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January 2024 Market Release

2024 begins with strong gains across MLS® residential property types

 WINNIPEG, February 8, 2024 – January 2024 started with increases to MLS® sales, listings, dollar volume and average prices across all of the main three residential property types of residential detached, condominium and residential attached homes when compared to last January.

“It was interesting to see 2023 close out with increases across many statistical categories but even more compelling to see a start to 2024 that builds on that statistical trend," said Rena Prefontaine, 2023-2024 President of the Winnipeg Regional Real Estate Board. “On a percentage basis, January 2024 saw double digit increases to MLS® sales for residential detached homes, condominiums and residential attached homes compared to January 2023. Average prices and dollar volumes for these property types were also up considerably, marking an intriguing start to 2024."​

MLS® sales for all MLS® property types across the Winnipeg Regional Real Estate Board's market region are up 14% over last January, and 8% below the 5-year average. Active MLS® listings for all MLS® property types are up 7% from last January and 8% above the 5-year average. The total dollar volume of MLS® sales in January was over $236 million which is 26% above last January and 2% above the 5-year average. 

Of the 443 residential detached MLS® sales across the Winnipeg Regional Real Estate Board's market region in January, 287 were in Winnipeg while the remaining 156 occurred outside Winnipeg. East Transcona led the way with the most residential detached homes sold in January followed closely by Waverley West. The Steinbach area saw the most residential detached homes sold outside Winnipeg followed by the Morden/Winkler area.

Of the 1,315 residential detached active MLS® listings, 585 were in Winnipeg while 730 were outside Winnipeg. The average price for a residential detached home rose 8% over last January and is up 8% over the 5-year average. The most active residential detached price range in January was the $325,000-$349,999 range, representing 8% of all residential detached MLS® sales.

Interestingly, a close second was the $550,000-$599,999 price range which was just shy of 8% of all residential detached MLS® sales. There were 7 residential detached homes sold at $1 million or more in January 2024 whereas there were 3 sold in January 2023. 

Of the 99 total MLS® condominium sales across the Winnipeg Regional Real Estate Board's market region in January, 85 were within Winnipeg and the remaining 14 occurred outside Winnipeg. Winnipeg's Osborne Village area saw the most MLS® condominium sales in January followed by Downtown. Of the 374 active MLS® listings for condominiums, 285 were in Winnipeg and 89 were outside Winnipeg. The average price for a condominium in January was 20% above last January and 16% above the 5-year average. The most active price range for condominiums was the $150,000-$174,999 price range representing 13% of all MLS® condominium sales.

“Demand for condominiums continues to be strong with MLS® sales up 10% and average prices up 20% over last year," said Prefontaine.​

Of the 49 total MLS® residential attached home sales across the Winnipeg Regional Real Estate Board's market region in January, 38 were in Winnipeg and the remaining 11 occurred outside Winnipeg. Of the 218 active MLS® listings for residential attached homes, 129 were in Winnipeg and 89 were outside Winnipeg. The average price for a residential attached home was 18% above last January and 24% above the 5-year average.

“On February 22, 2024, the Winnipeg Regional Real Estate Board will host its annual Market Insights event and provide an overview of 2023 residential and commercial real estate market trends, insights into factors impacting the economy and real estate forecasts for 2024," said Marina R. James, CEO of the Winnipeg Regional Real Estate Board. “The annual Market Insights event is the Winnipeg Regional Real Estate Board's largest and most impactful event that brings together over 450 real estate professionals, financial and industry business partners. In addition to Jeremy Davis from the Winnipeg Regional Real Estate Board, we are excited to welcome Benjamin Tal, Managing Director and Deputy Chief Economist with CIBC Capital Markets, Shaun Cathcart, Senior Economist with the Canadian Real Estate Association, and Dan Chubey, Managing Director for Colliers Brokerage, for insights into economic trends, real estate results, and forecasts for 2024."


Source: Winnipeg Regional Real Estate Board.

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Market Release December 2023

December 2023 closes the year with steady increases in MLS® sales, listings, dollar volume and average prices ​

WINNIPEG, January 9, 2024 – December 2023 closed with total MLS® sales for all property types up over December of 2022. MLS® listings and dollar volumes were also up over last year which marks the 3rd time in 2023 where all three statistical categories were up in the same month. Average prices increased over last December for all three of the main MLS® property types of residential detached and residential attached, as well as condominium.

“2023 was a year that began with a return to a balanced market and provided an overall steady real estate market performance," said Rena Prefontaine, 2023-2024 President of the Winnipeg Regional Real Estate Board. “To close out 2023, it was nice to see increases to the number of MLS® sales across the three main MLS® property types when compared to last year for the month of December. With the full year of data now in hand, an analysis of 2023 will be undertaken in preparation of the Winnipeg Regional Real Estate Board's annual Market Insights forecast event taking place online on February 22, 2024!"

MLS® sales for all MLS® property types across the Winnipeg Regional Real Estate Board's market region are up 8% over last December, and 16% below the 5-year average.

Active MLS® listings for all MLS® property types continued to rise when compared to last year and are up 12% from last December and 11% above the 5-year average. The total dollar volume of MLS® sales in December was over $226 million which is 15% above last December and 8% below the 5-year average.

Of the 410 residential detached MLS® sales across the Winnipeg Regional Real Estate Board's market region in December, 280 were in Winnipeg while the remaining 130 occurred outside Winnipeg. Waverley West was the neighbourhood in Winnipeg which saw the most residential detached homes sold in December followed closely by the Island Lakes/Royalwood area. The Morris and Morden/Winkler areas saw the most residential detached homes sold outside Winnipeg followed by the Steinbach area.

Of the 1,303 residential detached active MLS® listings, 601 were in Winnipeg while 702 were outside Winnipeg. The average price for a residential detached home rose 7% over last December and is up 11% over the 5-year average. The most active residential detached price range was the $350,000 - $374,999 range in December representing 8% of all residential detached MLS® sales. There were 6 residential detached homes sold at $1 million or more in December.

Of the 103 total MLS® condominium sales across the Winnipeg Regional Real Estate Board's market region in December, 87 were in Winnipeg and the remaining 16 occurred outside Winnipeg. The Osborne Village area and Downtown were the neighbourhoods in Winnipeg which saw the most MLS® condominium sales in December followed by River Park South. 

Of the 385 active MLS® listings for condominiums, 289 were in Winnipeg and 96 were outside Winnipeg. The average price for a condominium in December was 10% above last December and the 5-year average. The most active price range for condominiums was the $175,000-199,999 range in December which represents 14% of all MLS® condominium sales.

Of the 48 total MLS® residential attached home sales across the Winnipeg Regional Real Estate Board's market region in December, 35 were in Winnipeg and the remaining 13 occurred outside Winnipeg. Of the 224 active MLS® listings for residential attached homes, 131 were in Winnipeg and 93 were outside Winnipeg. The average price for a residential attached home was 10% above last December and the 5-year average.

“On February 22, 2024, the Winnipeg Regional Real Estate Board will host its annual Market Insights event and provide an overview of 2023 residential and commercial real estate market data and trends, insights into factors impacting the economy and forecasts for 2024," said Marina R. James, CEO of the Winnipeg Regional Real Estate Board. “The annual Market Insights event is the Winnipeg Regional Real Estate Board's largest and most impactful event that brings together over 450 real estate professionals, financial and industry business partners. As we close the book on 2023 and move forward in 2024, a constant that will remain is the huge advantage REALTORS® provide to those entering the market through access to detailed, accurate, timely, and reliable real estate market MLS® data that greatly assists in the purchase or sale process."

Source: Winnipeg Regional Real Estate Board

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Market Release Nov. 2023


Winnipeg Regional Real Estate Board’s market region holds steady with increased active MLS® listings

WINNIPEG, December 7, 2023 – For the 17th consecutive month, active MLS® listings across the Winnipeg Regional Real Estate Board’s market region showed percentage gains over the previous year. All MLS® sales declined slightly but remained close to last November. MLS® statistics show the average price of residential detached homes and condominiums saw a dip while residential attached homes saw a gain when compared to November of last year.

“While the number of MLS® active listings has fluctuated up and down, percentage increases over the previous year have continued in every month since the market shifted in June of 2022,” said Rena Prefontaine, 2023-2024 President of the Winnipeg Regional Real Estate Board. “Active listings for residential detached homes and condominiums increased over last year while MLS® sales, dollar volume and average prices all saw declines compared to 2022. Residential attached homes, on the other hand, saw increases to active MLS® listings, sales, dollar volume and average prices over last November.”​​

Active MLS® listings across the Winnipeg Regional Real Estate Board’s market region are up 9% from last November and 7% above the 5-year average while sales for all MLS® property types are 2% below last November, and 16% below the 5-year average. The total dollar volume of MLS® sales in November was a little over $285 million which is 4% below last November and 13% below the 5-year average.

 

Of the 566 residential detached MLS® sales across the Winnipeg Regional Real Estate Board’s market region in November, 379 were in Winnipeg while the remaining 187 occurred outside Winnipeg. Of the 1,788 residential detached active MLS® listings, 880 were in Winnipeg while 908 were outside Winnipeg.

The average price for a residential detached home declined 1% over last November and is up 3% over the 5-year average.

West Kildonan was the neighbourhood in Winnipeg which saw the most residential detached homes sold in November followed closely by Sargent Park. Steinbach was the area outside Winnipeg which saw the most residential detached homes sold in November followed by the Morden/Winkler area. The most active residential detached price range was the $325,000 - $349,999 range with 55 MLS® sales in November representing 10% of residential detached MLS® sales.

“There were 5 residential detached homes sold at $1 million or more in November,” said Prefontaine.​

 

Of the 120 total MLS® condominium sales across the Winnipeg Regional Real Estate Board’s market region in November, 99 were in Winnipeg and the remaining 21 occurred outside Winnipeg. Of the 456 active MLS® listings for condominiums, 354 were in Winnipeg and 102 were outside Winnipeg.

The average price for a condominium in November was 8% below last November and statistically equal to the 5-year average.

The Osborne Village area was the neighbourhood in Winnipeg which saw the most MLS® condominium sales in November followed by River Park South. The most active price range for condominiums was the $150,000-174,999 range with 17 sales in November which represents 14% of all MLS® condominium sales.

“November saw the 2nd highest condominium sale of the year in River Park South,” said Prefontaine. “This represents the 3rd condominium sold at or above $1 million in 2023 and matches the total for 2022.”​

 

Of the 62 total MLS® residential attached home sales across the Winnipeg Regional Real Estate Board’s market region in November, 44 were in Winnipeg and the remaining 18 occurred outside Winnipeg. Of the 281 active MLS® listings for residential attached homes, 168 were in Winnipeg and 113 were outside Winnipeg. The average price for a residential attached home was 4% above last November and 8% higher than the 5-year average.

“As we enter the Holiday Season and family and friends gather, homes take center stage as this is where many memories are made,” said Marina R. James, CEO of the Winnipeg Regional Real Estate Board. “REALTORS® are proud of the roles they play in helping create memories for first time or existing homebuyers. For those looking to buy or sell, licenced professional REALTORS® can be depended on for the tools and know-how to make your real estate transaction run smoothly.”​​

 

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Market Release September 2023

Steady MLS® sales performance for September and first three quarters of 2023 while average home prices continue to increase

WINNIPEG, October 5, 2023 – As was seen last month, average home prices in September increased over 2022 and the 5-year averages across the three main property types residential detached, condominium and residential attached. For the month of September and the first three quarter totals, MLS® sales continue to track similarly to 2019.

“September was marked by its steady MLS® sales performance for this month and through the first three quarters of 2023," said Rena Prefontaine, 2023-2024 President of the Winnipeg Regional Real Estate Board. “With the record-breaking years seemingly in the rearview mirror, a return to consistency for MLS® sales volumes in our market region is an encouraging development. Average prices continued an upward trend across the three main property types for the second consecutive month."

 

All MLS® sales in September were 2% lower than the Septembers of 2019 and 2022, and 14% below the 5-year average. Active MLS® listings, were up 8% from last September and 1% above the 5-year average. The total dollar volume of MLS® sales in September was a little over $411 million which is 1% higher than September of 2022 and 6% below the 5-year average.

MLS® sales for the first three quarters of 2023 were 14% below 2022 and the 5-year average and only 4% below 2019.

The third quarter MLS® sales were the best quarterly performance of 2023 when compared to 2022. First quarter MLS® sales were 27% below 2022, second quarter MLS® sales were 15% below 2022 while third quarter MLS® sales were 4% below 2022.

 

Of the 813 residential detached MLS® sales across our market region in September, 519 were in Winnipeg while the remaining 294 occurred outside Winnipeg. Of the 2,179 residential detached active MLS® listings, 1,083 were in Winnipeg while 1,096 were outside Winnipeg.

The average price for a residential detached home rose 4% over last September and is up 10% over the 5-year average.

Through the first three quarters of 2023, Waverley West leads total residential detached MLS® sales with 251 followed by River Park South with 154. The Steinbach area leads the way in the areas outside Winnipeg with 333 followed by Morden/Winkler with 300.

“September saw the second highest residential detached home sale ever in Winnipeg, at $4.7 million, in the River Heights neighbourhood," said Prefontaine. “The highest residential detached home sale ever came last year at $5 million in the Charleswood neighbourhood." 

 

Of the 169 total MLS® condominium sales across the Winnipeg Regional Real Estate Board's market region in September, 137 were in Winnipeg and the remaining 32 occurred outside Winnipeg. Of the 449 active MLS® listings for condominiums, 349 were in Winnipeg and 100 were outside Winnipeg.

The average price for a condominium in September was 2% above last September and 9% above the 5-year average.

Through the​ first ​three quarters of 2023, Osborne Village leads the way with 140 condominium MLS® sales, followed by Downtown with 78. Morden/Winkler leads the areas outside Winnipeg with 67 followed by the Steinbach area at 55. 

 

Of the 66 total MLS® residential attached home sales in September, 52 were in Winnipeg and the remaining 14 occurred outside Winnipeg. Of the 289 active MLS® listings for residential attached homes, 179 were in Winnipeg and 110 were outside Winnipeg. The average price for a residential attached home was 8% higher than last September and 15% higher than the 5-year average.

“The recent election serves as a reminder of the role REALTORS® play in advocating for issues related to the real estate industry," said Marina R. James, CEO of the Winnipeg Regional Real Estate Board. “In the coming weeks, REALTORS® from across the nation gather in Ottawa to raise awareness about housing-related issues at the federal level as Members of the Canadian Real Estate Association's Political Action Committee. Like the consistency of the market to this point in 2023, you can be sure that REALTORS® will consistently be a part of the conversations that create positive, housing-related developments into the future."

 

Source: Winnipeg Regional Real Estate Board

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Market Release August 2023

August 2023 MLS® sales and average prices see gains over 2022

WINNIPEG, September 7, 2023 – August 2023 MLS® sales and average prices increased over August of 2022 stemming from increases seen across the main three property types of residential detached, condominium and residential attached homes.

“August marks the first month in 2023 that MLS® sales performed better than the same month in 2022," said Rena Prefontaine, 2023-2024 President of the Winnipeg Regional Real Estate Board. “This trend was seen across all three of the main property types but mostly due to an increase in residential detached MLS® sales. After months of coming close to 2022 MLS® sales levels, it is good to see performance rise above last year's results." 

All MLS® sales in August were 2% higher than July, 2% higher than August of 2022 and 9% below the 5-year average. In keeping with the theme from July's Market Release, the MLS® sales performance for August was 6% above the 5-year average of Augusts between 2015-2019, before the pandemic began. Active MLS® listings on the other hand, were down 2% from July, up 12% from last August and 1% below the 5-year average.

The total dollar volume of MLS® sales in August was almost $511 million and was 5% higher than 2022 and 1% higher than the 5-year average. 
Of the 1,013 residential detached MLS® sales across our market region, 649 were in Winnipeg while the remaining 364 occurred outside Winnipeg. Of the 2,137 residential detached active MLS® listings, 994 were in Winnipeg while 1,143 were outside Winnipeg.

The average price for a residential detached home rose 4% over last August and is up 10% over the 5-year average.

“Interestingly, with 14 MLS® sales over $1 million, August became the new best month for MLS® sales in this price range for 2023," said Prefontaine.
Of the 194 total MLS® condominium sales across the Winnipeg Regional Real Estate Board's market region in August, 168 were in Winnipeg and the remaining 26 occurred outside Winnipeg. Of the 480 active MLS® listings for condominiums, 365 were in Winnipeg and 115 were outside Winnipeg.

The average price for a condominium in August was 5% above August of 2022 and 10% above the 5-year average.

“Another interesting statistic for August saw the 2nd condominium of 2023 sold for over $1 million," said Prefontaine.
Of the 77 total MLS® residential attached home sales in August, 51 were in Winnipeg and the remaining 26 occurred outside Winnipeg. Of the 280 active MLS® listings for residential attached homes, 176 were in Winnipeg and 104 were outside Winnipeg. The average price for a residential attached home was 5% higher than last August and 15% higher than the 5-year average.

“For families with children, the beginning of September signifies a transition back into the rhythm of school, daily routines, and a bustling schedule filled with various activities," stated Marina R. James, the CEO of the Winnipeg Regional Real Estate Board. "Families can rely on the expertise and tools provided by REALTORS® to discover neighborhoods that are conveniently located near schools, recreational facilities, and all the essential liveability amenities. REALTORS® possess the necessary resources, data, and experience to help you find the right home in the ideal location!"


Source: Winnipeg Regional Real Estate Board


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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.

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."

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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."
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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."  

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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."

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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."

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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."

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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."

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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%."

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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.

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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."​

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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."

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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."​

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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."
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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.

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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.

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