Winnipeg Real Estate Market Update – October 2025

The Winnipeg Regional Real Estate Board’s October 2025 report provides a snapshot of steady growth in property values, modest sales activity, and regionally varied trends across housing types.
While overall prices and dollar volume continue to rise, shifting dynamics between urban and suburban zones reveal a nuanced market — one where location and property type matter more than ever.

Residential Detached - Stability with Regional Divergence

Detached homes remain the backbone of the regional housing market, with an average price of $442,104, reflecting a 4% annual increase and a 9% rise over the five-year average.
Sales dipped slightly (–1% vs 2024), but dollar volume was buoyed by higher prices, underlining resilient buyer demand despite tightening affordability.

Urban vs Rural Split

• Winnipeg - Prices climbed to $439,272, up 1% year-over-year and 6% above the five-year trend. Inventory expanded (+15%), suggesting sellers are testing stronger price points as city demand stabilizes.

• Outside Winnipeg - Detached homes averaged $447,987, an impressive 8% price jump, even as listings dropped (–18%) and sales slipped (–6%). This scarcity has driven bidding intensity in smaller centers and rural municipalities such as Steinbach and Niverville.

Regional Highlights

In the year-to-date view, outside Winnipeg markets lead growth (+9% in average price), with Morden/Winkler (+13%) and Lake Country (+7%) showing robust gains. Winnipeg itself registered a healthy +6%, mirroring national mid-size city trends.

Takeaway
Detached homes are still appreciating, but gains are now powered by limited suburban supply and buyer migration toward value markets beyond city limits.

Condominiums - Rising Prices amid Cooling Sales

Condominiums saw the largest price increase of all categories — the average price reached $297,428, a 12% jump from 2024 and 11% above the five-year average. Yet, this came alongside a 19% drop in sales, suggesting affordability and borrowing costs are reshaping buyer profiles.

Market Breakdown

• Winnipeg Condos - The city continues to have increased condo activity. Listings rose (+4%), and prices surged to $295,854 (+13% year-over-year). However, unit sales fell (–18%), hinting that investors and first-time buyers remain cautious.

• Outside Winnipeg Condos - Smaller markets saw even starker declines (–27% sales) but maintained solid prices ($304,824, +8%). Inventory expanded (+17%), providing buyers with more options and moderating pressure.

Takeaway
Condo values are climbing thanks to higher construction costs and limited new supply. Still, weaker sales volumes suggest buyers are pausing — possibly awaiting interest-rate clarity or turning toward attached homes for better space-to-price ratios.

Residential Attached - The Year’s Star Performer

Residential attached properties — townhomes and duplexes — delivered the most dynamic performance of 2025. Sales jumped 29% year-over-year, and average prices held firm at $379,825, matching 2024 but standing 12% above the five-year average.

Inside vs Outside Winnipeg

• Within Winnipeg - Active listings expanded (+24%) as more developers entered the segment. Sales spiked (+35%) and average prices rose 6% to $391,912, underscoring growing appeal among downsizers and cost-conscious families.

• Outside Winnipeg - A smaller, more volatile market — listings contracted (–36%), and prices softened (–16% to $340,430). Still, these homes remain a crucial affordability bridge between condos and detached houses.

Takeaway
Attached homes have become the “optimal choice” of the market — offering affordability, low maintenance, and space. Their strong performance reflects shifting lifestyle priorities and sustained demand from first-time buyers priced out of detached homes.

Big-Picture Market Trends

Overall MLS®

• • Active Listings 3,519 (–3% YoY)

  • Sales 1,344 (+1% YoY)

  • Dollar Volume $540 million (+7% YoY)

These figures mark a 6% sales gain over the five-year average and a 16% jump in dollar volume, confirming that while the number of transactions is only slightly higher, price appreciation is driving total market value.

Regional Snapshot

The Southwest ($594,873) and Southeast ($500,947) areas continue to command the highest detached-home values, while the West ($353,874) and North ($376,158) remain more affordable. The Rural Municipality ($433,476) segment shows strong year-to-date averages, aligning with broader demand for suburban living.

Are We Headed Toward a Balanced Market in Winnipeg?

There are growing indications that the Winnipeg housing market is gradually moving toward a more balanced state. However, the shift remains subtle and uneven across property types and price ranges.

Factors Supporting a Move Toward Balance

1. Moderate Inventory Levels
Active listings in Winnipeg have risen modestly compared to earlier in the year, but remain below long-term averages. The total number of homes for sale is no longer critically low, which is helping to relieve some of the pressure on buyers. This suggests that while sellers still hold an advantage, the extreme shortages seen in past years are easing.

2. Steady but Controlled Sales Growth
Sales activity has increased year over year but not dramatically. This reflects a healthy level of buyer interest without overheating the market. Buyers appear to be taking more time to compare properties and negotiate, a hallmark of a market finding its equilibrium.

3. Gradual Price Appreciation
Home prices are still rising across most categories, but the rate of growth has stabilized. Detached homes continue to show solid appreciation, while condominiums and attached homes are seeing slower, more sustainable gains. Moderate price growth aligns with a market shifting toward balance.

4. Easing Borrowing Costs
With the overnight borrowing rate trending downward, mortgage rates are slowly improving. Lower financing costs are allowing more buyers to qualify for mortgages and re-enter the market. If this continues while inventory expands, it could bring the region closer to true balance — where neither buyers nor sellers hold the advantage in negotiations.

Why It’s Not a Fully Balanced Market

Despite the easing conditions, several indicators still lean toward a seller’s market,

• The sales-to-new-listings ratio remains around the mid-60 percent range — a level that still slightly favors sellers.

• Inventory growth has been modest; it’s increasing but not enough to significantly tip the scales toward buyers.

• Well-priced, move-in-ready homes continue to sell quickly, especially in desirable areas such as the southwest and southeast parts of Winnipeg.

Overall, the market is best described as approaching balance, but not there yet. Sellers still have an edge, although buyers are beginning to gain more leverage.

Outlook for the Coming Months

If the current trends continue — gradual increases in inventory, sustained demand, and improving affordability due to lower rates — Winnipeg could see a truly balanced market emerge in early to mid-2026.

Buyers should benefit from more choice and less bidding pressure, while sellers will still find that well-presented homes command strong prices. The overall tone of the market is expected to remain stable, steady, and price-positive, rather than volatile.

Conclusion - Still a Competitive Market

The October 2025 Winnipeg housing landscape shows a mature, regionally segmented market. Detached homes demonstrate price resilience, condos exhibit selective demand at higher price points, and attached units shine as an accessible alternative.

For buyers, opportunity lies in patience and preparedness — competition varies by region and product type. For sellers, strategic pricing and presentation remain critical as supply inches upward.

As we head toward 2026, Winnipeg’s housing market is likely to remain balanced yet price-positive, shaped by shifting demographics, borrowing costs, and the ongoing re-evaluation of space and lifestyle priorities.

Tara Zacharias, REALTOR®