Manitoba Real Estate Market Update: November 2021
That’s back-to-back record-setting months for Winnipeg, as 1,244 sales set a record for November. Prior to this month, the month of November has only ever exceeded 1,000 sales once before in November 2020. However, new, and active listings are still down driving the sales-to-new-listings (STNL) ratio up to 91%.
New listings were down slightly 1% year over year and down a significant 23% month over month. In contrast, active listings were down significantly year over year and month over month, dropping 28% and 14% respectively. The tightening of supply drove the sales-to-new-listings (STNL) ratio up to 91% from 85% the previous month. Still locked in a seller’s market, Winnipeg sellers continue to enjoy elevated average selling prices due to pent-up buyer demand.
Average selling prices for all product types increased year over year; detached homes and condos both increased 7% year over year, while attached homes saw a substantial price increase at 21% year over year. Month over month, detached homes increased by 1%, condos prices fell 5%, and attached home prices increased by an impressive 7% for this time of year. Indicating that the market is being driven by large fish, 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, accounting for 15% 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) reports 1 2:
- Market: Seller's Market
- Sales: 1,244 (up 4% year over year and down 18% month over month)
- New listings: 1,363 (down 1% year over year and down 23% month over month)
- Active listings: 2,252 (down 28% year over year and down 14% month over month)
- Sales-to-new-listings ratio: 91% (previous month was 85%)
- Average detached selling price: $385,073 (up 7% year over year and up 1% month over month)
- Average townhouse selling price: $334,149 (up 21% year over year and up 7% month over month)
- Average condo selling price: $242,879 (up 7% year over year and down 5% month over month)
Comments from WRREB President Kourosh Doustshenas: “November and our fourth quarter performance has been exceptional with sales rivalling the surge in 2020 market activity at end of year. With the equivalent of 91% of all MLS® listings entered in November selling, it dispels any notion that buyers are taking a break from what has been a year like no other.”
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 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.