New Records, Steady Demand, and Strategic Shifts

The spring real estate market continued to build momentum in May 2025, with record-breaking home prices and strong buyer activity across the Winnipeg region. While demand has remained consistent, low inventory and shifting buyer priorities are shaping how quickly—and strategically—homes are being bought and sold.

Residential Detached: A Month of Milestones

May saw the average price of a residential detached home in Winnipeg climb to $476,667, an 8% increase compared to May 2024 and the highest monthly average ever recorded for this segment. Sales rose modestly by 2% year-over-year, reflecting continued buyer interest, particularly in move-in-ready homes under $500K.

Outside Winnipeg, sales activity was even more pronounced, up 14% over last year, with an average price of $429,396. Notably, Waverley West and East Transcona led the way for detached home sales within Winnipeg, while Steinbach and Morden/Winkler topped the list beyond city limits.

Condo Market: Prices Up, Sales Down

The condo market followed a different pattern in May. Sales dipped by 16% compared to May 2024, but the average condo price rose by 7%, reaching $297,864—a record high for the Winnipeg region. The most active price range was between $200K–$299K, with Osborne Village and Fort Richmond driving the highest number of condo sales.

Low Inventory Is Driving Competitive Conditions

Inventory remains a defining factor in this year’s market. Overall active listings across all property types were down 11% from May 2024. For residential detached homes specifically, listings in Winnipeg dropped by 11%, and by 15% outside the city. Buyers continue to face stiff competition in the $400K–$499K price range, which accounted for a quarter of all detached home sales last month.

Luxury Segment Update

Winnipeg’s luxury market continues to strengthen. In May alone, 23 residential detached homes sold for over $1 million, with the highest price exceeding $3 million. This further supports the trends outlined in our recent blog post, Luxury Living, Elevated: Discover Why Winnipeg’s Luxury Lifestyle Stands Out in 2025, which explored how luxury buyers are prioritizing lifestyle and value in today’s market.

Market Outlook: Strategy Is Key

While prices are rising and demand remains high, the current market calls for a well-informed approach. Whether you’re buying or selling, working with a REALTOR® who understands the nuances of this fast-moving environment is more important than ever.

Thinking about making a move this spring or summer? I’d be happy to help you navigate today’s market with confidence and strategy. Let’s connect and start the conversation.