Manitoba Real Estate Market Update: February 2022

The 963 sales in February did not keep pace with the frenzy of sales activity in February 2021 in Winnipeg, dropping 22% year over year but increasing 40% month over month. Still, this was the second-best February recorded for sales. If reduced listings did not limit action on the market, the region would have likely produced higher totals. The sales-to-new-listings (STNL) ratio was driven up by the limited amount of supply, increasing to 71% from 62% the previous month. This indicates that a seller’s market continues in the region.  

To expand on inventory, 1,347 homes entered the market in February, which represents a 19% decrease year over year but a healthy 20% increase month over month. However, considering that active listings fell 27% year over year and only increased 10% month over month, buyer demand was still strong. This is a major reason why we are seeing elevated average selling prices.  
 
In fact, all home types saw double-digit increases in year-over-year average prices in February, with detached homes seeing the largest gain at 19%. Month over month, condos and attached home types both increased by 6%, while detached home prices increased by 7%. 

The market in Winnipeg continues to be run by larger investments, with the largest percentage of transactions taking place in the $500K-$749K (24%) price range. The $350K-$399K range represented 12% of total sales, while the $400K-$449K and $250K-$350K price ranges took 11% and 10% of the market share, respectively.  

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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 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.   

Winnipeg 

 The Winnipeg Regional Real Estate Board (WRREB) reports1 2: 

  • Market:Seller's Market    
  • Sales:963 (down 22% year over year and up 40% month over month) 
  • New listings:1,347 (down 19% year over year and up 20% month over month) 
  • Active listings: 1,822 (down 27% year over year and up 10% month over month)
  • Sales-to-new-listings ratio:71% (previous month was 62%)
  • Average detached selling price: $429,019 (up 19% year over year and up 7% month over month)
  • Average townhouse selling price: $342,254 (up 11% year over year and up 6% month over month)
  • Average condo selling price: $265,682 (up 10% year over year and up 6% month over month) 

Comments from WRREB President Akash Bedi: “As a storekeeper knows, you cannot sell what you do not have on your shelves, and real estate property cupboards were bare in a number of MLS® areas throughout Winnipeg and the surrounding market region in February. Like other retailers, we would prefer our shelves were stocked.” 

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FairSquare Group Realty supports Canadians by providing 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. 

Statistics presented herein are rounded to the nearest whole number for readability. Exact statistics can be found using the references provided. *Cash back – How the Home Buying Service cash back works: FairSquare Group Realty will share with the buyer the commission it receives from the seller’s agent up to a maximum of $2,000 in cash back. No cash back if the commission received is lower than $5,000. Where available.

On December 1, 2021, Purplebricks rebranded to FairSquare Group Realty. Blog articles published before this date were created under the Purplebricks brand but remain the property of FairSquare Group Realty.

In January 2019, ComFree Commonsense Network Brokerage rebranded to Purplebricks.