The Winnipeg real estate market closed 2024 on a high note, setting the stage for an optimistic and opportunity-rich 2025. December marked the second consecutive record-breaking month for MLS® sales, with buyers and sellers alike benefitting from the vibrant market conditions.

For first-time buyers, the market has never been more dynamic. With over 1,200 MLS® sales in December alone—a 15% increase from the previous year—there’s strong evidence that confidence is high and options are plentiful. Meanwhile, those looking to downsize have found rising prices to be a golden opportunity to maximize the value of their homes while transitioning to more manageable living spaces.

A Market Full of Possibilities

Residential detached homes, the backbone of Winnipeg’s housing market, saw an impressive 750 sales in December, with an average price of $440,000—a manageable jump of 8% year-over-year. Condominiums, a perennial favourite for both first-time buyers and down-sizers, had a remarkable 20% increase in sales, with 180 units sold at an average price of $260,000.

“2024 proved that Winnipeg’s real estate market is resilient, diverse, and welcoming to all kinds of buyers,” said Daphne Shepherd, President of the Winnipeg Regional Real Estate Board.

Residential attached homes, offering a balance of space and affordability, also had a standout performance with 100 units sold—a notable 18% rise from 2023—with prices averaging $370,000.

Insights for First-Time Buyers

For those entering the market for the first time, the steady growth in listings, which closed the year at 23,000, means more opportunities to find the perfect home. Condominiums remain a particularly attractive option, combining affordability and convenience, especially in popular neighbourhoods.

“First-time buyers have the chance to secure their futures in a growing market where home values steadily appreciate,” noted Marina R. James, CEO of the Winnipeg Regional Real Estate Board.

Opportunities for Down-Sizers

For those seeking to downsize, rising property values offer a unique opportunity to unlock equity and simplify their lives without compromising comfort. Many are finding that condos or smaller homes are ideal for maintaining independence while enjoying less upkeep.

Looking Ahead to 2025

The consistent growth in Winnipeg’s real estate market signals an exciting year ahead. With average prices for all property types remaining above the 5-year average, homeownership continues to be a sound investment.

“This is more than a market—it’s a community,” said James. “As we move into 2025, there’s a home for every life stage, and REALTORS® are ready to help buyers and sellers navigate their journeys.”

Whether you’re stepping into the market for the first time or transitioning to a new chapter, 2025 holds promise for all. To find out more about Winnipeg’s market trends or to connect with an experienced REALTOR®, visit the Winnipeg Regional Real Estate Board’s website.

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