Manitoba Real Estate Market Update: October 2021
It was a record-setting month in Winnipeg for year-to-date sales. The number of year-to-date home sales at the end of October surpassed all of 2020’s total sales with two months left to spare in the year. This is a testament to how hot the Winnipeg market has been, and it doesn’t appear to be slowing down as supply continues to tighten.
New listings were at par year over year and down 7% month over month. In contrast, active listings were down significantly, 27% year over year and 8% month over month. The tightening of supply drove the sales-to-new-listings (STNL) ratio up to 85% from 78% the previous month. Still locked in a seller’s market, Winnipeg sellers continue to enjoy elevated average selling prices.
Prices for detached homes, townhouses, and condos all increased single-digit percentage points year over year. Month over month, condos saw a 10% price gain, detached properties increased by 5%, and townhome prices stayed at par with last month. The largest percentage of transactions took place in the $500K-$750K range, with the $300-$350K range a close second.
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.
The Winnipeg Regional Real Estate Board (WRREB) reports1 2 :
- Market: Seller's Market
- Sales: 1,508 (down 5% year over year and up 1% month over month)
- New listings: 1,779 (at par over year and down 7% month over month)
- Active listings: 2,603 (down 27% year over year and down 8% month over month)
- Sales-to-new-listings ratio: 85% (previous month was 78%)
- Average detached selling price: $381,920 (up 9% year over year and up 5% month over month)
- Average townhouse selling price: $312,441 (up 8% year over year and at par month over month)
- Average condo selling price: $254,875 (up 2% year over year and up 10% month over month)
Comments from WRREB President Kourosh Doustshenas: “October’s strength in listing and sales activity demonstrates success is not seasonally-based. The fourth quarter numbers are indicative of a year where consistency of purpose to buy property has not let up for most MLS® properties.”
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