Manitoba Real Estate Market Update: May 2022

The 1,723 sales in May marked the second-best May recorded for home sales, second only to the record highs of May 2021. Sales were down 14% year over year but increased by a substantial 18% month over month. A sizeable boost in inventory in May impacted the sales-to-new-listings (STNL) ratio, decreasing to 65% from 77% the previous month. This indicates that a seller’s market continues in the region, though balanced conditions are likely on the horizon.

There were 2,658 homes put on the market in May, which is an impressive 41% month-over-month increase and a more modest increase of 5% year over year. Active listings increased 30% month over month which is great news for buyers; and similar to new listings, remained close to at par year over year, down just 1%. In other words, there are a lot more homes available for purchase compared to April.

Double-digit average year-over-year price increases remained for detached and attached homes, up 17% and 20% year over year, respectively, while condos saw little year-over-year growth, up 3%.  Month-over-month price gains were smaller, with attached homes seeing the largest gains, up 2% month over month. On other hand, attached homes saw a month-over-month decrease of 4% and condos remained at par over the same time period.

The market in Winnipeg continues to be run by larger investments, with the largest percentage of transactions taking place in the $500K-$749K (25%) price range. The $350K-$399K took 14% of market share, with the $400K-$449K range falling close behind at 12%.

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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.   

Map of Manitoba showing where FairSquare operates

 The Winnipeg Regional Real Estate Board (WRREB) reports1 2 3

  • Market:Seller's Market    
  • Sales: 1,723 (down 14% year over year and up 18% month over month)  
  • New listings: 2,658 (up 5% year over year and up 41% month over month)  
  • Active listings: 2,747 (down 1% year over year and up 30% month over month)  
  • Sales-to-new-listings ratio: 65% (previous month was 77%)  
  • Average detached selling price: $454,832 (up 17% year over year and up 2% month over month)  
  • Average townhouse selling price: $358,087 (up 20% year over year and down 4% month over month)  
  • Average condo selling price: $261,910 (up 3% year over year and at par month over month)   

Comments from WRREB President Akash Bedi: "An influx of new listings into our market is welcome. Tight market conditions still prevail, however, as based on current sales we have less then two months of inventory when you want to have at least double that amount to move more into a balanced market." 

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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   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.