Manitoba Real Estate Market Update: May 2021
June 17, 2021
May was another hot month for Winnipeg real estate with the second-highest sales in history! While supply levels got a boost, prices continue to rise for some home types.
The Winnipeg Regional Real Estate Board (WRREB) reports 2,006 residential sales in May, surpassing the previous five-year May average by 21% and coming in second only to the record 2,055 sales in April of this year. Thus, sales declined 2% month over month, but compared to May 2020 – when the market was devastated by the first wave of the pandemic – they’re up 46%.
New listings, on the other hand, grew 4% from last year and 9% from last month to 2,536 – still 8% below the previous five-year average, but enough to bring the sales-to-new listings ratio (which indicates how many homes were sold per 100 new listings) down substantially from 88% in April to 79%. By month’s end, there were 2,768 active listings available on the market, down 40% year over year and up 6% month over month.
“Buyers continue to show unwavering enthusiasm for all property types in May, and as a result, it is putting a price premium on many listings that come onto the market for sale,” notes Kourosh Doustshenas, WREB President.
Indeed, for detached homes, the average selling price grew 18% year over year and 1% month over month to $387,338, and for condos, it was up 12% and 9% over the same periods to $254,928. The only home type to experience declines was attached homes, which saw the average price rise 12% compared to last year but fall 6% from last month to $298,333. As in previous months, the price range in which the most residential transactions occurred was $500,000-$749,999 with 18% of sales.
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 exceptional 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.