If you’re looking to buy a home, the current real estate environment can be very daunting.Between the pandemic, rising inflation, and the housing crisis, becoming a homeowner seemsmore unattainable than ever. In this article, you will find an overview of…
- Winnipeg’s real estate market has grown across all residential categories since the beginning of 2020, due to high demand and low supply levels.
- In March 2022, the average price of a home in Winnipeg was a record-setting $401,047, which is considered affordable compared to most major Canadian cities.
- Winnipeg housing prices are expected to continue rising throughout 2022 after a strong first quarter. Interest rate increases are likely to cool the market for the remainder of the year, at a stable growth rate of around 8%.
Winnipeg Housing Market Outlook (2022)
For the first time in the city’s history, the average sold price of a residential property exceeded $400,000 in March 2022. Throughout the pandemic, average home prices have trended upwards, with transaction levels falling over 25% compared to March 2021, and currently around levels seen at the beginning of the pandemic. Transaction levels have fluctuated throughout the pandemic primarily due to supply issues, a common theme in most Canadian residential markets right now. In a national context, Winnipeg’s transaction levels roughly align with other Canadian cities, however, growth has been slower compared to major markets. It is anticipated that house prices will continue to rise throughout 2022 at a steady, yet more conservative rate than in 2021.
Who’s buying Winnipeg real estate?
First time homebuyers
If you’re thinking of buying a home in Manitoba, Winnipeg is one of the more affordable property markets in Canada at the moment, balancing scale with affordability. Consequently, it has become an attractive market for young families and professionals alike, with many migrating from other provinces due to skyrocketing house prices further afield, in markets like BC, Ontario, and, comparatively, Calgary. Winnipeg’s growing population is currently at its highest level ever.
According to a RE/MAX’s 2022 Canadian Housing Market Outlook Report, Manitoba has consistently attracted out-of-province buyers for its affordability. However, inter-province movers in 2021 were the primary driver of growth in the Winnipeg housing market due to work-from-home trends, and the consequent demands this placed on housing supply, particularly with detached homes.
Winnipeg’s luxury market isn’t world-renowned, but it is growing. During the pandemic, high-end home construction increased, and the ceiling on high-end home prices also rose as a consequence of diminished supply levels, offers over listing price, and growing demand for more spacious properties due to the COVID-19 lockdowns.
Average Home Prices in Winnipeg
During the pandemic, Winnipeg’s real estate market has followed a similar trend to most major cities in Canada. Average home prices have increased an average of 13% since March 2021, and looks set to continue on this path, albeit at a slower rate, in Q2 2022. Transaction levels in Winnipeg fluctuated throughout 2021, with a significant decline (27%) in transactions since March 2021, which real estate experts have attributed to limited inventory.
|Property Type||Average Price (March 2022)||Year-on-year Price Change (%)||Units Sold (March 2022)|
|All property types||$401,047||+13%||1436|
Winnipeg Breakdown by Region for 2021-2022
Here are some of the most popular neighborhoods to live in Winnipeg in 2022, according to RE/MAX. Check out our mortgage calculator to find out how much your mortgage payments would cost in one of these areas.
|Region||Neighborhood||Average sale price (Residential Detached, March 2022)|
|Downtown||River HeightsNorwood FlatsOsborne Village||c. $450,000|
|North East||Fraser’s Grove||$402,228|
|South East||RiverviewOld. St. Vital||$499,896|
Reports Indicate Strong 2022 for Winnipeg Housing Market
According to a recent report by Royal LePage, Winnipeg had the strongest first quarter on record in 2022. The report claims that the aggregate price of a home in Winnipeg rose over 16% compared to last year to $387,900. Broken down by housing type, the median price of a detached home increased 11.4% to $425,600, while condo prices rose 8.4%, to $243,900 in the same period. Currently, competition between butters is strong, causing upwards pressure on prices in a low-supply market. With the Bank of Canada’s interest rates set to rise further in the second half of 2022, buyers are feeling increased pressure to buy properties. With over 65% of homes selling above listing price, March 2022 was a record month for the Winnipeg real estate market.
Frequently asked questions
Is the Winnipeg housing market going to crash?
It’s highly unlikely that Winnipeg’s housing market will crash in 2022, based on current market factors staying consistent. With a record start to the year in residential property prices, Winnipeg looks set to enjoy another year of growth, albeit at lower levels than the last 12 months. While interest rate hikes may cool the market somewhat, their impact is unlikely to halt or destabilize real estate growth in the area overall.
Will Winnipeg housing prices increase in 2022?
Royal LePage forecasts an increase of 8% year-on-year in the aggregate price of a home in Winnipeg, in the fourth quarter of 2022. The market has seen record growth throughout Q1 of 2022 in the price of a detached and semi-detached property. However, condominiums have seen a slight decline in price of 2% in March of 2022. Ultimately, most outlets agree that Winnipeg will enjoy stable growth in 2022 at lower levels than the peak of the pandemic.
How do I get approved for a mortgage in Winnipeg?
The simplest way to get a mortgage in Winnipeg is to take a look at the current mortgage rates available, then calculate how much mortgage you can afford, given factors like your down payment and the price of the property. Approval guidelines can vary based on the lender you want to go with, so it’s worth discussing these factors with one of our mortgage advisors to see what solution fits for you.
Winnipeg is a great destination for Canadians looking for affordable housing, and a diverse city. Like most major and secondary Canadian cities, Winnipeg’s real estate market has grown throughout the pandemic, and is set for further growth for the remainder of 2022. If you’re looking to join hundreds of Canadians moving to Manitoba in 2022, get in touch with one of our trained mortgage advisors today, and we’ll help you take the next steps.
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