** photo credit weekend drive youtube channel - https://www.youtube.com/watch?v=ycwn9fYP2n0
Selkirk, MB – April 17, 2025 – While the national Canadian housing market is exhibiting signs of cooling and increased uncertainty, Manitoba, and particularly its capital city Winnipeg, are demonstrating remarkable resilience, according to recent data released by the Manitoba Real Estate Association (MREA) and the Winnipeg Regional Real Estate Board (WRREB). In stark contrast to a national trend of declining sales and moderating prices, the Keystone Province's housing sector has shown robust growth in the first quarter of 2025.
Nationally, the Canadian Real Estate Association (CREA) recently downgraded its outlook for the year, citing a 4.8% month-over-month decrease in national home sales in March and a 1% dip in the MLS® Home Price Index. Concerns surrounding potential U.S. tariffs are also contributing to buyer unease in some of the country's largest markets. The Bank of Canada, having recently cut its key policy interest rate to 2.75% in response to this economic uncertainty, has signaled a cautious approach to further easing.
However, the narrative unfolding in Manitoba paints a different picture. Data from the MREA reveals a market characterized by increasing sales and rising average prices. In March 2025, the province saw a 5.3% increase in home sales compared to the same period last year, totaling 1,251 units. The average price of homes sold reached a record $399,132, a significant 10.1% jump from March 2024.
This strong performance extends to the year-to-date figures. For the first three months of 2025, Manitoba recorded a 6.4% increase in home sales, with a total of 2,943 units sold. The average price across the province during this period was $381,577, an 8% rise compared to the first quarter of 2024.
Adding further context to this buoyant market is the inventory situation. While new listings in Manitoba saw an 8.3% increase in March 2025 compared to last year, active residential listings experienced a sharp 15.4% decrease, standing at 2,653 units at the end of March. This has resulted in a tight market with just 2.1 months of inventory, well below the long-run average of 3 months, indicating a seller's market where demand continues to outpace supply.
The Winnipeg real estate market, as reported by the WRREB, mirrors this provincial strength. March 2025 saw a 6% increase in all MLS® sales compared to the previous year, with a total dollar volume exceeding $479 million, a 14% increase. The residential detached sector, a key indicator of market health, saw a 4% rise in sales and a significant 12% surge in the average price, reaching $470,399. The condominium market in Winnipeg also showed positive momentum with a 6% increase in sales, although the average price saw a more modest 1% increase to $277,068.
Looking at the first quarter of 2025 in Winnipeg, the trend of increasing sales and prices continues. Residential detached sales were up 5%, with the average price climbing by 11% to $452,248. Condominium sales also saw a healthy 12% increase, although the average price experienced a slight 1% decrease compared to the same period last year.
Key Facts at a Glance:
National Housing Market: Showing signs of slowing sales and moderating prices.
National Sales (March 2025): Down 4.8% month-over-month.
National Average Price (March 2025): $678,331, down 3.7% year-over-year.
Bank of Canada Key Rate: 2.75% as of April 16, 2025.
Manitoba Home Sales (March 2025): Up 5.3% year-over-year.
Manitoba Average Price (March 2025): $399,132, up 10.1% year-over-year.
Manitoba Active Listings (End of March 2025): Down 15.4% year-over-year.
Manitoba Months of Inventory (March 2025): 2.1 months (seller's market).
Winnipeg All MLS® Sales (March 2025): Up 6% year-over-year.
Winnipeg Residential Detached Sales (March 2025): Up 4% year-over-year.
Winnipeg Residential Detached Average Price (March 2025): $470,399, up 12% year-over-year.
Local Perspective:
"The data clearly indicates a strong start to 2025 for the Manitoba and Winnipeg housing markets," commented a local real estate agent in Selkirk. "While we are aware of the broader national economic uncertainties and the potential impact of trade discussions, the fundamentals here remain solid. Lower inventory levels and consistent buyer demand are contributing to the upward pressure on prices."
Looking Ahead:
While the robust performance in the early months of 2025 is encouraging for Manitoba homeowners and the local real estate industry, it remains to be seen whether the province will remain entirely insulated from the broader national and international economic headwinds. However, the current data provides a clear indication that the housing market in Manitoba and Winnipeg is operating under different dynamics compared to many other regions across Canada. For now, the "Catfish Capital" and the wider province can boast a housing market that continues to show significant strength and resilience.
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