Manitoba Real Estate Market Update: November 2020
Winnipeg’s real estate market saw a sixth consecutive month of record-breaking monthly sales.
According to the WinnipegREALTORS® November report,1 sales for all property types totalled 1,193 for the month, representing a 32% increase compared to November 20192 and a 25% decrease from October of this year.3 New listings numbered 1,379, for a decrease of 12% year over year and 23% month over month.
“Momentum for real estate purchases has clearly taken hold of our local market this year once buyers determined that their current home was no longer suitable for their changing preferences,” observes Catherine Schellenberg, President of WinnipegREALTORS®. “The incredibly low mortgage rate environment this year is enabling buyers to move into a new living arrangement.”
High buyer demand, particularly for single-family detached homes, is demonstrated by the sales-to-new-listings ratio: in November, there were 95 sales for every 100 single-detached homes listed.
Sales of detached homes increased 33% over November 2019 with an average price of $358,465, representing an 10% price gain year over year and a 3% gain month over month. Of all residential sales this month, 32% received over asking price.
While demand for detached homes is exceptionally high, the region saw sales and price growth across most categories on a year-over-year basis: attached home sales increased 16% with an average price of $275,398 (up 1%), and condominium sales increased 17% with an average price of $226,855 (down 9%).
The most active price ranges for all residential sales in November were $250,000-$299,999 with 17% of sales, $300,000-$349,999 with 16%, while $350,000-$399,999 and the much wider $500,000-$749,999 range each saw 11%.
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