which is a 2% month-over-month increase after the substantial boost to new listings in March but represented a decrease of 19% year over year. Active listings increased 16% month over month which is great news for buyers; however, similar to new listings, represented a 19% decrease compared to April 2021.
Double-digit average year-over-year price increases remained for all product types, with detached homes and attached homes seeing the largest gains at 17% each, with condominiums close behind at 12%. Month-over-month price gains were smaller, with attached homes seeing the largest gains, up 6% month over month.
The market in Winnipeg continues to be run by larger investments, with the largest percentage of transactions taking place in the $500K-$749K (27%) price range. The $350K-$399K and $400K-$449K ranges each represented 13% of total sales, while the $300K-$349K price range took 11% of the market share.
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The Winnipeg Regional Real Estate Board (WRREB) reports1 2 3:
- Market: Seller's Market
- Sales: 1,461 (down 29% year over year and up 2% month over month)
- New listings: 1,892 (down 19% year over year and up 2% month over month)
- Active listings: 2,112 (down 19% year over year and up 16% month over month)
- Sales-to-new-listings ratio: 77% (previous month was 78%)
- Average detached selling price: $447,421 (up 17% year over year and up 2% month over month)
- Average townhouse selling price: $371,463 (up 17% year over year and up 6% month over month)
- Average condo selling price: $261,802 (up 12% year over year and at par month over month)
Comments from WRREB President Akash Bedi: “The price acceleration for a number of property types is continuing in 2022. It has to do with the supply/demand imbalance where listings are deficient in meeting the brisk demand.”
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