Manitoba Real Estate Market Update: January 2022
The number of homes sold in Winnipeg cooled in January, falling 26% year over year and 25% month over month.1 Limited supply is still a concern, as a significant boost in new listings month over month did not help bring up the overall inventory level, which played a role in the decreased sales activity. However, the listings increase from last month did allow the sales-to-new-listings (STNL) ratio to fall to 62% from the extremely tight 122% in December 2021. This indicates that a seller’s market continues in the region.
To expand on inventory, 1,119 homes entered the market in January, which represents a 30% decrease year over year but a significant 48% increase month over month. However, considering that active listings fell 31% year over year and fell 1% month over month, it is clear the major month over month increase in new listings did little to curb buyer appetite. These conditions continue to point to a seller’s market in January and Winnipeg sellers enjoyed elevated year-over-year average selling prices.
In fact, all home types saw double-digit increases in year-over-year average prices, with the attached home type seeing the largest gain at 17%. Month over month, detached and attached home types both increased by 5%, while condo prices increased by 4%.
The market in Winnipeg is still being run by larger investments, the largest percentage of transactions took place in the $500-$749K (17%) price range. The $350K-$399K range (15%) came in at a close second, and the $400K-449K and $250K-$350K price ranges took 11% of the market share each.
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: 690 (down 26% year over year and down 25% month over month)
- New listings: 1,119 (down 30% year over year and up 48% month over month)
- Active listings: 1,664 (down 31% year over year and down 1% month over month)
- Sales-to-new-listings ratio: 62% (previous month was 122%)
- Average detached selling price: $401,216 (up 14% year over year and up 5% month over month)
- Average townhouse selling price: $323,852 (up 17% year over year and down 5% month over month)
- Average condo selling price: $251,629 (up 12% year over year and up 4% month over month)
Comments from WRREB President Akash Bedi: “The Winnipeg Regional Real Estate Board has to go all the way back to 2008 when it found itself with such a depleted supply of listings on hand to meet buyer demand in our regional market. Limited supply curtailed sales and this was most apparent in single-family where they were way off previous year’s activity.”
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.