Winnipeg real estate market: Introduction
The Winnipeg real estate market in 2025 continued to stand out nationally for its relative affordability and steadier price trajectory. While many Canadian regions experienced sharper volatility in the past few years, Winnipeg’s 2025 story was more about moderate price growth, tight inventory, and the ongoing influence of interest rates on buyer behaviour.
This review compiles city-wide, verifiable data from MLS® market reporting and large housing-market sources, then outlines a short-term (early 2026) outlook using scenario-based reasoning. All factual claims are backed by explicit source citations.
Important note
This article is informational and neutral. It does not provide investment advice or predict outcomes with certainty.
Real estate conditions can change quickly based on interest rates, policy, and economic shifts.
2025 Market Performance: Prices, Sales & Inventory
Average Sale Price (City-wide)
According to RE/MAX’s Winnipeg real estate market outlook, the average residential sale price rose about 6.8% year-over-year,
from roughly $436,481 in 2024 to approximately $466,276 in 2025.
Source: RE/MAX
Note: Different market trackers sometimes show different “average” figures depending on timing, property mix, and whether the statistic is
for a month, year-to-date, or full year.
Sales Volume & Dollar Volume
CREA/board-level reporting indicates that Winnipeg MLS® sales totalled approximately 14,431 units in 2025,
representing around a 4% increase from 2024. Total dollar volume increased roughly 10%,
reflecting both higher prices and sustained transaction activity.
Source: CREA/Board stats
Inventory Levels
Inventory remained relatively tight in 2025. For example, board statistics reported that active listings were down year-over-year in late 2025,
which can contribute to price support even when demand cools seasonally.
Source: WRREB market statistics
2025 headline trend: Moderate price growth with steady sales activity.
2025 market structure: Tighter inventory supported price stability in many segments.
Why the 2025 numbers matter: When sales rise while listings remain constrained, markets often experience firmer pricing.
Winnipeg’s 2025 data shows that, overall, demand kept pace with available supply in many parts of the housing market.
Interpreting the 2025 Trends
Winnipeg did not experience the same degree of extreme price escalation seen in some Canadian metros in prior years.
Instead, 2025 reflected a more measured environment: pricing increased, but not at a pace that suggests broad, speculative overheating.
That said, “balance” can vary by property type and price band. In tighter ranges—especially where listings were limited—buyers still faced
competition, while other segments moved more slowly.
Affordability: Winnipeg vs Major Canadian Cities
Winnipeg’s affordability remains one of its defining market features. Using benchmark-style comparisons,
Winnipeg’s average price range (mid-$400k) sits far below the averages seen in larger Canadian housing markets.
For example, Reuters reporting on the Greater Toronto Area points to average price levels around the $900k+ range in late 2025,
which illustrates the scale of the gap between Winnipeg and Canada’s largest metro markets.
Winnipeg (2025)~$460k average range (all residential) RE/MAX
Toronto area (late 2025)~$900k+ average range Reuters
What it implies: Winnipeg remains comparatively accessible for many buyers.
Affordability doesn’t mean “cheap.”Even in more affordable markets, buyers feel pressure when borrowing costs are high.
Affordability is a comparison—Winnipeg can be more attainable than larger markets while still being challenging for some households.
Interest Rates & Market Conditions
Interest rates remained a major influence on national and local housing conditions throughout 2025. Elevated borrowing costs typically reduce
purchasing power, which can moderate price acceleration and shift demand patterns (for example, stretching purchase timelines or changing
preferred property types).
National housing and interest-rate forecast commentary entering 2026 has commonly pointed to stabilization or modest easing in mortgage rates,
which—if realized—could support demand into early 2026.
Why rates matter in Winnipeg
In a comparatively affordable housing market, even small changes in interest rates can have noticeable effects on monthly payments and qualifying amounts,
which can influence transaction volume and the pace of price growth.
2026 Outlook: Three Scenarios (Short-Term)
Forecasting should be treated as scenario planning, not certainty. Below are three evidence-based scenarios for the short-term outlook
(early 2026), grounded in: pricing trends, supply conditions, and interest rate expectations.
Scenario 1: Baseline (Most Probable)
- Modest price growth: RE/MAX projects roughly ~3% price growth for Winnipeg in 2026.
- Steady activity: Buyers remain engaged if inventory stays tight and borrowing costs stabilize.
- Market tone: Balanced to slightly seller-favouring depending on segment.
Scenario 2: Cooler Housing Market
- Price stability: Prices plateau if borrowing costs stay higher for longer or demand softens.
- Inventory improves: An uptick in listings can relieve pressure and lengthen days on market.
- Economic risk: Uncertainty in employment or household finances may reduce transaction volume.
Scenario 3: Upside Sustained
- Demand remains firm: Winnipeg’s affordability helps underpin buyer interest.
- Supply stays constrained: Limited listings keep pricing supported.
- Rates ease: Even modest mortgage rate relief can boost qualifying power.
What would change the outlook fastest? Interest rates, listing supply, and local economic indicators (jobs, incomes, population inflow) tend to shift housing activity more rapidly
than long-run fundamentals.
Supply & Policy Considerations
Housing supply depends on both housing market market forces (construction, investor decisions, household mobility) and policy (zoning, approvals, infrastructure capacity).
This section should be grounded only in verifiable municipal or provincial plans.
If Winnipeg implements or accelerates verified initiatives related to infill, approvals, or zoning modernization, that could incrementally increase supply
and reduce upward pressure on prices. However, readers should treat policy timelines cautiously: housing construction and approvals often take time to flow into
completed units and resale inventory.
Key Takeaways
2025 Review
- Prices increased moderately year-over-year (mid single digits).
- Sales rose modestly, and dollar volume grew faster than unit volume.
- Inventory stayed relatively tight, supporting price stability.
2026 Short-Term Outlook
- Baseline expectation: modest growth and steady activity.
- Key swing factors: interest rates, listings, and economic conditions.
- Winnipeg remains comparatively affordable vs major cities.
Conclusion
Winnipeg real estate market results point to a city that continues to combine relative affordability with moderate, data-supported price growth.
Inventory constraints were a meaningful factor in maintaining stability through 2025, while interest rates influenced affordability and buyer decision-making.
Looking into early 2026, the most defensible view is a stable-to-modestly-growing housing market, with outcomes depending heavily on borrowing costs, inventory movement,
and economic conditions. Scenario planning provides a practical way to understand what could change — and what would need to happen for the market to accelerate
or cool.
See also Why Canadians Use Real Estate Investing as Their Retirement Plan
Sources
- RE/MAX Canada — Winnipeg Housing Market Outlook (2026 outlook + 2025 performance figures).
https://blog.remax.ca/winnipeg-housing-market-outlook/ - CREA Stats / Board-level statistics — Winnipeg (sales, dollar volume, detached/condo trends).
https://creastats.crea.ca/board/winn/ - Winnipeg Regional Real Estate Board — Market statistics & archive releases (listings, market releases).
https://www.winnipegregionalrealestatenews.com/market-statistics/market-releases/archive/ - WOWA — Winnipeg Housing Market (monthly snapshots and summary metrics).
https://wowa.ca/winnipeg-housing-market - Reuters — Toronto market context used for benchmark-style affordability comparison.
https://www.reuters.com/
