The Manitoba real estate market experienced notable activity in November 2024, with increasing sales, declining inventories, and rising prices shaping the landscape.
Total Residential Market
Sales
The number of homes sold through MLS® Systems in Manitoba totalled 1,077 units in November 2024, representing a 20.3% increase compared to November 2023. Sales were 1.5% below the five-year average and 5.9% above the 10-year average for the month.
Year-to-date home sales reached 14,963 units in the first 11 months of 2024, a 10.9% rise from the same period in 2023.
Listings
New residential listings saw a slight increase of 0.1% year-over-year, with 1,342 new listings added in November 2024. However, active residential listings declined significantly, with 2,916 units on the market at the end of November—down 17.1% from November 2023.
Compared to historical averages, new listings were 1.3% below the five-year average and 4.2% below the 10-year average, while active listings were 5.8% below the five-year average and 22.3% below the 10-year average.
The months of inventory (a measure of how long it would take to sell current listings at the current pace of sales) stood at 2.7 months at the end of November 2024, compared to 3.9 months a year earlier. This is also below the long-run average of 3.8 months for this time of year.
Prices
The average price of homes sold in November 2024 was $374,552, marking a 14% increase from November 2023. Year-to-date, the average price was $369,781, up 6.1% from the same period in 2023.
The total dollar value of all home sales in November 2024 reached $403.4 million, a 37.2% increase from November 2023.
Rental Market
As of December 2024, Winnipeg’s rental market continues to see rising prices across most property types and bedroom counts. The median rent for all property types in the city stands at $1,558, reflecting a 4% increase over the previous year. Despite this rise, Winnipeg’s median rent remains 17% lower than the national average, making it a more affordable option compared to many other Canadian cities.
Apartments in Winnipeg are averaging $1,519 per month, with 1-bedroom units costing $1,353 on average, reflecting a 6% annual increase. Two-bedroom apartments are priced higher at $1,728, marking a more modest 1% growth over the same period. Studio apartments remain the most affordable option, averaging $1,048, up 3% from last year.
Larger properties, such as houses and multi-bedroom units, command higher rents. The average monthly rent for a house in Winnipeg is $1,895. Four-bedroom properties saw the most significant rise, with an 8% annual increase bringing the average rent to $2,452.
Employment Trends
In November 2024, Manitoba’s seasonally adjusted labour force stood at 768,200, with 723,600 people employed. Full-time employment accounted for 586,700 positions, while 136,800 were in part-time roles.
The unemployment rate in the province was 5.8%, with a labour force participation rate of 67.2% and an employment rate of 63.3%. This is well below the national average of 6.8%.
