Manitoba Real Estate Market Update: December 2021
After back-to-back record-setting months for Winnipeg, December was not able to continue the streak. Sales fell 26% month over month; however, sales figures only dropped 5% from the best performing month of December ever on record in 2020.
Looking at inventory, new listings were down 16% year over year and down 45% month over month. Active listings were also down significantly year over year and month over month, dropping 27% and 26%, respectively. With sales decreasing at a slower rate than new listings, the tight market conditions drove the sales-to-new-listings (STNL) ratio up to 122% from 91% the previous month. These conditions point to a dominant seller’s market in December, as Winnipeg sellers continued to enjoy elevated year-over-year average selling prices due to prevalent buyer demand.
Average selling prices saw year over year gains, particularly for detached and attached home types, up 12% and 20%, respectively. Condos have been a lesser desired product type since the start of the pandemic as people sought more space while working from home; nevertheless, average selling prices for condos are up a modest 3% year over year.
The market is still being driven by large investments, the largest percentage of transactions took place in the $500K-$750K range (18%), with the $350K-$400K and $300K-$350K price ranges a close second and third, representing 14% each. Winnipeg is firmly in a seller’s market as 2022 starts to unfold.
In a seller’s market like Winnipeg's, the guidance of experienced REALTORS® is an invaluable asset for both buyers and sellers. Speak to a local FairSquare Group Realty agent to learn about the latest trends in your region and discover how we can help you reach your real estate goals.
The Winnipeg Regional Real Estate Board (WRREB) reports1 2:
- Market: Seller's Market
- Sales: 926 (down 5% year over year and down 26% month over month)
- New listings: 757 (down 16% year over year and down 45% month over month)
- Active listings: 1,676 (down 27% year over year and down 26% month over month)
- Sales-to-new-listings ratio: 122% (previous month was 91%)
- Average detached selling price: $382,317 (up 12% year over year and down 1% month over month)
- Average townhouse selling price: $340,816 (up 20% year over year and up 2% month over month)
- Average condo selling price: $243,058 (up 3% year over year and at par month over month)
Comments from WRREB President Kourosh Doustshenas: “For all the supply shortages we reported at the end of each month, the 23,093 MLS® listings entered in 2021 were down less than 2% from 2020. Demand clearly overwhelmed supply to create seller’s market conditions and many instances where desirable neighbourhoods throughout our regional market were left with few listings remaining at month end.”
If you need to sell or buy a home, a local FairSquare Group Realty agent can help you navigate the market safely and with professional insight. FairSquare Group Realty supports Canadians by providing exceptional real estate experiences with incredible rewards: sellers save thousands in commission and buyers receive $2,000 cash back* when they purchase a home with one of our REALTORS®. Call 1-855-953-9533 to learn more.