Manitoba Real Estate Market Update: March 2021
April 19, 2021
March went out like a lion in Winnipeg as a shower of new listings was met by record-breaking sales! With supply running low and buyers moving into higher price ranges, it’s a seller’s market.
The Winnipeg Regional Real Estate Board (WRREB) reports 1,975 residential sales in March1 – a record for the month representing an increase of 80% year over year and 59% month over month.2 It’s also 60% above the five-year monthly average.
Whereas many other markets in the country saw enormous year-over-year sales increases this March due to market activity all but stopping mid-way through the month last year, WRREB only started seeing a slow-down in the last week of March 2020.3 Thus, the 80% leap in year-over-year sales is a strong indicator that demand has grown significantly.
New listings also surpassed the five-year average for the month at 2,483 – up 14% from last year and a stunning 50% from February. This helped nudge the number of available homes going into April up to 2,597, which is 42% below last year’s number but 4% more than February’s. Despite this small gain, the high volume of sales bumped the sales-to-new-listings ratio up from 75% last month to a tight 80%, meaning that for every 100 homes added to the market in March, 80 homes sold.
According to WRREB’s latest report, “A clear indicator of how firmly entrenched [the region] is in a seller’s market is that the equivalent of 76% of all active listings — or current inventory — sold in March,” as compared to a “more typical conversion of 24%.”
So much demand with limited supply means prices are going up. For detached homes, prices grew 18% and 7% over the same periods to $384,773; for attached homes, the average selling price was up 20% year over year and 2% month over month to $313,388; while for condos, it rose 4% year over year and 2% month over month to $248,204.4
The markets are entering uncharted waters, but if you need to sell or buy a home, a local Purplebricks REALTOR® can help you reach your real estate goals while keeping your family’s safety a top priority. Purplebricks supports Canadians by providing full-service real estate experiences with incredible rewards: sellers save thousands in commission and buyers receive $2,000 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.