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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

“An influx of new listings into our market is welcome," said Bedi. “Tight market conditions still prevail, however, as based on current sales we have less then two months of inventory when you want to have at least double that amount to move more into a balanced market."

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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.

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."

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.

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.

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.

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."

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."

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.

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.​

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.”