‘Strong, healthy appetite for housing’

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This article was published 15/04/2025 (183 days ago), so information in it may no longer be current.

Winnipeg is bucking national trends once again.

That’s what Michael Froese, broker and manager, Royal LePage Prime Real Estate, said when he looked at Royal LePage’s house price survey and market forecast for the first quarter of 2025.

Released on Tuesday, the survey reported real estate activity is treading water in Canada’s more expensive cities, like Toronto and Vancouver, and trending up in more affordable markets like Winnipeg. “Our demand is still strong,” Froese said.

The aggregate price of a home in Winnipeg increased 5.4 per cent year over year to $411,900 in the first quarter of 2025. On a quarterly basis, the aggregate price of a home in the capital region increased 2.7 per cent.

The median price of a single-family detached home increased 5.5 per cent year over year to $454,800 in the first quarter of 2025, while the median price of a condominium increased 2.4 per cent to $266,700 during the same period.

The aggregate price of a home in the Greater Toronto Area decreased 2.7 per cent year over year to $1,146,000 in the first quarter of 2025; in greater Vancouver, it decreased modestly by 0.7 per cent to $1,230,100.

Froese attributed Winnipeg’s performance to the city’s affordability, as well as Manitoba’s diversified economy, which insulates the province from broader economic turbulence.

He noted the city continues to face a persistent inventory shortage, with current levels down approximately 15 per cent compared to last year. The most significant supply gap is in housing types popular with first-time buyers.

However, the active single-family new construction segment is expected to help ease some of this pressure, as new housing starts and ongoing building activity add some much-needed supply to the move-up segment.

A Canada Mortgage and Housing Corp. report, also released Tuesday, reported housing starts were up 30 per cent in the Winnipeg area in the first quarter compared to the same time last year.

“Hopefully, we’re going to see some of that supply come to market,” Froese said. “It can’t come soon enough.”

As part of its house price survey and market forecast, Royal LePage released the results of a consumer confidence survey, conducted by Burson.

According to the report, 52 per cent of Winnipeggers said they are confident in the country’s economy today, including five per cent who are very confident. Meanwhile, 41 per cent said they are not confident.

Among those in Winnipeg looking to purchase a home this year, 49 per cent said the ongoing trade dispute with the United States has caused them to postpone their homebuying plans, while 51 per cent said it has not.

While there are people impacted by U.S. President Donald Trump’s tariffs, Froese said, life keeps moving.

“Babies are born every day, people pass away every day and life moves on in spite of tariffs and people need housing,” he said. “There’s still a strong, healthy appetite for housing in Winnipeg.”

Royal LePage is forecasting the aggregate price of a home in Winnipeg will increase four per cent in the fourth quarter of 2025 compared to the same quarter last year.

Meanwhile, the Canadian Real Estate Association reported sales activity recorded over Canadian Multiple Listing Service Systems sank 4.8 per cent month-over-month in March. Along with declines in each of the previous months, national home sales are now down 20 per cent from their recent high recorded in November.

“In short order, we’ve gone from a slam dunk rebound year to treading water, at best,” CREA senior economist Shaun Cathcart said in a news release.

The chair of CREA’s 2025-26 board of directors noted there are still regions where sales are high, inventory is near record lows and prices are rising.

“If you’re looking to buy or sell a property in 2025, you’ll need to understand the market where you are, so contact a realtor in your area today,” Valérie Paquin said in the release.

aaron.epp@freepress.mb.ca