Price of typical Winnipeg home expected to blast past $400K

The price of a typical house in Winnipeg is expected to surpass $400,000 this spring and the city will likely remain a seller’s market in 2026, real estate professionals heard at a market insight event Thursday.

The Winnipeg Regional Real Estate Board predicts strong housing demand and rising prices, but a low number of active listings compared to much of Canada.

In 2025, $6 billion worth of housing sold in Winnipeg — second only to 2021, but the current five-year average number of listings is the lowest it has been in 13 years.

“We can see very clearly that our market region is in need of more supply,” said Jeremy Davis, the board’s director of external relations and market intelligence.

“For buyers, a lack of supply in a market region that is seeing high demand can lead to higher prices, a lack of choice, and especially for first-time homebuyers, decreased chances of accessing a home altogether. Sellers will see an increased return on their investment, but will also have to face the same lack of choice and higher prices when looking for their next home.”

Winnipeg housing and condo costs broke records last year. The average cost of homes sold in June was the highest ever recorded at $473,131, and October set the highest monthly average condo sale price at $297,428.

Southwest neighbourhoods such as Waverley and Tuxedo had the highest average price at $595,895, and west Winnipeg, including Wolseley and St. James, had the lowest average, at $351,876.

Winnipeg’s reputation as a relatively affordable housing market in Canada will likely remain in the coming year — but may not stay that way for long, said Shaun Cathcart, a senior economist with the Canadian Real Estate Association.

Winnipeg’s “composite benchmark price” — which uses MLS data to reflect the price of a “typical” home in a neighbourhood’s market — is expected to hit $400,000 across the city in April, and other cities in similar price ranges, such as Edmonton and Saskatoon, have already passed that benchmark.

“It’s that affordability question; you still have it, but for how long?” he said.

“Because every other (affordable market) before you also had it, and it’s going away. The good news is that (Winnipeg is) building better than a lot of other cities.”

While some cities in Canada are building mostly apartments and condos for the rental market, Winnipeg is what Cathcart describes as a “Goldilocks zone,” because its builds were half rental apartments and half single detached homes in the past 10 years.

“Most of what’s available for sale in Winnipeg right now, even though the number is low, is exactly what first-time buyers are going to want, which is great,” he said.

The board predicts the industrial market will remain steady in 2026.

Winnipeg had a few large vacancies pop up in 2025, including the bankruptcy announcement that shuttered the clothing brand Ricki’s home office at 1530 Gamble Place last January.

This year, construction is expected to start on big development projects, including the Water Tower District, a 165-acre St. Boniface development that will include restaurants, retail outlets and apartment blocks.

“We saw a lot of uncertainty in 2025 due to tariffs and trade, and while those factors won’t go away overnight, Winnipeg continues to have one of the most diverse economies in Canada, and is structured to push through this time and continue to perform very well,” said Ryan Munt, executive vice-president of Cushman & Wakefield/Stevenson.

December numbers from rentals.ca found the average residential rent in Winnipeg was $1,662 monthly, down 1.5 per cent from December 2024. The average rent dropped in most provinces, but Manitoba had the lowest rate decrease (1.7 per cent).

malak.abas@freepress.mb.ca