Manitoba Real Estate Market Update: January 2021
February 22, 2021
Winnipeg’s real estate market saw brisk sales continuing into the new year.
According to the January 2021 report by the Winnipeg Regional Real Estate Board (WRREB),1 the region saw 934 residential sales for all property types, representing a 28% year-over-year increase and a 4% month-over-month decrease.2
A combination of record-breaking sales for the last half of 2020 and high buyer demand have left inventory levels low. In January, despite new listings being up 15% year over year and 78% month over month at 1,597, January closed with only 2,410 active listings – a drop of 40% compared to the same month last year. The report notes that the sales-to-new-listings ratio (which measures how many homes are sold per 100 new listings) is “close to 60%,” while 40% is the average for January.
“One month does not make a year, but January is certainly a sign that buyers are eager to take advantage of historic low mortgage rates and some of the most affordable house prices in the country,” notes Kourosh Doustshenas, WRREB president. “Strong demand so early in the year should give those looking to list their property confidence to begin planning now to have a successful outcome in 2021.”
Detached homes continue to be in especially high demand: with 617 transactions accounting for 66% of total residential sales, the average price grew 14% year over year to $352,185. The most active price ranges for detached home sales were the $300-$349,999 range with 15% of sales, $250-$299,999 with 14%, and $500-$749,999 with 13%. Condominiums saw 123 transactions for 13% of total sales, with an average price of $224,338 (up 3% year over year). Attached homes came in at 76 transactions for 8% of total sales, with an average price of $227,109 (down 15% year over year3).
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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.