The average sale price in the Winnipeg housing market has increased by 6.1 per cent year-over-year across all property types, between January 1 and July 31, 2024 (from $406,756 in 2023 to $431,399 in 2024).

In that same time frame, number of residential sales increased by 10.2 per cent (from 4,026 to 4,437).

Looking ahead to the fall market, average prices are expected to increase by four per cent through the remainder of 2024, while the number of sales is likely to see a bump of about five to six per cent.

Winnipeg is a balanced market, leaning slightly toward a seller's market in the fall. The region continues to face housing supply challenges, with moderate to low inventory available, especially within the under-$500,000 price point – Winnipeg’s ‘hottest’ price range. Sellers who were on the fence may offer their property for sale, however, the tax implications arising from the change to the capital gains tax may affect these decisions.

The biggest factors contributing to the housing shortage in Winnipeg are not enough new listings coming on stream, and not enough new construction in certain neighbourhoods, however, many new builds have started, as confidence slowly increases with builders and lenders.

Winnipeg homebuyers have been responding and adapting to the housing shortage by paying higher prices and making multiple offers. Some are getting creative and looking at co-living with a friend/family member. Others have expanded their search and are looking at properties that may require renovations.

On September 4, the Bank of Canada will share its next interest rate announcement. If another rate cut is announced, increased activity in market is expected, specifically for homes in the under-$600,000 range.

Interest rate decreases have helped build consumer confidence and improve purchasing power. With a lower rate, more homebuyers will qualify under the stress test, and can make offers on a larger selection of homes.

Homebuyers have also been active in the $900,000+ segment, with luxury homebuyers returning to the market.