Manitoba Real Estate Market Update: December 2020
January 19, 2021
Winnipeg’s real estate market saw a seventh consecutive month of record-breaking monthly sales to end the year on a strong note.
According to the WinnipegREALTORS® December report,1 sales for all property types totalled 970, representing a 44% increase compared to December 2019 and a 19% decrease from November of this year.2 For all of 2020, sales rose 17% over 2019 to 16,033, which is 15% higher than the five-year average.
New listings for December came in at 897, up just 1% year over year and down 35% month over month, helping to bring active listings (or inventory) down a stunning 38% year over year to 2,316. According to Catherine Schellenberg, outgoing 2020 President of WinnipegREALTORS®, “listing supply was easily outstripped by accelerated buyer demand” and “never had a chance to catch up after falling behind earlier in the year.” As proof, the sales-to-new-listings ratio rose from 95% in November to 108% in December, meaning there were 108 sales for every 100 newly listed homes.
Detached homes continue to be in particularly high demand: with 608 transactions accounting for 63% of total residential sales, the average price grew 8% year over year to $342,289. Condominiums saw 149 transactions for 15% of total sales, with an average price of $235,339 (up 3% year over year). Attached homes came in at 90 transactions for 9% of total sales, with an average price of $284,400 (up 1% year over year3).
The most active price ranges for detached residential sales in December were $250,000-$299,999 and $300,000-$349,999, each taking 15% of sales, followed by $200,000-$249,999 with 12%, and, nearly on the opposite end of the spectrum, $500,000-$749,999 with 11%.
If you need to sell or buy a home, a local Purplebricks REALTOR® can help you navigate the market safely and with professional insight. Purplebricks supports Canadians by providing full-service real estate experiences with incredible rewards: our sellers save thousands in commission with our low fixed fee, and our buyers receive $2,000 in cash back* when they purchase a home with one of our REALTORS®. Call 1-855-953-9533 to learn more.
Randall Weese is the Director of Compliance and Brokerage Services at Purplebricks, where he is also the licensed Broker of Record for Ontario, Broker for Alberta, and Associate Broker for Manitoba. A REALTOR® with 14 years’ experience in Ontario, Randall has worked in a variety of business models within the real estate industry. He has been a REALTOR® at one of the largest brokerages in Canada, managed a boutique brokerage, and founded and operated his own brokerage in the Greater Toronto Area. Throughout his career, he has acted as a listing agent on thousands of homes across the country.