As of February 2026, the Winnipeg real estate market and Canadian interest rates are showing a distinct "split" trend: prices are rising while sales activity is slowing down. But Selkirk holds steady as affordable!

Here is the year-over-year (YoY) breakdown of what’s happening in the market.

1. Winnipeg Real Estate Market (YoY Change)

The Winnipeg market currently favors sellers in terms of price, but buyers are seeing a less frantic pace of sales compared to this time last year.

Key Takeaways:

• The Price-Sales Gap: Despite fewer homes being sold, prices are still climbing. This is primarily due to low inventory—there are simply fewer homes hitting the market, which keeps competition high for the ones that are available.

• Condo Surge: Condominiums are seeing a massive 10% jump in price YoY as buyers look for more affordable entries into the market compared to detached homes.

• Townhomes are the "Bright Spot": Residential attached homes (townhomes) actually saw a 27% increase in sales volume, showing a clear shift in demand toward middle-tier affordability.

2. Interest Rates (YoY Change)

Interest rates are significantly lower than they were a year ago, though the "cutting cycle" has currently hit a pause.

• Policy Interest Rate: Currently 2.25% (as of the January 28, 2026, announcement).

• YoY Change: Rates have dropped substantially from the 3.00% – 3.25% range seen in early 2025.

• The Trend: The Bank of Canada (BoC) is currently in a "hold" pattern. While they cut rates several times throughout 2025 to stimulate the economy, they are now keeping them steady at 2.25% to monitor inflation and trade uncertainties.

Mortgage Impact: The "Prime Rate" at most major banks is currently sitting around 4.45%. Fixed rates have stabilized, with 5-year fixed terms often found in the 3.4% to 3.8% range depending on the lender.

3. What this means for you

• For Sellers: You are still in a strong position. Prices are at or near record highs for Winnipeg, and because inventory is down 7% YoY, your property has less competition.

• For Buyers: While rates are lower than last year, the price of entry has gone up. You'll likely face less "bidding war" exhaustion than in 2024, but you'll need a higher mortgage amount to cover the increased home values.

Selkirk

In the Selkirk market (specifically MLS area R14), the data shows a market that is significantly more stable and "sticky" than the broader Winnipeg region. While Winnipeg is seeing a sharp decline in sales volume, Selkirk is holding its ground with remarkably consistent year-over-year figures.

Here is how R14 (Selkirk) compares to the Winnipeg Metropolitan average for early 2026:

1. Market Activity Comparison (YoY)

While Winnipeg is experiencing a double-digit drop in the number of homes sold, Selkirk has remained completely flat, showing high buyer resilience.

2. Key Differences in the Selkirk (R14) Market

• Pricing Stability: Interestingly, Selkirk’s median price for detached homes in January 2026 sat at $363,500—the exact same figure recorded in January 2025. This suggests that while Winnipeg prices are being pushed up by a lack of inventory, Selkirk has found a "price floor" that buyers and sellers both currently agree on.

• Negotiation Power: The sold-to-list ratio in Selkirk is 97.6%. This means sellers are getting very close to their asking prices, but there is still a small margin for negotiation (~2.4%) that you might not find in the most "hot" Winnipeg pockets like Waverley West or West Kildonan.

• Pace of Sales: At 42 days on market, Selkirk moves slightly slower than the Winnipeg average. In a smaller market like R14, homes don't "average out" as quickly; a single high-end or low-end sale can sway the stats. Buyers in Selkirk generally have a bit more time to breathe and conduct inspections compared to the city.

3. Inventory & Demand

The R14 area currently has approximately 26 active listings. While inventory across the province is down about 8.2%, Selkirk’s inventory remains tight but functional. Because the sales volume is low (10 sales per month), the market can feel "negotiated" one week and "competitive" the next depending on how many new listings pop up.

Summary for Selkirk (R14) Residents and TRI-S Area.

• If you are selling: Your home value in Selkirk is holding steady despite the high interest rates of the past year. You aren't seeing the 4-5% price "boom" Winnipeg is, but you also aren't seeing the sales slump.

• If you are buying: Selkirk remains a more affordable alternative to Winnipeg (roughly $67,000 cheaper on average). You have a more predictable market where prices aren't currently spiraling upward.

• Record highs for sale prices continue for the TRI-S Area!

  Find out more and call Daniel @ 204.482.7355