Manitoba Real Estate Market Update: September 2021
The Winnipeg real estate market experienced a decline in sales, new listings, and active listings, which are all down year over year and month over month. Despite this, the sales-to-new-listing ratio increased 1% to sit at 78% for the month of September. This continues to lock Winnipeg in a seller’s market as we head into the final quarter of the year.
Prices for detached homes and condos have increased marginally year over year, but interestingly the price of townhouses increased by a whopping 23% in September. It is notable that first-time buyers are leaning heavily towards condos as a more affordable way to enter the marketplace. This is demonstrated by the month-over-month double-digit price gains for this home type.
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: 1,501 (down 15% year over year and down 11% month over month)
- New listings: 1,922 (down 16% year over year and down 12% month over month)
- Active listings: 2,840 (down 28% year over year and down 3% month over month)
- Sales-to-new-listings ratio: 78% (previous month was 77%)
- Average detached selling price: $364,817 (up 4% year over year and down 3% month over month)
- Average townhouse selling price: $311,188 (up 23% year over year and up 3% month over month)
- Average condo selling price: $230,796 (up 2% year over year and down 11% month over month)
Comments from WRREB President Kourosh Doustshenas: “The new peak for annual dollar volume is a combination of increased sales and higher prices. As for condominiums, the growing spread between single-family detached homes and condominium average sale prices in 2021 have made the latter property type an even more affordable option for buyers, especially first-time buyers who do not have the benefit of equity gains from the sale of their existing home. Moreover, residential-attached properties offer another affordable option.”
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