July MLS® sales continue to perform similarly to pre-pandemic years
Includes mid-summer Lake Country real estate market update

WINNIPEG, August 9, 2023 – July MLS® sales decreased from June, last July and the 5-year average. Active MLS® listings rose from last month, last July and to slightly above the 5-year average.

​“The last 3 Julys were the top three Julys on record but when taking the 5-year average of Julys from 2015 to 2019 before the pandemic began, we see July 2023 MLS® sales tracking similarly," said Rena Prefontaine, 2023-2024 President of the Winnipeg Regional Real Estate Board. “The depleted housing availability seen over the last 3 years has balanced out with gains to active listings that are encouraging to see. A healthy housing inventory that spans all different price ranges is important for a balanced market."

All MLS® sales in July were 15% below June, 11% below July of 2022 and 14% below the 5-year average. Of note, MLS® sales performance for July were 2% below the 5-year average of Julys from 2015-2019 before the pandemic began. Active MLS® listings on the other hand, were up 3% from June, 16% up from last July and statistically even with the 5-year average.​

 
Of the 971 residential detached MLS® sales across our market region, 623 were in Winnipeg while the remaining 348 occurred in the areas outside of Winnipeg. Of the 2,257 residential detached active MLS® listings, 1,062 were in Winnipeg while 1,195 were in the areas outside Winnipeg.

The average price for a residential detached home rose 2% over last July and is up 9% over the 5-year average.

Of the 202 total MLS® condominium sales across the Winnipeg Regional Real Estate Board's market region in July, 175 were in Winnipeg and the remaining 27 occurred in the area outside of Winnipeg. Of the 489 active listings for condominiums, 357 were in Winnipeg and 132 were in the areas outside of Winnipeg.

The average price for a condominium in July was 6% below July of 2022 and even with the 5-year average.
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Of the 82 total MLS® residential attached home sales in July, 56 were in Winnipeg and the remaining 26 occurred in the areas outside of Winnipeg. Of the 284 active listings for residential attached homes, 178 were in Winnipeg and 106 were in the areas outside of Winnipeg. The average price for a residential attached home was 1% higher than last July and 8% higher than the 5-year average.

“As we enjoy the warmth of August sunshine, some might be hearing the call of the wild and yearning for some time in Lake Country," said Marina R. James, CEO of the Winnipeg Regional Real Estate Board. “That's why we've included a Mid-Summer Lake Country Real Estate Market Update for those looking to find a retreat. Whether you're looking to enjoy the tranquility that Lake Country offers or looking to make your tranquil property available for someone else to rent or purchase, REALTORS® are there to help with every step of the process!"

Mid-Summer Lake Country Real Estate Market Update

There are 5 Lake Country areas within the Winnipeg Regional Real Estate Board's market region that will be focused on in this update. They include Lac du Bonnet, Lake Manitoba – East Side, Lake Winnipeg – East Side, Lake Winnipeg – West Side and Winnipeg River. A description of the areas are as follows:

Lake Manitoba – East Side – All properties in the MLS® area R19 with the exception of the towns of Arborg, Balaton Beach, Hecla Island and Teulon.

Lake Winnipeg – West Side – All properties in the MLS® area of R26 in addition to the towns of Balaton Beach and Hecla Island in R19.

Lake Winnipeg – East Side – All residential properties in the MLS® area R27.

Winnipeg River – Properties in R28 that are in the towns of Manigotagan, Pine Falls, Powerview, St. Georges, Wanipigow and White Mud Falls.

Lac du Bonnet – Properties in the MLS® areas of R18 and R28 that are in the towns of Bird River, Great Falls, Lac du Bonnet, Lee River, Pinawa, the RM of Lac du Bonnet, Seven Sisters Falls and Whiteshell Provincial Park, as well as the neighbourhoods of Brookefield South (R18) and Poplar Bay (R28).​

​Among the common trends seen in the following charts for the first half of 2023 across all Lake Country areas are increased listings over the first half of last year, average prices at or above the 5-year averages and decreases to the continuous days-on-market (CDOM).

MLS® sales were up over last year in Lac du Bonnet and Winnipeg River while Winnipeg River was the only area that saw sales increase over the 5-year average.

Listings were up in the first half for all areas when compared to last year while Lake Manitoba – East Side, Lake Winnipeg – East Side, and Winnipeg River were up over the 5-year average.

Average prices decreased in the first half everywhere but Lac du Bonnet when compared to the first half of last year and rose everywhere over the 5-year average, except for Winnipeg River which was statistically even.

The continuous days-on-market for the first half decreased everywhere except Lake Winnipeg – East Side when compared to the first half of last year and decreased everywhere over the 5-year average.

“For those looking to buy in Lake Country, the good news is that there are more choices available than last year," said Rena Prefontaine, 2023-2024 President of the Winnipeg Regional Real Estate Board. “For those looking to sell in Lake Country, average prices are up over the 5-year average and the continuous days-on-market it took to sell decreased everywhere when compared to the 5-year average. Only REALTORS® can provide the trusted advice and market performance information that buyers and sellers need when considering a property in Lake Country."

WINNIPEG, June 7, 2023 – MLS® sales in May grew again over the previous month and made gains on the 5-year average. Meanwhile, active listings grew over last month, substantially over last year and inched up slightly over the 5-year average.

“While MLS® sales were still below the record May results of 2021 and 2022, residential resale performance for May 2023 showed signs of progress," said Rena Prefontaine, 2023-2024 President of the Winnipeg Regional Real Estate Board. “This is the first month of 2023 that MLS® sales have risen to a single digit percentage range below the 5-year average. MLS® sales performed at a respectable level."

MLS® sales in May were 160% higher than January, 130% higher than February, 49% higher than March and 37% higher than April. Active MLS® listings in April were 45% higher than January, 34% higher than February, 21% higher than March and 14% higher than April.

Of the 1,066 residential detached MLS® sales across our market region, 699 were in Winnipeg while the remaining 367 occurred in the rural areas outside Winnipeg. Of the 2,042 residential detached active MLS® listings, 987 were in Winnipeg while 1,055 were in the rural areas outside Winnipeg.

Residential detached homes made up 70% of all MLS® home sales in May. Southwest Winnipeg had the most sales within the city, representing 27% of all Winnipeg residential detached home sales. The rural area outside Winnipeg represented 34% of all MLS® residential detached home sales.

The most residential detached MLS® sales in May were in the $300,000 - $399,999 range with 285 which makes up 27% of the total 1,066 residential detached homes sold.

Of the 223 total MLS® condominium sales across our market region in May, 180 were in Winnipeg and the remaining 43 occurred in the rural area outside Winnipeg. Of the 525 active listings for condominiums, 390 were in Winnipeg and 135 were in the rural area outside Winnipeg.

May MLS® sales for condominiums are the first of the three main property types of residential detached, condominiums and residential attached, to rise above the 5-year average in 2023. At the same time, active listings for condominiums in May were the only one of the three property types that were below the 5-year average.

The most MLS® sales for condominiums in May was tied at 72 in the $100,000 - $199,999 range and the 200,000 - $299,999 range which each make up 32% of the total 223 condominiums sold.

Of the 112 total MLS® residential attached home sales across our market region in May, 79 were in Winnipeg and the remaining 33 occurred in the rural area outside Winnipeg. Of the 266 active listings for residential attached homes, 163 were in Winnipeg and 103 were in the rural area outside Winnipeg.

“The Winnipeg Regional Real Estate Board continues to be the voice of organized real estate advocating on issues of importance such as keeping abreast of civic, legislative, and economic matters and public policy that impede or enhance housing affordability and affordable housing, and reporting on the pace of the local housing market and residential and commercial real estate development." said Marina R. James, CEO of the Winnipeg Regional Real Estate Board. “Our Winnipeg Regional Real Estate News Market Matters column elevates priorities important to the real estate market and housing."

WINNIPEG, May 10, 2023 – In a trend that has continued since the start of 2023, the number of MLS® sales has continued to rise but not to the same levels seen last April or over the 5-year average. MLS® sales were down when compared to last year and the 5-year average while the number of active MLS® listings continued to rise, with increases over last month, last year and the 5-year average. ​

Ofthe 1,103 MLS® sales across our market region, 729 were in Winnipeg with 374 in the rural areas outside Winnipeg and of the 3,584 MLS® active listings in April, 1,600 were in Winnipeg while 1,984 were in the rural areas outside Winnipeg.

“Between inflation and interest rate uncertainty, there is a lot going on within the real estate industry right now. Notwithstanding short-term market fluctuations, however, the belief is that the outlook in our local market region is favourable," said Rena Prefontaine, 2023-2024 President of the Winnipeg Regional Real Estate Board. “Residential resale for this April was below the peak MLS® sales seen in 2021 and 2022 and 9% below April 2019. While April's MLS® sales were neutral, it is positive to see trends of continued monthly growth in MLS® sales and active listings since the start of 2023."

MLS® sales in April were 90% higher than January, 68% higher than February and 9% higher than March. Active MLS® listings in April were 28% higher than January, 18% higher than February and 6% higher than March.

Of the 763 residential detached MLS® sales across our market region, 508 were in Winnipeg while the remaining 255 occurred in the rural areas outside Winnipeg. Of the 1,761 residential detached MLS® active listings, 822 were in Winnipeg while 939 were in the rural areas outside Winnipeg.

Residential detached homes made up 69% of all MLS® home sales in April. Southwest Winnipeg had the most sales within the city, representing 30% of all Winnipeg residential detached home sales. The rural area outside Winnipeg represented 30% of all MLS® residential detached home sales.

Of the 171 total MLS® condominium sales across our market region in April, 142 were in Winnipeg and the remaining 29 occurred in the rural area outside Winnipeg. Of the 484 active listings for condominiums, 357 were in Winnipeg and 127 were in the rural area outside Winnipeg.

Of the 79 total MLS® residential attached home sales across our market region in April, 53 were in Winnipeg and the remaining 26 occurred in the rural area outside Winnipeg. Of the 252 active listings for residential attached homes, 152 were in Winnipeg and 100 were in the rural area outside Winnipeg.

“Utilizing the power of the MLS® marketing system gives REALTORS® a unique advantage in helping clients with their home buying or selling journey," said Marina R. James, CEO of the Winnipeg Regional Real Estate Board. “The MLS® is a co-operative real estate selling system that employs high-impact data analytics and is operated by the Winnipeg Regional Real Estate Board. While there are many more benefits of using a professional licenced REALTOR®, the MLS® is one of the advantages REALTORS® offer."  

WINNIPEG, April 12, 2023 – Along with the number of active listings on the market, MLS® sales in March continued to grow from last month marking a sustained transition back to the type of market seen before the pandemic began. The number of active listings is up over last year but still has room for growth before meeting the levels seen before the pandemic began. Meanwhile, MLS® sales for March 2023 were below the record March sales totals in 2021 and 2022 and slightly above the levels seen before the pandemic.

​Of the 3,368 MLS® active listings across our market region in March, 1,565 were in Winnipeg while 1,803 were in the rural areas outside Winnipeg and of the 1,014 MLS® sales across our market region, 664 were in Winnipeg with 350 in the rural areas outside Winnipeg.

“It's good to see an increase from last month in MLS® sales along with continued growth in active listings to close out the first quarter of 2023," said Akash Bedi, outgoing 2022-2023 president of the Winnipeg Regional Real Estate Board. “March was the first time since the market shifted midway through 2022 that MLS® sales totals have been higher than the same month in pre-pandemic 2019."
Of the 1,612 residential detached MLS® active listings across our market region, 773 were in Winnipeg while 839 were in the rural areas outside Winnipeg. Of the 698 residential detached MLS® sales, 471 were in Winnipeg while the remaining 227 occurred in the rural areas outside Winnipeg.
Of the 443 active listings for condominiums across our market region, 315 were in Winnipeg and 128 were in the rural area outside Winnipeg. Of the 149 total MLS® condominium sales in March, 122 were in Winnipeg and the remaining 27 occurred in the rural area outside Winnipeg.
“It has been my pleasure serving as the Winnipeg Regional Real Estate Board's President since the beginning of 2022," said Bedi. “My time as President has been a unique and rewarding experience. Moving forward, the incoming 2023-2024 President, Rena Prefontaine will be sharing Winnipeg Regional Real Estate Board monthly MLS® market updates to keep buyers and sellers informed throughout the year ahead.“ 

“As we enter the spring real estate market in April, REALTORS® leverage the MLS® system and are the experts when it comes to what's happening in neighbourhoods and can offer professional market intelligence," said the Winnipeg Regional Real Estate Board CEO Marina R. James. "REALTORS® provide valuable advice and objective feedback for buyers when looking for a home and for sellers looking to maximize their return. Either way, REALTORS® help ease the stress for buyers and sellers during one of the biggest financial decisions of their lifetime."

Winnipeg, February 8, 2023 - As we enter 2023, all MLS® inventory is much higher when compared to the start of 2022, signaling a continued replenishment of housing choices. At the same time, all MLS® sales are below what they've been for most of the pandemic but more in line with pre-pandemic January results.

Winnipeg Regional Real Estate Board's MLS® January 2023 data marks the seventh consecutive month that the percentage increase in active listings has grown over the same month from last year. As an example, over the last 3 months, November's active listings were 53% higher than the previous November and December was 55% higher than the previous December. The active listings for January 2023 are 69% higher than last January.

“Last January was a continuation of a trend seen throughout the pandemic of high demand which translated into high MLS® sales and low inventory," said Akash Bedi, 2022/23 president of the Winnipeg Regional Real Estate Board. “We're coming from a strong seller's market where inventory was sold as fast as it came on the MLS®. Since fall of 2022, the market has shifted, and we are now in a balanced market that provides buyers and sellers with equal opportunity in the real estate purchasing and selling process."

Total January MLS® sales of 582 in our market region are down 16% from last January's 690 and down 19% over the 5-year average of 715.

Total MLS® inventory of 2,811 for this month is 69% above last January's 1,664 and only 4% down from the 5-year average of 2,928.

Residential detached homes had MLS® sales of 392 which are down 4% from last January's 407 and 17% down from the 5-year average of 473.

Residential detached homes saw MLS® inventory of 1,296 which is up more than twofold at 108% over last January's 622 and only 3% below the 5-year average of 1,331.

The average price of a residential detached home in January was $367,977 which is 8% below last January's $401,216 but 6% above the 5-year average of $347,472.

MLS® sales for condominiums of 90 in January were 27% lower than last January's 124 and 9% below the 5-year average of 99.

MLS® inventory for condominiums of 372 is up 21% over last January's 308 and 26% below the 5-year average of 504.​

The average price of a condominium in January was $231,549 which is 8% below last January's $251,629 but 3% above the 5-year average of $224,598.

MLS® sales for residential attached homes of 36 in January were 36% lower than last January's 56 and 35% below the 5-year average of 55.

MLS® inventory for residential attached homes of 233 is up 140% over last January's 97 and 44% above the 5-year average of 162.

The average price of a residential attached home in January was $330,998 which is 2% above last January's $323,852 and 14% above the 5-year average of $290,026.

“When looking across residential detached homes, condominiums and residential attached homes, there is a consistent trend of increased inventory and that's great to see," said Bedi. “More than ever, affordability is top of mind to those seeking to purchase a home. A big a factor when purchasing a home or condominium is housing options, be that by neighbourhood along with urban and rural locations. Increased inventory on the MLS® means more options and choice."

The price range up to $249,999 was the most active residential real estate category in January with 104 MLS® sales which represents 27% of all sales. January's highest priced sale was $1,450,000 and the lowest was at $30,000.

"As ​we move forward in 2023, we're aware of the impact that market forces, like inflation and interest rates, are having on prospective buyers of real estate," said the Winnipeg Regional Real Estate Board CEO Marina R. James. “The unprecedented changes we've experienced since the start of the pandemic underscore the importance of having reliable data when making important decisions against the backdrop of changing real estate market conditions. REALTORS® continued use of accurate and reliable MLS® data will continue to ensure that their buyers and sellers have the best possible information at hand when facing one of the biggest financial decisions in their lifetime."

Winnipeg, February 8, 2023 - As we enter 2023, all MLS® inventory is much higher when compared to the start of 2022, signaling a continued replenishment of housing choices. At the same time, all MLS® sales are below what they've been for most of the pandemic but more in line with pre-pandemic January results.

Winnipeg Regional Real Estate Board's MLS® January 2023 data marks the seventh consecutive month that the percentage increase in active listings has grown over the same month from last year. As an example, over the last 3 months, November's active listings were 53% higher than the previous November and December was 55% higher than the previous December. The active listings for January 2023 are 69% higher than last January.

“Last January was a continuation of a trend seen throughout the pandemic of high demand which translated into high MLS® sales and low inventory," said Akash Bedi, 2022/23 president of the Winnipeg Regional Real Estate Board. “We're coming from a strong seller's market where inventory was sold as fast as it came on the MLS®. Since fall of 2022, the market has shifted, and we are now in a balanced market that provides buyers and sellers with equal opportunity in the real estate purchasing and selling process."

Total January MLS® sales of 582 in our market region are down 16% from last January's 690 and down 19% over the 5-year average of 715.

Total MLS® inventory of 2,811 for this month is 69% above last January's 1,664 and only 4% down from the 5-year average of 2,928.

Residential detached homes had MLS® sales of 392 which are down 4% from last January's 407 and 17% down from the 5-year average of 473.

Residential detached homes saw MLS® inventory of 1,296 which is up more than twofold at 108% over last January's 622 and only 3% below the 5-year average of 1,331.

The average price of a residential detached home in January was $367,977 which is 8% below last January's $401,216 but 6% above the 5-year average of $347,472.

MLS® sales for condominiums of 90 in January were 27% lower than last January's 124 and 9% below the 5-year average of 99.

MLS® inventory for condominiums of 372 is up 21% over last January's 308 and 26% below the 5-year average of 504.​

The average price of a condominium in January was $231,549 which is 8% below last January's $251,629 but 3% above the 5-year average of $224,598.

MLS® sales for residential attached homes of 36 in January were 36% lower than last January's 56 and 35% below the 5-year average of 55.

MLS® inventory for residential attached homes of 233 is up 140% over last January's 97 and 44% above the 5-year average of 162.

The average price of a residential attached home in January was $330,998 which is 2% above last January's $323,852 and 14% above the 5-year average of $290,026.

“When looking across residential detached homes, condominiums and residential attached homes, there is a consistent trend of increased inventory and that's great to see," said Bedi. “More than ever, affordability is top of mind to those seeking to purchase a home. A big a factor when purchasing a home or condominium is housing options, be that by neighbourhood along with urban and rural locations. Increased inventory on the MLS® means more options and choice."

The price range up to $249,999 was the most active residential real estate category in January with 104 MLS® sales which represents 27% of all sales. January's highest priced sale was $1,450,000 and the lowest was at $30,000.

"As ​we move forward in 2023, we're aware of the impact that market forces, like inflation and interest rates, are having on prospective buyers of real estate," said the Winnipeg Regional Real Estate Board CEO Marina R. James. “The unprecedented changes we've experienced since the start of the pandemic underscore the importance of having reliable data when making important decisions against the backdrop of changing real estate market conditions. REALTORS® continued use of accurate and reliable MLS® data will continue to ensure that their buyers and sellers have the best possible information at hand when facing one of the biggest financial decisions in their lifetime."

WINNIPEG, January 11, 2023​ - Slowing 2022 MLS® sales that began in summer continued through December, transitioning the Winnipeg Regional Real Estate Board market region back to a balanced market.

The total number of MLS® sales in 2022 was the third highest on record at 14,660, behind only 2021's record-setting 18,575 and 2020's 16,033. To add perspective, the last pre-pandemic year of 2019 had 13,662 sales. The total MLS® dollar volume of all sales for 2022 was the second highest on record at $5.4 billion. Total MLS® dollar volume was increasing every year from 2018 until 2021 put an exclamation point on it. Until 2021, the total MLS® dollar volume had not eclipsed $5 billion in any other year, but 2021 saw a record of $6.3 billion in total sales.

“Despite slowing MLS® sales, the strong sales in the first half ultimately carried 2022 to the third highest MLS® total sales on record," said Akash Bedi, 2022/2023 president of the Winnipeg Regional Real Estate Board. “The year began with low inventory and strong demand that undoubtedly contributed to the second highest dollar volume on record."

Average prices for residential detached homes and condominiums followed similar trajectories as the trends for sales and inventory in 2022. Diminished inventory combined with strong demand led to increased month-over-month prices to start the year but by summer, prices levelled off as inventory replenished to pre-pandemic levels and demand slowed.

Last year started with an average price of $401,216 for a residential detached home in January, peaked in May at $454,832, but settled in at $378,978 to close out December. The average price of a residential detached home in December of $378,978 was 1% lower than last year's $382,317, but 9% above the 5-year-average of $347,354, and 20% higher than 2019's $316,336.

For condominiums, 2022 started with an average price of $251,629 in January, peaked in July at $278,266 but then closed the year out at $243,749 in December. The average price of a condominium in December of $243,749 was 0.3% higher than last year's $243,058, 2.4% higher than the 5-year-average of $238,056, and 6% higher than 2019's $229,594.

For a more fulsome look at 2022, the year-to-date average price of a residential detached home was $413,912 which is 9% higher than last December's total of $379,844, 16% higher than the 5-year-average of $356,200, and 28% higher than 2019's $324,122.

For condominiums, the year-to-date average price was $264,512 which is 8% higher than last December's total of $244,957, 8% higher than the 5-year-average of $245,307, and 11% higher than 2019's $238,089.

“Real estate remains one of the most important contributors to our well-being and is a strong indicator of the overall local economy," said Bedi. “The Winnipeg regional real estate market remains affordable with many options to purchase a home or condominium. It is to be expected that overall sales and inventory have shifted in line with the pre-pandemic trajectory and the normal seasonal changes that the market experiences."

The Winnipeg Regional Real Estate Board's market region trends along with other markets across Canada in its seasonal nature where sales decline in the winter months. The following statistics will show that this December's sales were slightly below prior years, while the overall sales for 2022 were only slightly below the 5-year average but still higher than pre-pandemic 2019. At the same time, inventory continued a much-needed rally that concluded 2022, also only slightly below the 5-year-average but still behind 2019.

December sales of 591 were down 36% from last year's 926, 20% down from the 5-year average of 740, and 12% down from the last pre-pandemic year of 2019 which saw 674 sales. The overall sales for 2022 were at 14,660 which is down 21% from last year's 18,575, 3% below the 5-year-average of 15,141, and 7% higher than pre-pandemic 2019's 13,662.

December inventory of 2,634 was up 55% from last year's 1,696, 3% down from the 5-year-average of 2,721, and 29% down from 2019's 3,726. The overall listings for 2022 were at 22,312 which is down 3% from last year's 23,093, 6% down from the 5-year-average of 23,704, and 13% down from pre-pandemic 2019's 25,741.

“The year 2022 was a reset to pre-pandemic market conditions where professional REALTORS® continued to provide buyers and sellers with expert advice based on MLS® data," said the Winnipeg Regional Real Estate Board CEO Marina R. James. “The number on the year may have changed to 2023, but there is no doubt that REALTORS® will continue to be invaluable for buyers and sellers this year, and into the future."

WINNIPEG, December 5, 2022 – A boost in November's year-over-year inventory combined with slowing month-over-month sales have Winnipeg and its regional market performance transitioning toward balanced market stabilization.

While some small remnants of a seller's market remain, the continuation of October's slowing MLS® sales into November show a market that is trending more in line with the normal seasonal changes seen before the record years of 2020 and 2021. 

Total November sales of 870 in our market region are down 30% from last November's 1,244 and down 14% over the 5-year average of 1015. It should be noted that with the record year experienced in 2021 as a result of the pandemic, some perspective can be applied with this November's sales down only 4% from the 902 sales of the last pre-pandemic year of 2019. 

Active November listings of 3,455 are up 53% over last November's 2,252 and 4% down from the 5-year average of 3,599. The comparison to the last pre-pandemic year of 2019 has active listings down 31% to 5,009.

The January to November, year-to-date sales of 14,072 are down 20% from last November's 17,650 but only 2.3% down when compared to the 5-year average of 14,402. When compared to the last pre-pandemic year of 2019, year-to-date sales are 8% higher at 12,988.

The year-to-date listings of 21,580 are down only 3% from last November's 22,338 and 6% down from the 5-year average of 22,887. Compared to the last pre-pandemic year of 2019, year-to-date listings are down 13% with 24,855.

“While MLS® sales are slightly outpacing inventory, November sales are trending toward normal pre-pandemic residential real estate sales volume. A much-needed boost to inventory has resolved the shortages we experienced in 2021," said Akash Bedi, 2022 president of the Winnipeg Regional Real Estate Board. “This is positive news, not only because it serves as confirmation of last month's trend toward a balanced market but also because it means more choice for prospective buyers."

Most of the Winnipeg market region is made up of residential detached homes and there are some interesting shifts happening in this part of the MLS ® market. This November's inventory has seen a nearly two-fold increase of 94% over last November and has crept above the 5-year average by 1%.

The average residential detached price for November was at $378,905 which is slightly up from last month's $377,165, down 2% from last November but 7% higher than the 5-year average. The year-to-date average price was down to $415,325 from October's $417,867, up 9% over last November but 11% higher than the 5-year average.

The $0-249,999 price range was the most active residential real estate category in November with 153 MLS ®sales which represents 25% of all sales. Last month's highest priced sale at $1,550,000 was surpassed with 5 MLS® sales at or above that marker this month. The highest priced sale in November was at $2,125,000 and the lowest was at $45,000.

Another interesting trend observed is the continuation of hot demand in the condominium market which saw a year-to-date increase of 11% over the 5-year average and up 27% over the last pre-pandemic year of 2019.  This has resulted in year-to-date inventory that is down 14% over the 5-year average and down 21% over 2019. 

“The trend of a high year-to-date conversion of listings to sales for condominiums continued into November with a 70% rating," said Bedi. “What is especially intriguing is that this conversion rate has inched above the year-to-date conversion rate of residential detached listings to sales by 1%."

WINNIPEG, November 8, 2022 - A slowing MLS® sales trend took root in October 2022 with sales down from October 2021. Beyond the well-documented boom in MLS® sales activity that took place in 2020 and 2021 with buyers advancing their plans to take advantage of historic low interest rates and make moves induced by a pandemic which ignited many Canadians to change their living arrangements, 2022 October sales were impacted by cost of living concerns combined with a rapid rising interest rate environment which saw the Bank of Canada increase its overnight lending rate from 0.25% in March to 3.75% in October 2022.

To reference MLS® activity in the past 2 years, October MLS® sales of 1,063 decreased 30% from October 2021 and 33% from the record-setting October in 2020. Before the onset of the pandemic in 2020, the 5-year average for October was 1,105 sales indicating sales this same month were consistent with pre-pandemic Octobers.

In October 2022, the average single-family home sales price is right where we started the year at $377,000 with sales going for above list price reversed with less than one out of five sellers receiving more than list price and 76% below list price.

Looking more specifically at the 5 MLS® zones across Winnipeg and our larger regional market area outside the city, the average single-family home sale prices are more affordable with the three north Winnipeg zones well under the $377,000 market region average at $302,007, $311,747, and $325,998 respectively. The regional area outside Winnipeg is at $360,189 while southeast and southwest Winnipeg have come down as well to $464,160 and $497,195. In April, the southwest area average sales price reached its highest level at $587,865.

“Moving into balanced market territory is a positive development," said Akash Bedi, 2022 president of the Winnipeg Regional Real Estate Board. “This should be particularly beneficial to first-time home buyers who were unable to compete in the multiple offer frenzy and now have time to weigh their options and negotiate a better price."

Backing up this point is the release of the latest monthly MLS® Home Price Index (HPI) numbers for Winnipeg by the Canadian Real Estate Association (CREA). The HPI is the best gauge of home price trends in Canada as it follows a home with similar attributes over time and is much closer to an apples-to-apples comparison than an average sales price which is affected by compositional shifts where sales activity can be more active in certain price ranges than others and can skew the monthly sales price up or down.

The October 2022 HPI shows Winnipeg's benchmark price for a single-family home is $337,400, only down $2,500 from September.

Single-family home activity was most active under $400,000 with 50% of sales occurring under $350,000 and another 13% from $350,000 to $399,999. The highest sale price was $1,550,000 and the lowest was $19,900.

“I think you would be hard-pressed to find any major city in the country where they have half of their single-family home sales in October 2022 are selling for under $350,000, “said Bedi. “It is worth noting that our market region condominiums are much more affordable with 70% of sales in October 2022 selling under $300,000."

As indicated last month and much the same now, condominium prices have not experienced the big spike in prices single-family did this year nor have they fallen back either. In October, the most active condo price range was the $150,000 to $199,999 at 23% of sales while another 18% took place in the next higher price range from $200,000 to $249,999. The highest sale price was $680,000.​

A metric which single-family usually outperforms condominiums on is what is referred to as continuous days on market before a property sells on the MLS®. Even in September continuous days on market for single family homes sales was 26 days when it was 33 days for condominiums. This month condos were quicker to sell with an average of 29 days compared to 31 days for single family.

“I always stress we need to be providing buyers with different housing options for them to consider so to see condominiums turning over faster this month is indication buyers are open to other choices," said Bedi.

WINNIPEG, October 6, 2022 - September 2022 sales are no match for the last two exceptionally active Septembers as sales decreased 20% and 32% from 2021 and 2020 respectively. The 1,205 MLS® sales transacted this September are much more aligned with the most immediate prepandemic year of 2019 which had 1,211 sales.  

While sales decreased 11% over the 5-year average, new listings coming onto the market in September are up 12% from last year and only down 1% over the 5-year average, so the combination of fewer sales and more listings is helping restore balance to a local market that had been well entrenched in sellers' market territory earlier in the year. As a result, active listings — or current inventory of 3,897 at month-end — is up 37%.

“September is a continuation of the progression in the third quarter of our market region, transitioning out of a sellers' market to one far more balanced and buyer friendly," said Akash Bedi, 2022 President of the Winnipeg Regional Real Estate Board. “As we saw in August, above-list price sales are far fewer now than earlier in the year, with the majority of listings selling for less than list price."

If it is a September to remember, it will be for the marked shift in the number of MLS® areas that experienced a significant drop-off in the elevated level and percentage of listings that were being converted to sales in comparison to the nine-month period last year. Thirty-four distinct MLS® areas had percentage conversions of 89% or higher in 2021 compared to only three this year. The highest one this year at 93% conversion is Tyndall Park. Second was Mandalay West at 90%.

On the other hand, an MLS® area like Waverley West only has 265 sales and a conversion of just 68% this year in comparison to 2021 when it had 395 sales in the first three quarters and an 89% conversion of listings to sales.

With respect to the third quarter, a telltale sign of changing conditions comes from going back to the second quarter, when comparing it to last year and looking specifically at the average single-family sales price. The gap from one quarter to the next has narrowed considerably in just one quarter.

This year's second quarter was $442,134 which is in sharp contrast to $388,421 in the second quarter of 2021, whereas the third quarter of 2022 is at $391,802 while the same period in 2021 was far less at $374,810. This gap will likely shrink further in the fourth quarter and may come to the point where last year's average single-family sales price will be higher than this year.

For condominiums, the third quarter average sales price increased over the second quarter, albeit minimally, as it went from $267,159 to $268,432. The second quarter and third quarter numbers for 2021 were similar, with the second quarter higher at $246,593 compared to $243,734 in the third quarter.

“The urgency attached to last year's market activity at this time of year is gone," said Bedi.

Year-to-date MLS® sales of 12,156 decreased 18% from the same period in 2021, while the dollar volume of $4.57 billion is down 10 percentage points less at 8%. The 18,435 listings entered onto the MLS® this year has improved significantly from the first two quarters, with the deficit reduced from over 20% to 4% with three months to go. 

Helping move some buyers off the pause button and into action may well be the lower prices being asked despite the higher financing costs. In September, CREA's MLS® Home Price Index (HPI), which provides the most accurate detection of price trends, shows the single-family benchmark price for a home with similar attributes dropped from $361,500 in August to $354,600 in September. It reached its peak in May at $388,600. Even condo apartments in September, which were only $600 off their peak level in August at $233,400, declined $5,200 to $228,200.

“Relative to other major housing markets in the country, our prices are much more affordable and within reach of potential first-time buyers," said Bedi. “Evidence of that possibility is in the northeast area of Winnipeg with an average house price of $336,134 in September, and sales were just shy of their total in September 2021."

As for the more affordable condominium property type, while sales dropped off in September, like most property types with the exception of mobile homes and vacant land with a building, year-to-date condo activity for the first nine months of the year is performing well.

Sales have decreased less than 10% compared to the same time last year when they were up 49% over the prior year and ended 2021 shattering previous highs by leapfrogging to over 2,500 sales when they totalled 1,847 in 2020. They will eclipse 2,000 for the second year in a row this year.

Conversions of listings to sales are higher this year at 70% when they were 66% in 2021. In contrast, single-family has seen its conversions slow down considerably from its very high rate in 2021.

“The Winnipeg Regional Real Estate Board cannot recall ever seeing condominiums record an annual conversion of listings to sales as high as the dominant single-family property type category," said Bedi. “It has now, with both at 70% for 2022."

September condo sales showed upper market price range strength with 9 sales over $500,000 when there were none in September 2021. The highest condo sold for $1,160,000. The most active price range was from $150,000 to $199,999 at 24%.

“If you are selling in changing market conditions, you need to talk to your REALTOR® about accurate pricing and the right strategy to make your property stand out from increased competition," said the Winnipeg Regional Real Estate Board CEO Marina R. James. “A professional marketing plan will reach the maximum number of buyers."​

WINNIPEG, September 8, 2022 - August MLS® sales activity showed a drop off from July and previous August months in the last few years. Sales of 1,375 are down 15% from August 2021 and 9% over the 5-year average. Year-to-date MLS® sales of 10,962 decreased 18% from the same period in 2021 but are up 2% over the 5-year average.

On the other hand, new listings in August are up 2% compared to August of last year, and in line with the 5-year average which had 2,249 listings, slightly higher than the 2,201 entered this August.

Where we are seeing a more pronounced difference is in end-of-month active listings or inventory, as there are 3,764 available listings — a 28% increase over August 2021.

“We have seen improvement in our market region's inventory compared to the beginning of the year, as MLS® listings entered for the first 8 months are down less than 6% compared to last year and well ahead of 2021 in terms of what is available for sale," said Akash Bedi, president of the Winnipeg Regional Real Estate Board. “The main reason for more listings for sale compared to last year at this time is that sales are well down from 2021's record-shattering market activity," he added.

It is clear that headwinds from higher interest rates — with another Bank of Canada rate increase expected this week — and other factors such as heightened cost of living increases and inflation concerns, are weighing heavier on our local housing market.

“Sellers in particular are beginning to see the changes in our market with above list price offers far less frequent than experienced earlier in the year," said Bedi. “In August, 63% of single-family home sales went for under list price, while 29% sold for greater than list price. Above list price single-family home sales in March and April were at 67% and remained over 50% for the entire first half of 2022."

Other indicators of a shifting market are the 62% conversion ratio of current or new listings to sales in August. This was down from last year and from 2020 where they were 75% and 78% respectively.

This decline is most noticeable for residential-attached properties where the conversion ratio of new listings to sales is 44% compared to 75% last year and 84% in 2020. The one exception to this trend is condominiums, as despite sales falling back 9% in August compared to August 2021, the 69% conversion of new listings to sales was higher by 6%.

Another metric of the shifting market is the ratio of total sales dollar volume to total listing dollar volume for single-family home market activity. This has dropped for the first time under the equilibrium level of 100% to 99%, when it had been as high as 108.5% this year.  At 108.5%, this means the average of all homes selling is for 8.5% above list price.

You can see the result of the notable drop off in this ratio in August's average single-family home prices for the six MLS® zones the Winnipeg Regional Real Estate Board tracked monthly. For example, where southwest Winnipeg was $582,387 in May, in August it was $509,863, while for the rural region outside Winnipeg it fell back from its $429,835 average sales price in May to $377,256 in August.

“Average monthly sales prices are often more a reflection of where sales activity is happening within the various price ranges than the actual price of a home in any given area of our market region," said Bedi.

In August, the 44 sales from $700,000 to $999,999 were almost one-half of what sold in this price range in the peak average selling month price of May, and on the other end of the price range spectrum there were 337 sales under $300,000, whereas in May there were 236. Shifts in where sales occur each month can skew average sale prices up or down.

Helpful in detecting home price trends in 2022 is the Canadian Real Estate Association's MLS® Home Price Index — or HPI — which notes benchmark pricing for a typical home with similar attributes in any given housing market across the country. The Winnipeg Regional Real Estate Board market region's single-family home benchmark price in August was $361,500, a decrease of $5,700 from July and $27,100 from its peak month in May. The single-family home benchmark price at the end of 2021 was $347,600.

As for the condominium apartment benchmark price, it reached its highest level this past July at $234,000, and was slightly lower in August at $233,400.

All markets are different, so in the Greater Toronto Area (GTA) the highest single-family benchmark price was $1,603,800 earlier in the year, whereas in August it was $1,321,600.

As much as we are seeing a shift in our market, we should not be so quick to discount how well some metrics are still performing. For the 1,003 single-family homes sold in August, they were only on the market for an average of 22 continuous days. It was just 4 weeks for the 193 condominium sales.

“It was to be expected the market would slow down given how accelerated it has been since it took off in the second half of 2020 and carried on through 2021," said Be​di. “Even without the rapid rise in interest rates this year, it was bound to settle down as many buyers advanced their home buying plans in the last two years."

WINNIPEG, August 9, 2022 – July was a clear departure from previous months in indicating single-family home pricing peaked in May. This is the case now, with 3,700 active listings available at the end of July compared to half that amount in the first four months of 2022.

New MLS® listings of 2,359 entered in July are an increase of 9% over July 2021. Strong listing activity since May has reduced the 25% first quarter deficit in listings entered compared to last year to under 7% for the first 7 months.

“We are seeing once very tight market conditions loosening up in the second half of 2022,” said Akash Bedi, 2022 president of the Winnipeg Regional Real Estate Board. “Above list price sales for both single-family homes and condominiums are trending down from what they were earlier in the year. July single-family percentages of above list price versus below list price sales are the reverse of the year-to-date ones with below list price sales this month at 55% when they are 35% for the year.”​

Significant improvement in new listings coming onto the market — combined with higher interest rates — resulted in an average single-family home selling price of $400,000, well down from over $454,000 in May. The year-to-date average single-family home selling price is $431,158, up over $50,000 from the 2021 average single-family selling price of $379,844.

July 2022 MLS® sales of 1,542 are down 8% from the same month in 2021 and less than 3% over the 5-year average. When you remove the exceptional two previous years — which were spurred by unique circumstances and favourable finance conditions to buy a home — July 2022 outperforms any other July and ranks as the third best July on record.

“You just have to look back to July 2020 when there were close to 1,900 sales, and up until then, we have never seen this summer month eclipse 1,500 sales," noted Bedi. “It becomes readily apparent how unusual July 2020 was."

The single-family home downward price adjustment in the last two months has not been mirrored with condominiums. They have benefited from being an alternative option for buyers in this higher price interest rate environment. The condominium average sales price in July was $271,901 and $278,266 in June. The year-to-date average condominium sales price is $264,208, just under $20,000 higher than the 2021 average selling price of $244,957.

Average sale prices, especially on a month-to-month basis, can be compositional in nature, meaning that the price adjustments are more to do with where the sales are occurring than actual price changes on equivalent homes in the same MLS® area.

In July, this was certainly evident when you compare single-family to its peak month in May with sales above $500,000 making up 23% of total sales above $500,000 to nearly 34% in May. In the $600,000 to $699,999 price range there were 134 sales in May compared to 75 in July.​

The Canadian Real Estate Association's MLS® Home Price Index for July 2022 shows how prices are changing as the single-family benchmark price is now $367,200 when it was $388,600 in May 2022. In sharp contrast, the benchmark price in July for apartment condominiums is $234,000, a modest increase from its May index price of $229,100.​

It is also worth noting that the 221 condominiums sold in July were only two fewer than July 2021, and year-to-date sales of 1,457 are much closer in sales activity to 2021 than other property types with respect to last year at this time.

Not only are condo sales almost identical to last July, but sales activity in the various price ranges are a replica of last year with the $150,000 to $199,999 range at 24% of total sales, the $200,000 to $249,999 at 20% and the $250,000 to $299,999 in third place at 17%.

“Housing options and choice are signs of a healthy local market, so to see condominiums doing relatively well in comparison to 2021, when sales were up 39% over the best previous year, is very positive," said Bedi. “On the other hand, sales activity is not faring as well for residential-attached properties, which decreased 32% in July 2022 over July 2021."​

Winnipeg, July 8, 2022 - June is the fourth consecutive month with increased MLS® sales in a year where the spring market has seen a delay when comparing the same months in previous years.

The 1,797 sales transacted in June 2022 decreased 7% and 5% respectively from the two previous years and are up 3% over the 5-year average for this month. New listings of 2,867 increased 21% over June 2021 and are up 9% over the 5-year average. The strong uptick in June listings leaves a month-end inventory of 3,477 listings, a 25% jump over the same month last year.

“Listings came on strong in June and are having a positive impact on loosening up what has been a supply-challenged market," said Akash Bedi, 2022 president of the Winnipeg Regional Real Estate Board. “More choice and options for buyers settled down in what has been a rising price environment where the single-family home average sales price in June fell back to $426,000 from over $450,000."​

Other indicators of the pace of buyer activity coming off previous month highs is above-list price for single-family home sales tracking at 54% in June compared to 64% in May and 67% in April. Conversely, 37% of June sales were under list price versus 25% in April and 28% in May.

“While all indications are that we are still in a seller's market, a shift is happening where buyers have more choices from higher amounts of inventory and sellers will have to be more realistic about their expectations on prices." said Bedi.

In June, four of the six MLS® zones the Winnipeg Regional Real Estate Board tracks for average single-family home prices were under $400,000, one was between $400,000 to $500,000 and Winnipeg's southwest area zone remained over $500,000 at $539,752. In May we had two more MLS® area zones over $400,000 and the southwest area zone was $582,387.

​It is important to restate that at the end of 2021, the average single-family home sales price across all MLS® areas, including our large regional area outside Winnipeg, was just under $380,000, so we are still seeing a double-digit price increase for 2022 when compared to last year.

Year-to-date MLS® sales of 8,052 are down 21% from 2021 but up 5% over the 5-year average. Exceptionally brisk sales for the first six months last year with the two best sales months in the Winnipeg Regional Real Estate Board's history at more than 2,000 sales each in April and May. Dollar volume of $3.1 billion is down far less in comparison to 2021 at 8% due to higher sales prices this year.

Comparing the first half of 2022 to the same period in 2021 shows differences considered more normal in terms of having listings to sell going into the summer.

Here are some examples of 2022 single-family listing inventory for specific MLS® areas at the end of June with 2021 in brackets. Waverley West - 60 (36), Riverview - 8 (1), Tuxedo - 21 (7), Island lakes/Royalwood/Bonavista - 20 (5), North Kildonan - 26 (12), West Transcona - 13 (4), Amber Trails - 24 (4), Woodhaven/Silver Heights - 24 (4), RM of Springfield - 35 (16), RM of Ritchot - 44 (26), RM of West St. Paul - 31 (16), Steinbach and surrounding area - 107 (60) and Morden/Winkler - 122 (87).

The conversion of single-family listings to sales in the first six months of 2021 at 83% has dropped off to 72% in 2022. The St. Norbert MLS® area is the only area this year to rival West Transcona and the RM of Ste. Anne in 2021 which were selling out everything that came on the market including listings carrying over from the previous year and sold a few more listings than it did in 2021.

“The breakneck pace in 2021 slows down in the second half of the year in comparison to 2020 which was the start of the pandemic real estate surge," said Bedi. “2022 was never predicted to equal 2021 but is performing well in comparison to other previous years."

Property types including single-family are well off the record-shattering sales pace set in 2021, condominiums are faring better with 10% fewer year-to-date sales. June 2022 recorded 229 sales, down 3% from the same month in 2021 and up 22% over the 5-year average.

Condominiums also saw real strength in upper end market activity in June with 13 sales over $500,000 compared to 5 in 2021 and one selling for $1,200,000. Two MLS® areas to highlight this month are River Park South and Linden Woods where there were as many or more condo sales happening in comparison to the available listings at end of June.

“Condominium year-to-date conversion of sales-to-listings of 72% are equal to single-family homes and that is a first as they have never been close in previous years," said Bedi. “This improvement in condominium conversions shows buyers are looking for alternative property types despite single-family remaining by far the most dominant in listings and sales."

“REALTORS® have their pulse on the current housing market and offer both buyers and sellers objective advice on what they can expect with respect to prices," said Marina R. James, CEO of the Winnipeg Regional Real Estate Board. “Accurate pricing is achieved through your REALTOR®'s ability to interpret all the MLS® market information and external factors such as rising interest rates."

WINNIPEG, June 9, 2022 – This past May — with the exception of the over 2,000 sales transacted in May 2021 — was an outstanding month as it outperformed every other May previously. The 1,723 sales were a decrease of 14% from the same month in 2021 but are up 4% over the 5-year average.

May's dollar volume of $690.4 million is another story as this total even held its own against May 2021 which was the highest dollar volume month on record at $692.6 million. This development alone shows the ascendancy of prices from a year ago, with the average price for all MLS® sales now being $400,707 versus $345,269 in 2021.

“While playing some catch-up this spring on one that has been delayed from a harsh, long winter, prices have been well ahead of 2021 from the very beginning," said Akash Bedi, 2022 president of the Winnipeg Regional Real Estate Board. “Rising interest rates are upon us with more to come, and that, in combination with a healthy injection of new listing supply, should help slow the pace of price increases as evident already from this month."

Both active listings, or current inventory, and new listings coming on the market in May, caught up with last year as until now they had been lagging considerably. In April, for example, both active and new listings were off by 19% compared to the same month in 2021 with only 1,892 new listings.

In May, active listings of 2,747 are down less than 1% from last year, while the 2,658 new listings are an increase of 5%. Early June shows active listings total over 3,000 — a number that may rise even higher than June 2021 if it remains above this threshold level.

“An influx of new listings into our market is welcome," said Bedi. “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."

Despite being influenced by global events that are causing inflation and higher borrowing costs — with the Bank of Canada's most recent move to increase its overnight rate by 50 basis points to 1.5% — WRREB's market is seeing month-to-month increases in sales even while other major markets have dropped back from their earlier 2022 monthly numbers, proving once again how all markets are local.

In May, the real estate markets in Toronto, Vancouver and Calgary all experienced decreases around 10% from April 2022, whereas our local market was up 18%.

“Contrary to some other major markets where they are seeing a decrease in month over month sales, our local market is experiencing increased sales," said Bedi. “The other development which really emerged in May is the uptick in new listings of more than 29% from April."

The main driver behind MLS® dollar volume reaching close to $700 million this month was the single-family property type. The average sales price climb of this property type rose even higher from April's new peak level of $447,421 to top out at $454,832. The cost of a single-family property has risen steadily since January, when it first rose above $400,000 to $401,216.

When looking at our bar graph showing sales activity percentage market share for single-family homes, with a direct comparison to the previous year, these shifts become clear, with nearly 20% of sales from $0 to $249,999 in 2021 almost cut in half to 11% this year, and the opposite at the $700,000 to $999,999 price range with 4% heading upward to 7%. In the over $1 million price range, there were 18 sales compared to only 8 in 2021, with one of those sales at just under $3 million for a new home built in Tuxedo.

Condos, on the other hand, have seen far more modest price increases from their previous level of $251,629, with the average price at $261,910 in May and $261,802 in April. In May, the most active price range was between $150,000 to $199,999 at 25%. It was also the leading price range in May 2021 when it was 28%. However, this does not mean that much higher sales prices never occur, as in May a luxury penthouse apartment sold downtown for close to $1 million.

“The more housing options and choice we can provide throughout our market region will go a long way to keep our housing more affordable," said Bedi. “This is certainly an issue and priority we will be raising during this year's lead up to the October 26th civic election as municipalities play an important role in addressing provision of housing supply."

“With rising interest rates, our REALTORS® work closely with other aligned professionals, such as mortgage brokers, to keep their pulse on the market and impacts that may result," said Marina R. James, CEO of the Winnipeg Regional Real Estate Board.

WINNIPEG, May 12, 2022 - The best sales month in Winnipeg Regional Real Estate Board history was in April 2021 with a total of 2,055 sales. Trying to eclipse this record is a tall order, particularly when sales in April 2022 totalled 1,461 — a 29% decrease.

However, when you compare April 2022 performance to the 5-year average, it shows a 6% increase overall and the second highest sales total for this month. Despite being down 16% from April 2021 at $579 million, MLS® dollar volume was still well ahead of the same month in previous years as all were under $400 million.

Contributing significantly to this total — and one of the highlights of this month — is the continued ascendancy of prices in single-family homes and condominiums. Both reached their highest monthly sales averages ever at $447,421 and $261,802 respectively. While home sales in southwest Winnipeg — with an average sales price in April of $587,565 — are skewing the overall regional market price higher, it is worth noting that Winnipeg versus the regional MLS® areas outside the city are not as far apart as some may think. In April, Winnipeg's average single-family home sales price was $456,221, while in the larger surrounding regional area it was $428,110, a difference of only 6%.

“While 2022 is the second consecutive year where we are experiencing double-digit percentage increases in single-family home prices, they are well below the national average the Canadian Real Estate Association reported of over $800,000," said Akash Bedi, 2022 president of the Winnipeg Regional Real Estate Board.

Single-family homes made up 70% of all MLS® sales in April, with the condominium property type second at 15%. Single-attached and vacant land are well behind with each representing 4% of total MLS® sales. As for dollar volume, the two leading property types, due to higher prices, made up 89% of total MLS® dollar volume in April 2022.

“The price acceleration for a number of property types is continuing in 2022," said Bedi. “It has to do with the supply/demand imbalance where listings are deficient in meeting the brisk demand."

Exemplifying the strength and extent of demand for single-family property in April is the metric of 108% when comparing total sales dollar volume to total listing dollar volume. What this means is, that for every home sale, on average, the final price attained was 8% over the list price. A metric of 100% represents an equilibrium between listing and dollar volume and would be considered a more balanced market.

Another metric Winnipeg Regional Real Estate Board tracks monthly is the one that shows above, at, and below list price sales activity. In April, 67% of single-family homes sold for above list price while less than one in four sold for under list price. Even for condominiums, which up until May 2021 had not reached 20% of sales above list price, was nearly double this percentage in April 2022 at 38%.

For condominiums in particular, this kind of upward progression in above list price sales was a real factor in seeing its usually most active and dominant price range of $150,000 to $199,999 supplanted by the next higher range of $200,000 to $249,999 with 26% of total sales.

For single-family, the busiest price ranges by far (in $50,000 increments) were the two from $350,000 to $449,999. Each claimed close to 13% of total sales. The wide divergence in house price sales in WRREB's regional market is remarkable, with the highest sales price attaining $1,900,000 while the lowest was $51,000.

“The reality of a large regional market such as Winnipeg Regional Real Estate Board's is prices can vary considerably depending on the property type, its attributes, and the area in which they are located," said Bedi.

At this point, it appears that some MLS® areas that experienced a rapid rise in prices over those in 2021 are now seeing sales slowing down. Combined with the rising cost of financing the purchase of a home — with another Bank of Canada overnight interest rate increase expected next month — and other neighbourhoods lacking new listings, there is no chance of generating sales equivalent to the record sales experienced in 2021.

An MLS® area in the easternmost part of the West End in Winnipeg —which REALTORS® have targeted for years to revitalize through a home ownership program called Housing Opportunity Partnership (HOP) — saw its conversion of listings to sales in April 2021 compared to April 2022 drop from 67% to 44%. In one year, its average single-family home sales price has risen from $179,107 to $253,339.

Modest improvement in new listings compared to the first quarter of 2022 is unfolding, with the gap for single-family homes reduced from percentages in the 20s to the teens, and a slightly better absorption rate. This means there are more listings available to sell now than there were at the end of March based on current sales activity. Similarly, active listings — or available listing inventory — have increased to nearly 2,300 listings, when there were less than 1,900 at end of March and just over 2,100 in April.

“While flood-related issues will impact some of our regional MLS® areas, it appears weather should be more conducive to creating more favourable listing conditions in May," said Bedi.

WINNIPEG, April 8, 2022​ —​ ​​When comparing March sales of 1,436 to past years, the 5-year average shows an increase of 11%, making this the second-best March on record. However, last year was record-smashing when March sales soared to 1,975 for the first time in the Winnipeg Regional Real Estate Board's history. Prior to that, 2020 and 2019 had each recorded just over 1,000 sales.​

New MLS® listings of 1,848 entered in March 2022 was a decrease of 26% compared to last year. The result was that the available supply of listings at month end were down 27% in comparison to the same time last year, with 1,822 l​istings available for sale in April.

“Our recent 2022 Market Insights Annual Forecast Event made clear the Winnipeg Regional Real Estate Board market region will be hard pressed to repeat such stellar sales in 2022 that occurred in 2021," said Akash Bedi, 2022 President of the Winnipeg Regional Real Estate Board. “This has been the pattern so far with high conversions of active listings to sales with fewer listings to realize peak sales levels attained last year."

In examining March conversion of MLS® listings to sales at 78%, it aligns very well with the high percentage achieved in March 2021, with only one percentage point lower in 2022. Single-family active listing conversions are identical for both years at just under 82% while condominiums are almost the same at 73% in conversions. Prior to 2021, conversions were significantly lower for this time of year.

This pattern is replicated for the first quarter of market activity with respect to MLS® listing conversions to sales. In both 2022 and 2021, approximately 72% of listings entered on the MLS® for the first three months sold. In prior years, fewer than 50% were converted.

“Demand in 2022 remains very brisk, as we experienced in 2021" said Bedi. “The difference in 2022 is that we are seeing fewer sellers engaged in our market despite the opportunity they have to take advantage of strong seller's market conditions."

Another difference in 2021 is the increase in both variable and fixed mortgage rates, which may be a contributing factor with fixed-term mortgage holders deciding to hold onto the favorable terms they have in place with respect to financing their existing home. Some other MLS® property types, such as vacant land and duplexes, are seeing significant decreased sales from last year's best start ever.

For the first three months of 2022, MLS® sales of 3,082 are down 26% from 2021 but up 6% over the 5-year average. Dollar volume of $1.15 billion for the first quarter dropped 14% from last year but has increased 25% over the 5-year average.

The lower fall-off in dollar volume compared to sales in 2022 is an indicator of prices rising noticeably from the end of 2021 in comparison to the same time last year. For single-family detached homes, the average sales price of $439,535 in March has increased 15.7% from the 2021 average sales price of $379,844, and 14.2% from the March 2021 average sales price of $384,773.

Condominium prices have gone up as well, but not to the same extent as single-family homes in the first quarter of this year. The March 2022 average condominium sales price is $260,731, a 5% increase over March 2021, and 6% higher than the 2021 average condominium sales price of $244,957.

“The flight to more affordable living options in our regional market exists with movement of first-time buyers in particular to condos over homes, given the latter's much higher prices," said Bedi. “First quarter 2022 shows condo sales performing better than single-family, with a 9% decrease in sales compared to the same period in 2021, whereas single-family home sales have fallen 27%."

March is the first month this year when condominium sales were not able to match or exceed 2021 sales. They were down 21% but up 71% and 64% over the same month in 2020 and 2019 respectively.

The pronounced seller's market conditions for single-family detached homes have led to a rapid rise in house prices in 2022 compared to 2021. While southwest Winnipeg was highlighted last year as the MLS® zone with the highest sale prices in the entire market region — and remains so — other zones need to be watched given their quick ascendancy in prices in the first quarter of 2022.

Southeast Winnipeg surpassed $500,000 in its average sales price for the first quarter. Helping make this progression possible is River Park South, one of its busiest MLS® areas, reaching over this threshold and the two MLS® areas encompassing Royalwood, Island Lakes, Bonavista and Sage Creek at the $690,000 price level.

The regional zone beyond Winnipeg city limits rose over $400,000, as did northeast Winnipeg. In the first quarter of 2021, they were both under $350,000. While it is still early in the year with 10 sales, the south Headingley MLS® area (south of Assiniboine River) had an average sales price of $1,126,075.

A standout for a higher average sales price in northeast Winnipeg is the east Transcona MLS® area with an average sales price of $467,321, which was $375,660 for the same period in 2021. While this active MLS® area has similar percentage conversions of listings to sales in the first quarter of this year as it did in the first quarter of 2021, there were 60 listings entered versus last year's 92.

“Supply-constrained MLS® areas are pushing prices up at a rate not seen before," said Bedi. “While our market region remains more affordable than most other markets in the country, it is not immune from the impact of demand/supply imbalances."

Another indicator of rising prices in 2022 is the number of single-family homes and condominium listings that resulted in higher than list price sales. For the first quarter of this year, single-family was at 61% while condominiums had one in four sell for more than list price. In comparison to 2021, it was 47% for single-family and 13% for condominiums.

An indicator of higher single-family priced sales in March 2022 compared to the same month last year, despite 309 more sales in 2021, was that there were 17 million-dollar-plus sales compared to 7 last year, and 98 sales from $600,000 to $699,999 versus 66 in this price range last year.

“Spring is here and every expectation is for a strong start to the second quarter with a fresh influx of new listings to help it along," said Bedi.

“In a fast-paced market with a lot at play, you need to be seeking the objective advice and counsel of a professional REALTOR®," said Marina R. James, CEO of the Winnipeg Regional Real Estate Board. “For sellers, a REALTOR® can provide you with the appropriate feedback to maximize the return on your greatest asset."

WINNIPEG, March 11, 2022 – February sales were held back from a lack of listing supply. This resulted in a decrease of 22% from February 2021, however, sales of 963 are up 8% over the 5-year average. February 2022 is the second-best February on record as February 2021 was the only February to go beyond the 1,000 sales thresholds for this month.

This year's market has yet to thaw out when it comes to listings. New listings entered in February were down 19% and were further exacerbated at the beginning of February when there were 31% fewer active listings available from the year prior.

“As a storekeeper knows, you cannot sell what you do not have on your shelves, and real estate property cupboards were bare in a number of MLS® areas throughout Winnipeg and the surrounding market region in February," said Akash Bedi, 2022 President of the Winnipeg Regional Real Estate Board. “Like other retailers, we would prefer our shelves were stocked."

Demand is bumping up against supply and resulting in high conversions of listings to sales. Over half of the entire MLS® inventory turned over in February, with single-family listings being that much higher at 84%. Price increases resulted in 57% of all single-family home sales in February selling for above list price. The average sale price is the highest it has ever been at $429,000 and has risen rapidly, nearly $50,000 from the 2021 year-end average sales price of $380,000 and almost $70,000 from the February 2021 average sales price of $360,000.

Two examples of higher house price sales in February can be used when looking at MLS® areas the Winnipeg Regional Real Estate Board tracks monthly. Of note, the southeast MLS® zone matched the southwest zone with an average single-family sales price of over $500,000, while the regional zone outside Winnipeg rose over $400,000. Coincidentally, the average sales price for this regional zone was $429,000, the same as the overall market region average single-family sales price in February.

“Moving into a seller's market since 2020 for single-family homes in particular, has changed the dynamic of our market from stable to accelerated as far as prices go," said Bedi. “I see no relief until we can move to a more balanced market which translates to seeing more months of inventory to choose from at the end of each month."

One exception to the sales decline experienced so far in 2022 is condominiums. Despite having much fewer listings than previous years, sales are still managing to keep up with the brisk pace set in early 2021. Sales in February are up 4% over February 2021 and year-to-date they are ahead by 2% at 300.

“Condos continue to be a real strength in our current market as was the case in 2021 when sales were up 39% over the previous year," said Bedi. “Given the steep rise in single-family house prices, it should not come as a surprise that more buyers are looking for more affordable real estate options to commence their ownership journey."

Sales for condominiums were almost evenly split within the three $50,000 price-range increments between $150,000 to $299,999 and made up 60% of the 176 sales. Another 14% of sales were from $300,000 to $349,999. The average condominium sales price was $265,681 — up 8% from the 2021 year-end average sales price of $245,000 and 10% from the February 2021 average sales price.

“We are in a very interesting market and at a time with the Bank of Canada raised its overnight lending rate 0.25% on March 2 to 0.50%," said Marina R. James, CEO of the Winnipeg Regional Real Estate Board.  “Lots of opportunity to consider so it is always recommended you seek the advice of a REALTOR® — a professional who is an expert in the local housing market."

WINNIPEG – MLS^® sales of 690 in January 2022 fell back 25% from last month and decreased 26% from January 2021. Though based on the 5-year average for the coldest and slowest selling month of the year, January 2022 was only down 3% over the 5-year average as last year was exceptional in generating significantly more sales than what you normally see transpire at the beginning of the year.

A major impediment to realizing more sales in January was the limited supply of listing inventory. While not a new development in 2022, it was more pronounced with MLS^® listings from 2021 down 26% from 2020 heading into this year.

Where the lack of listing inventory was most impactful was on single-family homes with only 635 listings available at the end of December 2021 compared to 925 in December 2020 and 1,884 in December 2019. Not helping the situation in January was the fact that new single-family listings entered on the market decreased 31% from 2021.​

“The Winnipeg Regional Real Estate Board has to go all the way back to 2008 when it found itself with such a depleted supply of listings on hand to meet buyer demand in our regional market," said Winnipeg Regional Real Estate Board 2022 president Akash Bedi. “Limited supply curtailed sales and this was most apparent in single-family where they were way off previous year's activity."

Tight supply conditions — with much less choice and fewer listings to purchase — led to higher prices as MLS^® dollar volume slipped back 10 percentage points below the 26% sales drop in January 2022.

The most obvious result of this constrained market was in the single-family homes property type, with fierce competition for these listings leading to a much higher monthly single-family average sales price. For the first time in WRREB's history, this monthly average sales price reached and eclipsed the $400,000 threshold to finish at $401,216. In comparison, it was $352,185 in January 2021.

Looking at average single-family sale prices across the city and in our regional municipalities, it was quite dramatic seeing the much higher price increase from a year ago. Southwest Winnipeg stood out as prices rose 22% — from $490,589 to $596,587. Other MLS^® zones went up significantly too, as with Northeast Winnipeg rising from $344,130 to $417,273 and the rural region rising to $386,761 from $333,625.

“We have our own supply chain issues, but the difference for us is it can be resolved locally with more homeowners putting their homes on the market," said Bedi. “There is clearly an opportunity here for sellers to achieve maximum value for their homes based on current market conditions."

It's no surprise that when you see these kinds of price increases, half of all single-family homes in January sold for thousands of dollars above list price. There was an obvious increase in this occurrence within a number of neighborhoods in Winnipeg, and in higher price ranges.

In January, two out of three single-family home sales were over $300,000, with nearly one out of four selling from $300,000 to $399,999.

Condominiums, on the other hand, show more modest movement in prices. The most active price range, with a few more sales, was from $200,000 to $249,999, when it has been the lower range of $150,000 to $199,999. The average sales price for condominiums in January was $251,629, up 12% from January 2021.

“Condominium sales in January actually kept pace with last year with one additional sale," said Bedi.  “This shows, as was evident last year, that property types behave differently from month to month and have their own unique attributes."

Bedi added, “The strong likelihood of interest rate increases coming as soon as March could well be a motivator for both sellers and buyers to jump-start their plans in 2022."