Key-Move Realty Ltd.

Office (204) 339-1661

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.

Read full post

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."

Read full post

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."

Read full post

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."

Read full post

WINNIPEG, January 12, 2022 - December 2021 MLS® sales of 926 brought year-end total sales to 18,575, a 16% increase over 2020. December's dollar volume of $320.2 million elevated the year-end dollar volume total to move above the $6 billion dollar mark to $6.25 billion. This new level is 28% more than the $4.9 billion transacted in 2020. It represents a one-year increase of over $1.35 billion.

Last year marked the third year in a row where record-setting sales and dollar volume milestones were established at the Winnipeg Regional Real Estate Board (WRREB).

“Both 2020 and 2021 in particular have been remarkable years in delivering similar sales gain percentages from the previous year," said outgoing Winnipeg Regional Real Estate Board president Kourosh Doustshenas. “2021 alone saw an increase of over 2,500 sales compared to 2020 and 33% sales growth over the previous 5-year average."

While December was a bit anti-climatic given how previous months were already setting new annual records for WRREB, December 2021 sales and dollar volume finished the year strong with sales down only 4% from the best December ever in 2020, and up 11% in dollar volume to set a new high for this month.

As for listings, the challenge all year was not having enough listings coming on the market to meet the unparalleled demand for MLS® properties. December 2021 was not helpful in alleviating a depleted inventory as new listings entered decreased 16% compared to December 2020. This leaves just 1,676 listings still available for sale in 2022 — 27% less than the number of listings that were available a year ago.

“For all the supply shortages we reported at the end of each month, the 23,093 MLS® listings entered in 2021 were down less than 2% from 2020," said Doustshenas.  “Demand clearly overwhelmed supply to create seller's market conditions and many instances where desirable neighbourhoods throughout our regional market were left with few listings remaining at month end."

Speaking of the high demand for MLS® properties in 2021, it was across the board as there was a strong supporting cast beyond single-family and condominiums. Vacant land, for example, grew its total MLS® market share to over 6% to record 1,146 sales, a 34% increase over its previous record set in 2020. The 874 single-attached property sales were up 23% and represented close to 5% in market share. And then duplexes soared in 2021 with a 68% rise over 2020 to transact 349 sales.

Highlighting how the combination of all MLS® property sales that the WRREB tracks every month can elevate just one MLS® area's market activity is the City of Steinbach and its surrounding area, which includes towns such as Blumenort, La Broquerie, Grunthal and Mitchell. For the first time in our 118-year history, the WRREB had this MLS® area go over 1,000 MLS® sales — rising from 881 sales in 2020 to 1,015 in 2021. No MLS® area has ever come close to reaching this level before.

Well back in second place is the Winkler/Morden MLS® area with 771 sales, while in third place is Winnipeg's Waverley West at 698 sales.

“We changed our operating name to the Winnipeg Regional Real Estate Board in 2021 and it is in part attributable to the growing market activity happening outside the city of Winnipeg," said Doustshenas.

Vacant land sales are predominantly rural given the lack of available vacant land for sale on the MLS® within Winnipeg. While not to the same extent in number of sales as we see occurring in southeastern Manitoba, lake country vacant sales north of Winnipeg performed exceptionally well in 2021. The MLS® area beginning at the south in Lac du Bonnet and heading up north along Lake Winnipeg from Powerview to Manigotagan had 93 vacant land sales — a 63% increase over 2020.

Coming back to our leading property types, both single-family and condominiums — at 68% and 14% respectively in total MLS® market share sales activity in 2021 — set new all-time highs.

The 12,653 residential-detached or single-family home sales increased 11% over 2020 and would have been higher if not for a lack of listings for sale. Annual sales had never before reached 10,000 until 2020 when there were 11,440 sales. Conversion of listings to sales was an amazing 86% — much higher than the previous 5-year average of 64%.

Many MLS® areas in Winnipeg had over 90% conversions of single-family home listings to sales. Two standouts to make note of are West Transcona where there were 188 sales compared to 183 listings entered on the MLS® in 2021, and the RM of Ste Anne with 139 sales and 130 listings new to market last year.

Condominium sales activity in 2021 was stellar as it consistently outperformed most other property types in monthly percentage increase gains from the same month the year before. In the end, condominium sales increased 39% — from a record total of 1,847 in 2020 — to attain a new record of 2,572. Like single-family, condos saw conversions of listings to sales improve significantly — from 51% to 71%. Some ratios were much higher for specific MLS® areas, for example, River Park South (95%) and RM of Tache (92%).

“2021 made a definitive statement that condominiums, especially for first-time buyers, are a very attractive, affordable and alternative option to buying a single-family home," said Doustshenas. “40% of condo sales were priced under $200,000 with another 35% selling from $200,000 to 299,999."

Persistent seller's market conditions prevailing through 2021 were most impactful on influencing price increases for single-family homes. Single-family homes went from an average selling price of $341,000 in 2020 to $379,844 in 2021 — an 11% increase. Condominiums, on the other hand, despite much stronger sales activity and higher conversions of listings to sales, only saw a modest bump of 2% in its average selling price and rose from $240,060 in 2020 to $244,957 last year.

“WRREB's housing prices remain some of the most affordable in the country and that has been documented by a number of national surveys, and even one by UK-based Oxford Economics, which ranked North American metros by housing affordability," said Doustshenas.

Read full post

WINNIPEG, December 7, 2021 – November of 2021 set the record for this month with sales of 1,244, a 4% increase over the former best November in 2020 and a 32% increase over the five previous Novembers. Historically this month has never exceeded 1,000 sales until last year when 1,193 sales were transacted.

“November and our fourth quarter performance has been exceptional with sales rivalling the surge in 2020 market activity at end of year," said Winnipeg Regional Real Estate Board president Kourosh Doustshenas. “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."

New listings of 1,363 in November are only down 1% from last November and 2.9% from the previous 5-year average. While listing supply at end of month remains stubbornly low at 2,252 listings, it is directly the result of above normal sales this year.

This parallels why year-to-date dollar volume is up 29% compared to the same period in 2020 with close to $6 billion transacted and still a month to go. In comparison, MLS® sales for 2020 topped out at $4.9 billion.

“2021 is becoming a year of milestones for the Winnipeg Regional Real Estate Board with November being a strong exclamation mark on what has been occurring," said Doustshenas. “Year-to-date single-family home sales just went over the 12,000 threshold for the first time in their history, while condominiums continue to exceed annual expectations with 2,429 sales, a 43% increase over 2020."

Residential-attached sales are also making their mark in 2021 with 1,300 sales compared to less than 1,000 last year. The 118 residential-attached sales in November are up 36% over November 2020.

Speaking of sales, year-to-date MLS® sales of 17,650 clearly set the stage for the final year-end number to elevate 2021 sales to well above 18,000 sales, more than 2,000 sales ahead of last year's record-smashing total of 16,033.

“What is very apparent in 2021 is how much more other property types besides single-family and condominiums, to a lesser extent, have added to the overall total numbers," said Doustshenas. “There has been a strong supporting cast with all property types contributing to achieving a higher level of sales and dollar volume activity this year." 

As to a breakdown for Winnipeg versus the much larger geographical market region, the split between single-family homes sales is 66/34 whereas for condominiums it is 85/15. However, vacant land sales have seen listings more prevalent outside Winnipeg, with sales happening largely beyond the capital city with only 3 out of 55 in November being sold within Winnipeg.
Given the incredible demand this year for all property types, the MLS® Home Price Index (HPI) for the Winnipeg Regional Real Estate Board market region has shown increases in prices with the overall HPI benchmark composite price going from $285,800 at the end of 2020 to $323,100 in November 2021. In this same period the single family HPI benchmark price has risen from $297,700 to $338,800 while apartment condos have increased from $196,300 to $207,700.

The MLS® HPI is the most advanced and accurate tool to gauge home price levels and trends.

“I expect demand to remain brisk until the end of the year and into 2022 as the incentive for buyers to take advantage of historic low mortgage rates has more urgency now with the expectation they will head up next year." said Doustshenas.

“The opportunity to sell your property remains very favourable at this time with so many MLS® areas experiencing a shortage of listings," said Marina R. James, CEO of the Winnipeg Regional Real Estate Board. “I recommend you contact your REALTOR® to learn what your own situation may offer."

Read full post

WINNIPEG, November 8, 2021 – With new records being set this year, including the most annual MLS® sales this month at 16,411 - an 18.3% increase over the same period in 2020, and a 2% rise over the 16,033 sales transacted by the end of 2020 - you cannot overlook how exceptional October 2021 performed.

Owing to the rise in the conversion of listings entered on the MLS® to sales of 78% compared to 65% in 2020 and 52% in 2019 for the first 10 months, October 2021's even higher conversion rate of 85% propelled sales to 1,508, only 5% down from October 2020 and a 25% increase over the previous 5 years.

Another record surpassed was October's dollar volume of $523.7 million, up 4% from October's first $500 million month in 2020. Besides the outstanding October sales which made it possible to exceed one-half billion in sales activity, a contributing factor was fourteen sales over $ 1 million dollars. Three of them were above $2 million with two being commercial and one a spectacular home. A farm also sold for just under $2 million.

New listings entered on the market in October were only seven listings behind October 2020, so an encouraging sign that more property owners are listing their home on the market and taking advantage of the continuing brisk demand carrying into the fourth quarter of 2021.

“October's strength in listing and sales activity demonstrates success is not seasonally-based," said 2021 Winnipeg Regional Real Estate Board president Kourosh Doustshenas. “The fourth quarter numbers are indicative of a year where consistency of purpose to buy property has not let up for most MLS® properties."

For instance, both year-to-date and October average days to sell for a single-family home are almost identical at just under 3 weeks. Another metric for single-family homes that shows a striking similarity between October and year-to-date is what is called total sales dollar volume in relation to total listing dollar volume. They are 102.9% and 103.6 % respectively. This indicates that all sales on average achieved around a 3% gain above the final asking price for a home.

One property type which has cooled off from the first half of 2021 when comparing sales to the same period in 2020 is vacant land. It saw sales drop off 20% in October and 26% in September. However, year-to-date sales remain ahead of 2020 by 46% and rose above 1,000 sales in October for the first time. Vacant land represents over 6% of total MLS® sales in 2021 and is the third most active property type.

Another property type which has led the way this year in exceeding or keeping pace with last year's monthly sales activity is condominiums. October sales of 228 increased 13% over October 2020 and have jumped 45% to 2,241 sales in the first 10 months. They represent 15% of total MLS® sales in October.

“Condominiums have clearly established themselves this year as the most desirable and affordable property type option to single-family homes in our regional market," said Doustshenas. “Reports have shown how it is more affordable to own a two bedroom condominium than rent one."

​A crucial point worth noting in October is that sales could have been even higher in many MLS® areas throughout the regional market if more listings had been available to purchase.

This was particularly evident with single-family home sales in coveted Winnipeg neighbourhoods. There are many examples of this throughout the city, but when Southdale has 8 sales and only one available listing left to purchase, or East Kildonan has 19 sales and only 5 listings left in November, you are clearly not reaching the full potential to increase total sales. Waverley West had 43 sales — nearly double the listings remaining at month end.

While more detailed analysis is required to determine the specific MLS® areas throughout the regional market where other MLS® property types are operating at an elevated level, there would be several of them based on year-to-date percentage increases of 83% for duplexes, 50% for commercial, 44% for townhouses and 21% in respect to single-attached properties.

Read full post

WINNIPEG, October 7, 2021 - The third quarter finished strongly in September surpassing three annual MLS® records. Year-to-date dollar volume of just under $5 billion surpasses the 2020 annual dollar volume of $4.9 billion and the 2,014 condominium sales for the first nine months of 2021 are comfortably ahead of the 1,847 ​annual record total set last year. Residential-attached sales at the end of September are slightly ahead of the 2020 annual sales record of 1,060, with 1,081 year-to-date sales. The fourth quarter will add to these totals reached in September.

“The new peak for annual dollar volume is a combination of increased sales and higher prices," said Kourosh Doustshenas, 2021 President of the Winnipeg Regional Real Estate Board. “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." 

The 1,501 MLS® sales recorded in September dropped 15% from September 2020 but gained 16% over the previous 5-year average for this month. Up until 2020, a September with sales reaching, or just passing the 1,200 sales mark was considered an excellent month. Likewise, September dollar volume of close to, or above $500 million in 2021 and 2020 respectively makes previous Septembers appear quite modest at less than $350 million in sales transactions.

It is worth noting that, contrary to some MLS® property types, such as single family-detached homes and vacant land, not being able keep pace with last year's third quarter surging sales, condominiums, duplexes, and commercial properties all made gains compared to the same period last year. Duplexes stood out with 81 in 2021 versus 48 sales in 2020.
The current supply of listings at the end of September is 2,840, down 28% from the same time last year. With a high conversion rate of new listings to sales of 78%, it is readily apparent if there is a pick- up in new listings in the fourth quarter, it will lead to increased sales. In September, new or current listings of 1,922 were down 16% from 2020, and 19% from 2019. 

“A number of Winnipeg neighbourhoods did not meet the unrelenting demand for single family properties," said Doustshenas.

No better example is in the southwest Winnipeg neighbourhood of Whyte Ridge where there were 12 sales in September and only 1 listing left for sale in October. This translates to a sales-to-active listings ratio of 1200%. River Park South in southeast Winnipeg had 23 sales, leaving only 3 listings available for sale in October. 

Regional MLS® areas outside Winnipeg were largely below 100% sales-to active listings ratios meaning at month end there are more listings for sale than sales. However, the RM of Brokenhead was at 112% with 19 sales and 17 listings for sale while the City of Selkirk is at 167% with 20 sales and 12 listings.

Given the talk of not enough listings to meet demand this year, the 19,203 listings entered on the MLS® in the first 9 months are down less than 2% from the same period in 2020. Condo listings are actually up 3% while residential-attached listings have risen 17%.

The year-to-date condominium average sales price of $244,171 has resulted in a very modest increase at less than 2%. One out of four sales are from $150,000 to $199,999 and 83% fall between $100,000 and $350,000.


Single family-detached homes on the other hand have experienced a greater degree of price appreciation at 12% with a year-to-date average sales price of $379,056. Through the third quarter, in comparison to a supercharged second quarter with two months of sales over 2,000 each, showed moderation with prices less heated. The second quarter average single family home sales price was $388,422, whereas the third quarter came in at $374,777.

A breakdown of the 5 MLS ® zones in Winnipeg and the regional area outside the city shows how the third quarter was more subdued. The southwest area of the city at $473,631 came down from $513,008 in the second quarter and the regional municipalities fell back from $364,549 to $322,619.

“Our regional market delivers some of the most affordable house prices in Canada," said Doustshenas. “Increasing new housing supply and returning to a balanced market is the key to containing house price increases in the fourth quarter and beyond."

“Your REALTOR® is the market expert and can give you insights into the ebb and flow of real estate sales activity among all the different property types, said Marina R. James, CEO of the Winnipeg Regional Real Estate Board.

Read full post

Winnipeg, September 8, 2021 –1,626 sales were recorded in August 2021 making it the second-best August on record. While 12% off the record-setting 1,845 sales transacted in August 2020, it was up 9% over the 5-year average for this month.

“There has been some moderation in sales activity in our regional market since June 2021," said Koroush Doustshenas, president of the Winnipeg Regional Real Estate Board. “Though it is important to acknowledge July and August were still very active and ahead of previous same month sales with the exception of 2020."

Active or available listings for sale at the end of August are at just under 3,000, a 30% decrease from the same time in 2020. New listings entered on the MLS® in August were 2,157, a 9% drop from last August but only 3% off the 5-year average for this month.

“While listing supply is lower than previous years, there is some improvement in inventory owing largely to the less rapid turnover of listings to sales that have been occurring at an accelerated pace this year," said Doustshenas.

Year-to-date sales of 13, 414 are up 27% over 2020 and the 5-year average. Prior to 2020 where sales vaulted well ahead of 2019 to finish just over 16,000, the 2021 year-to-date total is in line with WRREB's more recent annual totals of over 13,000. With four months to go and expectation of a strong finish to 2021, it is a foregone conclusion 2021 will usher in WRREB's third consecutive year of record annual sales.

MLS® dollar volume will also set a new annual record and has risen 41% above 2020 for the first 8 months. It is just $400 million away from closing in on the best annual total set last year of $4.9 billion. In August 2021 there was close to $539 million dollars transacted.

In looking more specifically at MLS® property types, residential-detached or single-family homes saw sales down nearly 15% from the same month last year but up 5% over the 5-year average. Condominium sales of 212 were only two fewer than August 2020 and are up 58% for the year at 1,808 sales.

The Canadian Real Estate Association's MLS® Home Price Index, which tracks the most typical property type selling in our regional market every month, shows prices have moderated slightly since peaking in June with a higher index and benchmark price. The benchmark price of a single-family home was $340,800 in June, $333,100 in July and $333,700 in August. Though it is worth noting a two-storey home topped out at $362,000 in June, however, fell back to $348,600 in August.

As for condominiums, their high point this year happened in July as climbed up from $202,700 in June to $209,700 in July and dropped back slightly to $207,700 in August.

Another housing index, the National Bank-Teranet HPI, which produces a housing affordability monitor report for major markets across the country, indicates in its most recent one released in August, that for the price of a representative home of $369,511 in Winnipeg the required household income to afford it is $75,352 and it will require 28 months to save for the down payment (savings rate of 10%). In sharp contrast you need to earn $124,891 to afford a $618,684 representative priced home in Ottawa/Gatineau and will require 52 months to save for a down payment.

“With current dialogue surrounding how home ownership is becoming out of reach for Canadians we must keep things in perspective that all markets are local and behave differently across the country", said Doustshenas. “Winnipeg is still one of the most affordable housing markets in the country with many Manitobans being able to afford a home or condo."

“2021 is proving to be a very dynamic and fast-paced real estate market," said Marina R. James, CEO of the Winnipeg Regional Real Estate Board. “You should contact your REALTOR®, an expert on the local market, to gain a full appreciation and understanding on what is happening in the current market.

Read full post

Winnipeg – Despite July sales slipping back from June 2021 and July 2020 record-setting months, year-to-date market activity is on pace to set another annual sales record for the third consecutive year. Sales of 11,797 for the first seven months are up 36% over the same period in 2020 and 43% over 2019. Dollar volume is elevated to nearly 52% over 2020 and close to $4 billion in sales activity thus far in 2021.

July 2021 sales of 1,678 are well off last month's best ever June result of 1,943 sales and down 12% from the 1,898 sales transacted in July 2020. They are, however, still up 7% over July's 5-year monthly average. The 2,172 listings entered on the MLS® in July were 10% fewer than in July 2020 while the current supply of 2,919 listings for sale at month's end are down 34% from a year ago.

“If you look at 2021 as a full year marathon, not shorter runs such as weekly or monthly periods of time, the blistering pace set earlier in the year (e.g. over 2,000 sales in April and May) has evidence of slowing down," said Kourosh Doustshenas, president of the Winnipeg Regional Real Estate Board. “Sales are still well on pace to finish the year in record fashion."

While on an Olympic theme, sprinting to the finish line has to be condominiums which managed to stay ahead of July 2020 by the slimmest of margins but did so at 225 sales. They should easily surpass their annual record total in the next two months with already totaling 1,597 sales this year.

Not to be left behind are residential-attached properties which had 124 sales in July, a 17% increase over July 2020 and with 864 year-to-date sales well ahead of previous year sales.

As for prices, condos in July tilted upward with an average sales price of $258,770 and the two price ranges from $200,000 to $299,999 outselling the two lower ones from $100,000 to $199,999. There were also 9 sales over $500,000 with one high rise apartment selling for $1,125,000.

The July residential-attached property average sales price is as high as WRREB has ever witnessed on a monthly basis at $321,333. Dollar volume of nearly $40 million increased 38% over July 2020. Duplexes had a number of sales over $500,000 with the highest selling for $600,000.

While up 7% in average sales price over July 2020, the residential-detached average sales price fell off its monthly high in June of $395,576 to end up at $377,789. There were still 8 sales worth more than $1 million and the most active price ranges were from $500,000 to $749,999 and from $300,000 to $349,999.

The 1,177 residential-detached sales sold on average in 17 days with the shortest time at 11 days for sales from $400,000 to $449,999 and the longest time period of 48 days for homes selling over $1 million.  54% of sales went above list price in July.

“We are seeing rapid turnover of our inventory with 57% of all of MLS® listings turning over along with 91% of residential-detached in July," said Doustshenas.  “This bodes well for those owners listing their property for sale.  Additionally, this Saturday Manitoba opens up further with fewer restrictions."

“To maximize the value you can receive for your property, you need to be contacting your REALTOR®," said Marina R. James, CEO of the Winnipeg Regional Real Estate Board. “REALTORS® are local market experts and can help you to understand what real estate sales strategies are best for your property."

Read full post

Winnipeg — June sales of 1,943 edged out last June's sales of just under 1,900 by 2% and are up 14% over the 5-year average for this month. Dollar volume of $677.5 million jumped 16% over June 2020. New listings coming on to the market in June were down 12% at 2,373, while current inventory of 2,791 at month end decreased 39% from 2020.

“Sales are coming down off their peak in April 2021, and more closely aligned with 2020. June 2020 was the first month when sales rebounded strongly after the pandemic economic shutdown," said Kourosh Doustshenas, 2021 president of the Winnipeg Regional Real Estate Board. “2021 dollar volume gains remain in the double-digits and represent strong upward price movement compared to 2020."

Year-to-date sales of 10,131, for the first half of 2021, increased 49% over the same period in 2020 and 35% over the 5-year average. Dollar volume of $3.4 billion has risen 68%. A remarkable 78% of all listings entered on the Multiple Listing Service® this year have been sold compared to 54% in 2020.

“A true hallmark of this year has been the unprecedented buyer demand for all property type listings with major percentage gains in sales from 2020," said Doustshenas. 

This surge in demand has created seller's market conditions resulting in price escalation in property types such as single family homes where supply has seen a record number of buyers participating in the market.​

The average residential-detached or single family home sales price for the first six months of 2021 is $381,053, a 16% increase over last year. Here is the breakdown for the 5 MLS® zones within Winnipeg and the regional area surrounding the city.

One of the notable developments is the southwest zone of Winnipeg. This area is over $500,000 for the first time, increasing from $446,598 in 2020. All of the 6 areas have experienced double-digit percentage price gains, with Winnipeg's northeast zone the highest at 19%. It went from $290,101 in 2020 to $344,996 this year.   

An important metric gauging price movement is the total sales price to total list price ratio as it indicates the strength of house prices. This ratio went from 98.6% in 2020 to 103.9% in 2021. In June 2021 the ratio was 104.7%.

Other MLS® property types have seen average sales price increases for the first half of 2021.  Duplex prices have risen 26% to $314,188, while townhouses are up 18% to $314,603. Condominiums, with near double the number of sales from 2020, have seen an average sales price increase of 2% to $244,416.

It is worth noting that the West Transcona MLS® area has converted 100% of its 108 listings to sales, with the RM of Ste. Anne's not far behind with a 99% conversion ratio of 74 sales out of 75 listings.

In addition to the impressively high residential-detached percentage listing conversions, are a number of MLS® areas that sold out all of their condo listings. The most notable one is Sage Creek, where more than 100% of listings sold. Outside Winnipeg, the lake country MLS® area running along the west side of Lake Winnipeg sold all of its 15 condo listings.

“A very dynamic real estate market has unfolded in 2021, with changes in prices not seen in years," said Marina R. James, CEO of the Winnipeg Regional Real Estate Board. “REALTORS® are experts when it comes to determining the market value range of properties. Reach out to your REALTOR® to discuss what opportunity exists for you to buy or sell today."

Read full post

WINNIPEG -   Back-to-back monthly sales of over 2,000 reaffirms 2021 as a year like no other. May 2021 sales of 2,006 increased 46% over May 2020 and 21% above the 5-year average for this month. The 2,006 sales are only surpassed by April 2021 when 2,055 sales were transacted on the Winnipeg Regional Real Estate Board's Multiple Listing Service® (MLS®).

Dollar volume for May is up 70% over the same month last year with an all-time record monthly total of $692.6 million worth of sales.

Year-to-date MLS® sales of 8,197 have increased 68% while dollar volume of $2.72 billion is up 89% over the same period in 2020. Listings entered on the MLS® this year are ahead of 2020 by nearly 9% with 10,594 listings. 

Despite a 4% increase in new listings entered in May due to this month's very buoyant sales activity, the active listing supply at month end going into June is down 40% from 4,621 last year to 2,768 in 2021.

“Buyers continue to show unwavering enthusiasm for all property types in May and as a result it is putting a price premium on many listings that come onto the market for sale," said Kourosh Doustshenas, president of the Winnipeg Regional Real Estate Board. “Sales-to-active listings for all single-family homes in our entire market region was 111% which means listings are turning over quicker than can be replaced to meet current demand. Another real indicator of market strength is the metric which shows the ratio of the total sales price dollar volume of all homes sold in May compared to their total list price dollar volume which was 105%."   

The greatest percentage increase in sales from last year for the first 5 months is vacant land at 162%. There are many other property types which are more than doubling last year's sales. They are condominiums, duplexes and townhouses. In actual numbers, vacant land has 601 sales compared to 229 in 2020, and condominiums have 1,141 versus 513 last year.

May condo sales were up 146% with 293 sales. Only March 2021 comes close to this record monthly sales level with 288 sales. The average condo sales price is also impressive at $254,928, up 11% over May 2020. Over one-out-of-five condo listings sold for above list price.

“As single-family home prices have risen rapidly in the last year, especially in 2021, condominiums have become an alternative affordable option for first-time buyers keen to get a foothold in the ownership market," said Doustshenas. “Winnipeg Regional Real Estate Board's Home Price Index benchmark price for a typical apartment condo in May is $202,700, whereas the benchmark price for a single-family home is $335,700."

A new higher mortgage stress test qualification rate of 5.25 % comes into effect June 1, 2021. As a result, it will reduce buying power by about roughly 4% — though with Manitoba having one of the most affordable housing markets in the country, this increase will not preclude most buyers from attaining their goal of purchasing a property. They just may need to be more aware of their mortgage ceiling limit when making an offer on a listing. Buyers are still able to take advantage of some of the lowest mortgage rates in our history.

June ushers in a significant education property tax rebate of 25% this year for residential and farm property owners. The total rebate amount for all of the approximate 658,000 properties in Manitoba is $248 million and property owner rebate cheques are being mailed out this month.

The Bloomberg Nanos Consumer Confidence Index — which tracks Canadians views on personal finances, the economy, employment and real estate — recently reached a 13-year record high.  

In an interview with Amanda Lang of BNN Bloomberg, Nik Nanos said, “Real estate is still a significant positive outlier when it comes to people's views on the future value of homes in their neighbourhood."

He also said, in reference to Canadians wanting to live in different types of homes including those large enough to work in, “There is a structural change that is underpinning a lot of the movement in the real estate market that is very different than anything that we have seen in the past."

“Our new monthly dollar volume record of close to $700 million would not have happened without some big ticket sales beyond a number of one million dollar plus homes," said Doustshenas. “There were three major vacant development land sales totalling over $12 million with one selling for over $5 million."

“May sales show how diverse our regional market is in the mix and scale of property types that were sold," said Marina R. James, CEO of the Winnipeg Regional Real Estate Board. “REALTORS® are professional and informed and make it their business to become experts in all facets of real estate."

The Winnipeg Regional Real Estate Board (WRREB) is a not-for profit corporation founded in 1903 by a small group of real estate practitioners. Today, as one of Canada's longest running real estate boards, WRREB serves more than 2,100 licenced real estate Brokers and Salespersons, along with other industry related professions in and around the Winnipeg Metropolitan Region providing them with essential resources to enhance professionalism, advance the industry's development and enrich the communities they serve. WRREB is the collective voice for both its residential and commercial REALTOR® Members and operates under the direction of an elected voluntary Board of Directors.

The MLS® is a co-operative real estate selling system operated and promoted by the Winnipeg Regional Real Estate Board that includes an up-to-date inventory of listings from participating REALTORS®.The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by CREA and identify real estate professionals who are members of CREA.

Read full post

Winnipeg - For the first time in the history of monthly MLS® sales, the Winnipeg Regional Real Estate Board's April sales tipped over the 2,000 threshold. The 2,055 sales in April edged out last month's sales of 1,975 and are up 53% over the 5-year average for this month. Dollar volume set a new record monthly high as well in April with $678.3 million transacted in sales — a 65% rise over this month's 5-year average.

The 2,615 listings remaining at month end are down 41% from the same time last year despite a dramatic fall off in new listings entered in April 2020 due to the pandemic economic shutdown. The good news is that year-to-date cumulative listings of 8,066 represent a 10% increase over 2020 and are less than 1% behind those entered in 2019.

In April, 78% of active MLS® listing supply turned over — and for single-family homes it was an astounding 131% — leaving less than a month's listing supply going into May.

There were a number of MLS® areas throughout the entire
Winnipeg Regional Real Estate Board's market region where there are as many single-family home sales or more than the number of listings remaining at the end of April. River Park South had 31 sales with only 5 listings left for sale while St. James also had 31 sales with only 10 listings available for sale at the end of April.

Two MLS® areas in the first four months have had more sales than new listings entered this year. Transcona MLS® area has 82 sales versus 81 listings while the RM of Ste. Anne has 47 sales — 6 more than what has been listed in 2021.

“Rapid sales are depleting our listings quicker than we can replace them," said Kourosh Doustshenas, president of the Winnipeg Regional Real Estate Board. “Our average continuous days on market for single-family home sales in April was three weeks and for sales from $350,000 to $399,999 it was just 2 weeks."

Year-to-date MLS® sales after 4 months are 6,197, a 76% gain over the same period in 2020 while dollar volume of $2.0 billion increased 96% compared to 2020. The conversion of listings to sales is another metric indicating a supercharged market with 77% of all listings being sold. In the previous 5 years, this percentage has never attained 50% and you have to go back to 2004 and 2005 when the conversion percentage was as high as it is this year.

“Clearly, 2021 is a year like no other with buyers actively engaged in our regional market to place offers on many different property types and a wide spectrum of price ranges," said Doustshenas. “Condominiums have seen the biggest gain thus far with a 115% increase in sales over the same period last year."

As for house prices, April was notable for a few reasons.

The southwest area of Winnipeg saw its average residential-detached sales price go over $500,000 to end up at $521,625 and also be at the half million dollar mark for the first 4 months. Given this area of Winnipeg has a significant portion of sales within the city, it is not surprising Winnipeg's average residential-detached sales price was skewed upward to reach just under $400,000 in April. The region outside Winnipeg ended up at $351,000.

April also ushered in 13 one-million plus sales with nine selling in southwest Winnipeg, including the highest one at $2,250,000. 

Higher priced house sales were also evident in the price range sales activity chart with the $500,000 to $749,999 capturing the most sales activity at 17%. A close second was from $300,000 to $349,999 at 16%.

The brisk condominium sales in April saw the most sales activity at nearly 30% of total sales from $150,000 to $199,999 with the next busiest price range of $200,000 to $249,999 well behind at 18%.

“You are best advised to contact a REALTOR®," said Marina R. James, CEO of the Winnipeg Regional Real Estate Board. “They know the current market and can help you navigate through all the housing options you will need to consider in making an informed decision."
The Winnipeg Regional Real Estate Board (WRREB) is a not-for profit corporation founded in 1903 by a small group of real estate practitioners. Today, as one of Canada's longest running real estate boards, WRREB serves more than 2,100 licenced real estate Brokers and Salespersons, along with other industry related professions in and around the Winnipeg Metropolitan Region providing them with essential resources to enhance professionalism, advance the industry's development and enrich the communities they serve. WRREB is the collective voice for both its residential and commercial REALTOR® Members and operates under the direction of an elected voluntary Board of Directors.

The MLS® is a co-operative real estate selling system operated and promoted by the Winnipeg Regional Real Estate Board that includes an up-to-date inventory of listings from participating REALTORS®.

The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by CREA and identify real estate professionals who are members of CREA.​

Read full post

WINNIPEG April 7 – March 2021 set a new all-time monthly record for MLS® sales and dollar volume. Sales of 1,975 rose 80% over March 2020 and 60% over the 5-year monthly average for this month. Dollar volume took off as well with $663.9 million transacted — a 98% increase over the same month last year.

Brisk sales activity left listing supply down 42% from 2020 with 2,597 listings available for sale going into April. However, an encouraging sign is the fact new listings coming on the market in March recorded a 14% rise to 2,483 listings. They are also up 11% over the 5-year average.

A clear indicator of how firmly entrenched the Winnipeg Regional Real Estate Board (WRREB) is in a seller’s market is that the equivalent of 76% of all active listings — or current inventory — sold in March. This compares to a more typical conversion of 24% as was the case in 2020.

“Sales percentage increases are well distributed among all property types with a number of them, including condominiums, showing triple-digit growth over last year,” said Kourosh Doustshenas, president of the Winnipeg Regional Real Estate Board. “They make single-family homes’ gain appear modest at 56%.”

The 288 condominium sales in March increased 116% over March 2020 and are up 81% with 579 for the first three months over the same period last year.

Year-to-date MLS® sales of 4,144 are up 56% while dollar volume of $1.34 billion is ahead of last year’s pace by 73%. The 5,734 listings entered on the MLS® for the first three months are on par with 2020 and 5% higher than the 5-year average.

Similar to March 2021, year-to-date single-family home sales are in the one-in-two ratio of achieving above list prices. It was less than one in five for the same period in 2020. This has resulted in an average first quarter sales price of $370,000 — a 16% increase over the same period in 2020.

Condominiums recorded nearly 13% selling above list price. First quarter average sales price is $241,461 — a 5% rise over same period in 2020.

“The spring market presents a prime opportunity for those thinking of selling their property to realize a positive outcome for their listing given current market conditions,” said Doustshenas. “It is very conceivable now that WRREB will break through the 2,000 MLS® sales threshold in April and see buyers, especially first-timers, seek other affordable options besides single-family homes.”

For single-family homes, the most active price range in March 2021 was from $500,000 to $749,999 with nearly 18% of total sales. Not far behind were the two price ranges from $300,000 to $349,999 and $350,000 to $399,999 with 14% each. The once dominant $250,000 to $299,999 price range was in fifth place with just over 10%, and was even beaten out by the $400,000 to $449,999 range with a slightly higher market share percentage.

Condominium sales activity remains most active in the $150,000 to $199,999 price range at close to 22% with the next higher price range of $200,000 to $249,999 second at almost 19%.

Many neighbourhoods within Winnipeg saw March single-family home sales outpace what listings remained at month end. Notable are a few rural MLS® areas in the same situation. They include Headingley North, RM of Brokenhead, RM of Springfield, RMs of Rockwood and Woodlands and the Lake Winnipeg beaches area along the east shore.

March condominium market activity in some MLS® areas joined this well-established trend of high single-family conversions of listings to sales with the RM of Ritchot and Winnipeg’s Crestview being two examples where there were more sales than listings at the end of the month.

“If the first three months is any indication of what lies ahead, 2021 will supplant 2020 as it did 2019 as the best year on record,” said Doustshenas.

“It is important to understand all real estate markets are local and can vary within a large regional market such as ours,” said Marina R. James, CEO of the Winnipeg Regional Real Estate Board. “You are best advised to consult a REALTOR®, a market expert with the knowledge and experience to navigate you through our 2021 spring market.”

Read full post

WINNIPEG -   February continues to show significant increases over the same month last year with 1,240 sales, a 48% rise in early year market activity and 68% in comparison to the 5-year average. The $395 million in dollar volume transacted in February was more pronounced with a 67% jump over February 2020.

Rapid turnover of listings due to heightened market activity resulted in current supply at the end of February down 41% — 2,501 versus 4,266 in 2020. New listings coming on the market in February were 1,661, down less than 3% compared to the same month in 2020 and up 5% over the 5-year average.

“New listings entered on our MLS® in February are in keeping with previous years," said Kourosh Doustshenas, president of the Winnipeg Regional Real Estate Board. “The difference in 2021, and much like the second half of 2020, is we are experiencing record-setting month over same month sales, so sellers remain in the driver's seat."

Evidence of the strength in turning new MLS® listings into sales is the remarkable 75% conversion of the equivalent number of listings to sales in February. This percentage is well above the previous four-year average of 48%.   

Year-to- date MLS® sales of 2,174 are up 39% while dollar volume of $680 million has vaulted 53% over the same period in 2020.

February MLS® property type sales increases were impressive in more than just the two main property types of residential-detached and condominiums with 45% and 46% respectively. There were 105 vacant land sales, a 139% increase over February 2020, and 31 duplexes transacted in comparison to 13 in 2020.

“Momentum from 2020 continues uninterrupted in 2021," said Doustshenas.  “I see no signs of it letting up as we head into March and in all likelihood will see a quick start to our spring market," said Doustshenas. 

Another indicator of buyers being more engaged in our region in February is the metric which shows almost one in two residential-detached sales went for above list price.

As for price range sales activity, a move to higher prices presented in the residential-detached price range activity with the $350,000 to $399,999 just edging out the normally most active price range of $250,000 to $299,999. In third place by a small margin was the $500,000 to $749,999 range.  All ranges each had over 100 sales in February.

In contrast, condominium sales remained most active in the $150,000 to $199,999 price range at 26% of total sales.  Nearly 65% of all condominiums in February sold for under $300,000.


Something to watch out for this year is price movement within Winnipeg and the outlying rural areas. This was a trend in February 2020, with Winnipeg's average residential-detached sales price heading upward to $378,234 from $312,315. Rural had a similar average sales price of $312,708 in 2020 but its sale price increased less in 2021 to $325,787.

Backing up the sharp increase in above list price sales and the sales price increases in both Winnipeg and the rural region was the fact the overall sales price to list price ratio rose over the 100% equilibrium mark to 102.5%. In February 2020 it was 98.4%.

“This month is one of the best examples I can recall which shows how real estate markets can ebb and flow from year to year," said Doustshenas. “This year it is on the rise and we would like to see listings come along with it."

“You can say time is of the essence in a fast-paced market such as the one we have now," said Marina R. James, CEO of the Winnipeg Regional Real Estate Board.  “Your REALTOR® will keep you informed on and help you navigate through it."

​​The Winnipeg Regional Real Estate Board (WRREB) is a not-for profit corporation founded in 1903 by a small group of real estate practitioners. Today, as one of Canada's longest running real estate boards, WRREB serves more than 2,100 licenced real estate Brokers and Salespersons, along with other industry related professions in and around the Winnipeg Metropolitan Region providing them with essential resources to enhance professionalism, advance the industry's development and enrich the communities they serve. WRREB is the collective voice for both its residential and commercial REALTOR® Members and operates under the direction of an elected voluntary Board of Directors.

Read full post

WINNIPEG – December 2020 MLS® sales of 970 elevated year-end total sales to 16,033, a 17% increase over 2019.  This year has been a remarkable record-setting one with 7 consecutive months of new highs. December continues this record with sales up 44% over December 2019 and 41% over the 5-year average.

December dollar volume of nearly $290 million increased 46% over December 2019 and pushed dollar volume up to over $4.9 billion, a 21% increase over the previous highest dollar volume year of 2019.

For all of the record sales activity the last 7 months, active listings or inventory going into 2021 is down 38% to 2,316 listings. Residential-attached properties (include single-attached, townhouse and duplexes) help illustrate this point.

In December, the 90 residential-attached sales transacted doubled last year's total and represented 90% of the supply at month end of 100 listings.  While not to the same extent, the impressive residential-detached and condominium sales activity were equivalent to 66% and 35% of remaining inventory respectively.

“While total listings entered on MLS® ended up being down less than 9% in 2020, it was months like December where listing supply was easily outstripped by accelerated buyer demand," said Catherine Schellenberg, outgoing 2020 President for WinnipegREALTORS®. “Listings never had a chance to catch up after falling behind earlier in the year."

One of the best examples of what happened in 2020 is in the Waverley West MLS® area. It had a significant decrease in condominium listings in 2020 (117 versus 188 in 2019) yet recorded 69 sales in both years. Similarly, Waverley West's residential-detached sales overcame a 10% drop in listings to end up with a 32% increase in sales compared to 2019.

Last year also showed how not all MLS® areas behave the same. Proof of that is how the rural MLS® areas outside Winnipeg were the primary reason for the double-digit percentage increase in MLS® sales in 2020. Sales in rural municipalities were up 40% compared to Winnipeg's 7% increase.  The two rural frontrunners are Steinbach and Morden/Winkler with 881 and 697 sales respectively. The most active MLS® area in Winnipeg is Waverley West at 607 sales.

The 37% increase in rural residential-detached sales was bumped up a few more percentage points because of the 72% jump in vacant land sales (861) which occurred largely outside Winnipeg and a 24% rise in resort property sales (142).

As a result, rural municipalities' total MLS® market share went from 30% in 2019 to 36% in 2020 and represents 57% of Winnipeg's MLS® sales.

“One of the impacts of COVID-19 was a quest for more space and it is clear rural municipalities were beneficiaries of being a place with space," said Schellenberg.

Looking north to cottage country in three MLS® areas that encompass lake communities such as Gimli, Winnipeg Beach, Grand Marais, Victoria Beach, and Lac du Bonnet, MLS® sales went up 67% from 507 in 2019 to 848 in 2020.

As for prices, the residential-detached average sales price increased 5% from $324,122 to $341,175. Condominiums went up less than 1% from $238,088 to $240,060. With respect to the different MLS® zones within Winnipeg and the rural municipalities, the southwest zone saw the biggest average residential-detached sales price increase at 8%. It is also the highest at $460,301. Helping reach this new level were 45 million dollar plus sales with one home selling for $3,750,000 in Tuxedo.

Higher average residential-detached price increases were driven by more sales activity in higher price ranges in 2020 than ever seen before. For the first time, the $300,000 to $349,999 price range equaled the usual dominant one of $250,000 to $299,999 at 17% of total market share. Moreover, sales under $300,000 only edged 2019 by 2% yet ones above this price point level vaulted 31%.

The $500,000 to $749,999 price range stood out through the 7-month record sales run. It went over 1,000 sales for the first time in 2020 and showed a 49% increase over 2019.

Condominium sales remained most active in the $150,000 to $199,999 price range at 25% of total market share with the second highest at 20% of sales being the next higher price range from $200,000 to $249,999.  Sales were actually lower for condominiums over $500,000 than in 2019.

“2020 was a year where Manitobans were determined to make their home of utmost priority and that came in ways where it often meant more functional space and different amenities to satisfy their ne

“I am proud of how our REALTOR® Members and the industry as a whole responded to all of the health measures and protocols by adopting new and safer approaches to make 2020 the best year on record," said Marina R. James, CEO of WinnipegREALTORS®.

For a recap and insights on the local market and what lies ahead in 2021, WinnipegREALTORS® is proud to be hosting its Market Insights event on Wednesday, February 3rd. The informative virtual event will shed more light and details on what can be expected to happen in the local housing and commercial market in 2021. Headlining the event and presenting a national perspective is Canadian Real Estate Association's Senior Economist Shaun Cathcart.  Media interested in attending this event, can contact psquire@winnipegrealtors.ca to register.

Read full post

WINNIPEG – Six consecutive months of record monthly sales have pushed year-to-date sales over 15,000 for the first time. This total is over 2,000 sales greater than the 11 months of MLS® market activity in 2019. November sales of 1,193 were up 32% over the same month in 2019. Up until 2020, 900 sales has been the upper limit of this month.

New listings coming on the market in November are down 12% compared to a very active listing month in November 2019. Inventory or current listing supply going into December is 3,136. There were over 5,000 listings available for sale at this time last year.

Year-to-date sales of 15,066 are up 16% over the same period last year while dollar volume of $4.6 billion is ahead of 2019 by 19%. There are 22,646 listings entered on MLS® this year, down 9% from the number of listings entered last year up until the end of November.

“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," said WinnipegREALTORS® president Catherine Schellenberg.

“The incredibly low mortgage rate environment this year is enabling buyers to move into a new living arrangement," she added.

In a month and year like no other, some numbers really stood out in November beyond pushing WinnipegREALTORS® to a new all-time milestone level of 15,000 sales.

The November average residential-detached sales price of $358,465 was up 10% over the same month last year.

Sales this month were particularly elevated in the higher price ranges with sales over $500,000 really standing out. The 123 sales over $500,000 were close to double the 65 which sold the same month last year.

There were 14 sales over $1 million with southwest Winnipeg having 10 of them. Southwest Winnipeg's average monthly residential-detached sales price was close to half a million dollars at $495,000. Meanwhile in November southeast Winnipeg climbed to a high of $420,000 and rural sales averaged $340,000.

95% of the equivalent number of new residential-detached listings entered in November sold while the ratio of sales price to list price for this property type was at 100%. This percentage signals an overall market equilibrium between sellers and buyers though many listings are still selling for above list price - 32% in November.

Many MLS® areas within Winnipeg and the R.M. of Tache had more residential-detached sales than what listings remained available for sale at the end of November. Two to note are Windsor Park with only one listing available when there were 7 sales, and 2 listings available in Garden City with 9 sales in November.

“Residential-detached listings are in short supply based on current demand in many Winnipeg neighbourhoods," said Schellenberg.

Schellenberg added, “Strong condominium sales activity the last few months, including November, is putting more pressure on listings, too. However, supply remains in better shape with 4 months of listings available compared to 1.6 months for residential-detached."

Speaking of property types, the real stand-out this year is vacant lots with the 84 sales in November increasing 180% over November 2019. Year-to-date sales are up 69.7%.

“The huge year-over-year increase in vacant lot sales in 2020 is largely a rural phenomenon as there are much fewer listings in comparison for sale in Winnipeg," said Schellenberg. “Of the 84 lots sold in November, only 5 were located in Winnipeg."

Heading into the final month of 2020, Schellenberg stresses, “We as an organization are remaining vigilant by reminding our REALTORS® to follow all the public health protocols and adopt a myriad of practices to keep everyone safe from COVID-19," said Schellenberg.

“REALTORS® are adapting to new ways of conducting business during these times," said Marina R. James, CEO of WinnipegREALTORS®. “They understand change and will continue to serve as professionals to help buyers and sellers meet their current and future real estate needs.

Read full post

WINNIPEG – Five consecutive months of record-setting market activity puts an exclamation mark on a year like no other. As a result, the v-shaped recovery from the early spring economic shut-down, which began in earnest in June, brings year-to-date results to a record total of 13,876 sales.

Sales have risen 15% over the same period in 2019 and are ahead of the 13,662 annual total sales record set last year. Similarly, year-to-date dollar volume of $4.24 billion is up 18% over the same period in 2019, and higher than last year's record dollar volume of $4.06 billion.

October sales of 1,595 increased 36% over October 2019 and dollar volume of $505.3 million eclipsed last October's total by 48%. New listings of 1,786 entered in October were actually down 8.8% in comparison to October 2019. The 3,545 listings available for sale in November have declined 35% from the same time in 2019.

“Delayed spring 2019 market sales has more than made up for in the last few months with brisk sales activity, “said Catherine Schellenberg, president of WinnipegREALTORS®. “Listings on the other hand, have been less so as a consequence sellers' market conditions prevail."

Backing up a survey WinnipegREALTORS® and the Manitoba Real Estate Association conducted with Probe Research in June which indicated strong buyer interest in purchasing a home despite COVID-19, are two recent national surveys by Nanos Research Group and the Mortgage Professional Association (MPA).

Nanos weekly survey indicates 45% of Canadians believe values of homes in their neighbourhood will go up over the next six months while only 13% said they will go down. The MPA survey of 1,000 Canadians conducted between September 25 to October 8 show 90% of Canadians are happy with the purchase of their home with only 2% expressing complete regrets. In this same MPC report, the percentage of people who never expect to own a home dropped in half compared to the end of 2019.

A local indicator of how robust buyer sentiment is in October is called the sales to new listings ratio. A 60% to 70% ratio would be considered very good whereas this October it was 89% for all MLS® sales and an amazing 99% for single family homes. Moreover, 72% of the equivalent number of single family listings on the market at the beginning of October sold.

“Homes in particular have become so sought after since the pandemic took hold." said Schellenberg. “Condominiums have performed well with 201 sales in October and year-to-date activity now surpassing last year."

Both single family homes and condominiums experienced increases over 10% in average sale price compared to the same month last year. While it is more common to see a home sell over a $1 million, in October we saw a downtown condominium sell for $1,150,000.

As the third busiest property type with 708 sales this year, vacant land represents over 5% of total MLS® sales and continues its incredible percentage increases over last year with a 124% rise in October and 63% year-to-date.

Schellenberg emphasized, “REALTORS® have adopted important measures to ensure the safety of you and your family with safe showing practices, including virtual showings, digital signatures and scheduled open houses to assist buyers and sellers navigate the real estate process safely and professionally."

“Your REALTOR® is professional and informed," said Marina R. James. “They know the market and will provide you with expert advice on how best to buy or sell based on current situation."

Read full post

WINNIPEG - September MLS® sales reaching an all-time high of 1,777 for this month compared to 1,211 in 2019 indicates the resurgence of sales since June continues throughout the third quarter.

Sales dollar volume in September of over half a billion dollars rose 57% compared to September 2019. The higher percentage increase in dollar volume compared to the 47% gain in sales is an indicator of upward pressure on prices. This is due to the accelerated sales activity and the rapid depletion of listings.

Active listings at the end of September are down 34% from 6,012 in 2019 to current inventory of 3,942.

“We are witnessing unprecedented times and certainly our third quarter sales activity of over 5,500 sales is unrivalled from any previous quarter in WinnipegREALTORS® history," said Catherine Schellenberg, president of WinnipegREALTORS®. “For comparison sake, last year's third quarter performed exceptionally well and there were fewer than 4,100 sales."

As a result of another robust month of MLS® sales, year-to-date sales activity of 12,286 is up nearly 13% over the same period in 2019. MLS® dollar volume for the first nine months increased 15% to over $3.7 billion in comparison to last year. The 19,493 listings entered on the MLS® this year are down less than 9% from the same period in 2019.

“As much as we have witnessed a shortage of listings, this can be attributed to the strong pace and growth in demand for property the last four months," said Schellenberg. “Similar to a store owner, we have not been able to stock the shelves fast enough to keep up with a spike in demand in a number of sought after neigbourhoods and municipalities within our market region."

Proof of demand outstripping supply or at least making it necessary for residential-detached listings to be replenished were experienced in Winnipeg neighbourhoods including Norwood Flats, Riverview, Lord Roberts, Fort Richmond, Waverley Heights, St. Norbert, Whyte Ridge, St. Vital, River Park South, Windsor Park, East Kildonan, North Kildonan, Kildonan Estates, Mission Gardens, Amber Trails, Garden City, Maples, Tyndall Park, Woodhaven, Westwood and Crestview.  Some rural municipalities that were seeing higher conversions of their inventory were the City of Selkirk and the RMs of Ritchot, Rockwood, Woodlands and West St. Paul.

In the last few months condo market sales have been strong. Condo sales in September helped reduce the sizable deficit built up earlier in year compared to the same period last year to less than 3% at the end of this month.

Given price pressures the average residential-detached sales price in September was $352,010, an 11% increase over September 2019. This can be explained by the wide differences in sales in price ranges above $300,000. For example, the $300,000 to $349,999 price range has edged out the $250,000 to $299,999 range which has been the perennial leader.

The one price range to show the largest percentage gain over last year is from $350,000 to $399,999 with a 114% increase over September 2019. Higher end sales above $500,000 were brisk with the highest selling for $3,750,000.

“We are seeing first-time home buyers having to go above $300,000 in their offer to acquire a home they may have been able to purchase under this benchmark level last year," said Schellenberg.

Other MLS® property types exceeded market expectations in September with vacant lots up 179%, townhouses increasing 150%, mobile homes ahead by 86% and single-attached rising 58%.

“REALTORS® know the market and it is in your best interest to work with one to become familiar with the ebb and flow of listings, sales and pricing," said Marina R. James, CEO of WinnipegREALTORS®.

Read full post

WinnipegREALTORS® August Real Estate Market Release - Recovery in sales since June has turned into a strong resurgence in MLS® market activity with August registering 1,845 sales, the third straight month of 1,800 plus sales.  Sales in August are up 28% over August 2019 and the five-year average for this month.

Listings however have not rebounded with the same vigour.  The 2,374 new listings entered on the market in August are down 1% from last August and dropped 9% in July when compared to the same month in 2019.   As a result, it leaves the current inventory of 4,232 listings down 30% from the same time last year. The number of sales in August represents 44% of the current inventory whereas last August it was 24%.

“Following three months of overall heightened sales activity we are not seeing the same response with listings coming on the market," said Catherine Schellenberg, president of WinnipegREALTORS®. “The impact is a shortage of listings for eager buyers and increased situations where multiple offers and bidding wars are occurring."

Year-to-date sales which were running a deficit at the end of May of 8% are now up the same percentage at the end of August. There are 10,511 sales compared to 9,702 last year. Listings entered this year to the end of August are 17,208, off more than 9% from the 18,962 in 2019. Dollar volume of close to $3.2 billion has increased 10% in comparison to last year.

With high turnover of listings to sales this year, especially in the last three months, overall listing inventory shows a tilt in the current market to favour sellers.  The high turnover of listings converting to sales this year, especially in the last three months, is creating a real lack of supply in available listings for buyers at this present time. Most affected are residential-detached  properties  with only one and one-half months of supply based on the current sales pace. Condos are in a more balanced position at 4 months.

In terms of specific MLS® property type sales activity for the busiest August on record, residential-detached sales increased nearly 31% while condos edged ahead by 7%. The third most active property type at 98 sales was vacant land - a 66% increase over August 2019.

Similar to July 2020, there were close to one out of three residential-detached listings selling for above list price. Number of sales equated to 67% of the entire inventory and 86% of the new listings entered in August.

The most active price range for the second month in a row is $300,000 to $349,999 at over 16% of total sales with the $250,000 to $299,999 just five sales behind and the $350,000 to $399,999 close at 14%.

When you compare sales under and over $300,000 to August 2019, the major gains are in the upper end of the housing price spectrum.  This indicates real strength in the move-up market.  Where the percentage gain in sales for houses selling under $300,000 is 5%, and only a difference of 26 sales, for over $300,000, the percentage increase is a whopping 57% with 787 sales compared to 502.

The upper end of the residential-detached market was punctuated with the highest sale price ever at $3.9 million. The previous record was set last month at $2.8 million. Not surprisingly, with this move up to more spacious and expensive homes, the average square footage for a home sold in August was just under 1,400 square feet compared to 1,313 square feet in August 2019.

Condominiums were most active in the $150,000 to $199,999 price range with one in four sales, however the next three higher price ranges up to $349,999 all exhibited strong activity with another 44% of total sales. One condo sold for just over $1 million.

“A work from home trend is changing the way one thinks about the kind and extent of space and has definitely garnered more thought and attention," said Schellenberg. “This coupled with historically low mortgage rates are motivating factors for a number of sellers and buyers to make a change during this pandemic."

 “Unprecedented times call for experts who can help you navigate safely and seamlessly through the home buying and selling process," said Marina R.  James, CEO of WinnipegREALTORS®.  “REALTORS® are there to advise you on all aspects of our ever changing real estate market.

Read full post